Incubate Fund
Venture capitalTokyo · Pre-Seed–Seed · 13 people tracked
Also known as INCUBATE FUND MANAGEMENT PTE. LTD.
Investment thesis
Incubate Fund invests at the seed stage as a lead investor, positioning itself as the first believer in founders. Its philosophy is founder-first and founder-friendly, emphasizing long-term partnership, trust-based relationships, and hands-on involvement across all stages of a company's journey. With offices in five countries and strong networks in Japan and worldwide, it offers founders global perspectives, mentorship, networking, and access to future funding rounds. The firm fosters a portfolio community where founders connect, mentor, and learn from one another, and hosts investor meetups to drive collaboration and innovation. It is sector agnostic and focuses on backing visionary founders building impactful, sustainable growth.
Source: firm website, verified Aug 3, 2026.
Team · 13 people
from the firm's website & curated
What they invest in
from 14 of 51 portfolio companiesAI & Machine Learning ×6Enterprise Software ×4B2B Marketplaces ×3Fintech ×3Creator Economy ×2E-commerce ×2Logistics & Supply Chain ×2Media & Entertainment ×2
HQs:India×6United States×5Japan×3
Investments · 51 tracked
founders shown can be your intro pathBy year:2026 · 22020 · 13 dated
LexxPluss develops autonomous mobile robots and infrastructure systems that enable industrial equipment at factories and logistics hubs to operate independently without human direction.
Advanced ManufacturingLogistics & Supply ChainRoboticsTokyo, JP
Masaya Aso(CEO)in
Co-investorsSOSVCanal VenturesDBJ CapitalDRONE FUNDGlobal BrainAozora Corporate Investment
Lightup provides enterprise data observability software that monitors and validates production data pipelines using AI-powered anomaly detection.
AI & Machine LearningData & InfrastructureEnterprise Software
Co-investorsAndreessen HorowitzVela PartnersS28 CapitalShasta VenturesIncubate USGTMfund
MUSE develops robots to support retail store operations and help employees work more effectively.
AI & Machine LearningEnterprise SoftwareRetail TechRoboticsTokyo, JP
Co-investorsGlobal BrainSpiral CapitalXTech VenturesCanal Ventures
Portland, US
Gregory L. Specht(President of Manager of Issuer)
Bright Security develops an AI-powered application security platform that automates detection, remediation, and validation of security vulnerabilities integrated into the software development lifecycle.
AI & Machine LearningCybersecurityDeveloper ToolsSaaS
Co-investorsDnx VenturesEvolution Equity PartnersFusionIncubate USJ-Ventures
Captain Fresh is building a vertically integrated, multi-species global seafood platform that combines physical supply-chain infrastructure with consumer seafood brands.
B2B MarketplacesFoodTechLogistics & Supply Chain
Co-investorsAccelADB VenturesAnkur CapitalEvolvence India FundStride VenturesTrifecta Capital Advisors+5 more
DPDzero provides a managed, data-led loan collections service that orchestrates voice AI, WhatsApp, SMS, telecalling, and field agents, using propensity models and its DPD-GPT tool to prioritize borrower outreach and reporting.
AI & Machine LearningFintechSaaS
Ananth Shroff(Founder)in
Co-investorsBetter CapitalCapria VenturesIndia Quotient
Drip provides trade financing and working capital solutions for small and midsize businesses conducting cross-border commerce, using automated underwriting and transaction processing to assess credit and connect borrowers with capital providers and logistics partners.
FintechMH, IN
Pushkar Mukewar(Founder/CEO)in
Co-investorsAccelBetter Tomorrow VenturesDYDX CapitalEndeavor8GMO VenturePartnersPeak XV Partners+4 more
EmbodyMe develops AI technology to create, replicate, and manipulate digital representations of human characteristics including appearance, voice, and body movements for media production and content creation.
AI & Machine LearningCreator EconomyMedia & EntertainmentTokyo, JP
Issay Yoshida(CEO)
Co-investorsCanal VenturesKiraboshi CapitalTechstars
Laurel, US
Pradeep Pathade(Executive Officer, Director)
Flipspaces designs and delivers commercial interior spaces for organizations across industries, using a proprietary technology stack (VIZWORLD+) that connects design visualization, product selection, and project management.
