Fundraising Fox
Incubate Fund
Venture capitalTokyo · Pre-Seed–Seed · 14 people tracked
Also known as INCUBATE FUND MANAGEMENT PTE. LTD.
Not to be confused with Incubate Fund (Venture capital · Tokyo, JP)
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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 · 14 people
from the firm's website & curated & public directories
What they invest in
from 37 of 51 portfolio companiesFintech ×13AI & Machine Learning ×9Enterprise Software ×9Consumer ×8SaaS ×8E-commerce ×7B2B Marketplaces ×6Retail Tech ×5
HQs:India×23United States×5Japan×3Indonesia×2Singapore×2
Who they back
founder profiles across 18 portfolio companiesFounding team size:solo founder×112 founders×43 founders×24+ founders×1
Where their founders studiedfrom 24 founders with education data
Indian Institute of Technology Kanpur ×3Birla Institute of Technology and Science, Pilani ×2Indian Institute of Technology, Bombay ×2Indian Institute of Technology, Kharagpur ×2
What their founders studiedfrom 23 founders with field-of-study data
Computer Science ×13Business & Management ×6Finance & Accounting ×5Economics ×2
Where their founders worked beforefrom 27 founders with career history
Rocket Internet SE ×2Zetwerk ×2
6 hold an MBA (of 25 with degree data)
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(Founder)in
Co-investorsSOSVCanal VenturesDBJ CapitalDRONE FUNDGlobal BrainAozora Corporate Investment
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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
Aerem is a "FinTech for CleanTech" group that runs a digital lending platform and B2B marketplace to finance and supply rooftop solar in India, serving businesses, homeowners, and solar EPC