B2B MarketplacesConstruction TechPropTech
Co-investorsDholakia VenturesIron Pillar
Co-investorsBeyond Next Ventures
.JPN.COM is a domain registry offering .jpn.com domains as an alternative to traditional Japanese ccTLDs, providing unrestricted global access to Japan-focused digital presence without residency or business registration requirements.
Sector AgnosticLas Vegas, US
Co-investorsBeyond Next VenturesGlobal BrainSumitomo Mitsui Finance and Leasing
Medley provides group coaching for organizational leadership development at enterprise scale.
Enterprise SoftwareFuture of WorkHR Tech
Edith Cooper(Co-Founder)inJordan Taylor(Co-Founder & CEO)in
Co-investorsAndreessen HorowitzEast Ventures
ReFiBuy provides a platform for optimizing product data and visibility across AI-driven shopping environments and agents.
AI & Machine LearningE-commerceEnterprise SoftwareMarketing TechRaleigh, US
M. Scot Wingo(Executive Officer, Director)Derek Lee Conlin(Executive Officer, Director)
BoardStefan Sterns(Director)
Co-investorsG20 VenturesIncubate USKnoll VenturesVela PartnersCommerce VenturesNewRoad Capital Partners, LLC+2 more
Saswat Finance provides tailored lending, cattle and health insurance, and livelihood advisory services for farmers and micro-entrepreneurs in rural India, using an in-house technology platform for loan origination, underwriting, and collections.
AgTechFintechInsurTech
Co-investorsAnkur Capital
Shivansh Shrivastava(Founder)in
Co-investorsAlkemi Growth CapitalBetter CapitalFirst ChequeIndia QuotientRTP Global
Co-investorsLightspeed Venture Partners
ShopKirana is a B2B e-commerce platform that connects unorganized Kirana (mom-and-pop) retailers directly with brands, using technology and supply chain innovation to source FMCG and grocery products within 48 hours.
B2B MarketplacesE-commerceRetail TechIndore, IN
Tanutejas Saraswat(Founder)inSumit Ghorawat(Founder)in
Co-investorsBetter CapitalTrifecta Capital AdvisorsInfo EdgeSixth Sense Ventures
A company backed by Incubate Fund that received investment support during the Covid period leading to a successful exit.
Tyffon develops location-based mixed reality (MR) entertainment content and operates an XR theme park facility called TYFFONIUM.
ConsumerCreator EconomyGamingMedia & EntertainmentWest Hollywood, US
Ken Fukazawa(CEO / CCO)Teruyuki Nakahashi(Executive Officer, Director)Takeshi (Ken) Fukazawa(Executive Officer, Director)
BoardTohru Akaura(Director)
Co-investorsCanal VenturesTBS Innovation PartnersTechstarsMizuho Capital
Co-investorsInsignia Ventures Partners
Technology-driven mobility platform enabling integrated urban mobility across public and private transport modes.
Bengaluru, IN
Amit Gupta(Founder)in
Co-investorsBetter CapitalLVX VenturesRocketship.vcTracxn labs3one4 Capital
Portfolio news
latest coverage across their companies
Yulu · timesofindia.indiatimes.com · Aug 14, 2026
ReFiBuy · retailtechinnovationhub.com · May 6, 2026
Captain Fresh · siliconindia.com · Apr 23, 2026
Frequently asked questions
- How many investments has Incubate Fund made?
- Incubate Fund has 42 tracked investments, including 1 dated in the last 24 months.
- What stage does Incubate Fund invest at?
- Incubate Fund invests at the Pre-Seed, Seed stages.
- What sectors does Incubate Fund focus on?
- Incubate Fund focuses on Advanced Manufacturing, AgTech, Biotech, Deep Tech, EdTech, Energy, Fintech, Healthtech, Media & Entertainment, Mobility & Transportation, PropTech, Retail Tech, Sector Agnostic, Space Tech.
- Where is Incubate Fund located?
- Incubate Fund is headquartered in Tokyo, JP.
- Does Incubate Fund lead rounds?
- Yes, Incubate Fund leads investment rounds.
- Who does Incubate Fund co-invest with?
- Incubate Fund most often shares deals with Better Capital, Accel, Ankur Capital, among 30 tracked co-investors.
Media · Podcasts & interviews
featuring the teamInside India's Startup Boom: A VC's Insights | Nao Murakami @ Incubate Fund Asia
Founder Thesis Presents The Spotlight Podcast · Nao Murakami
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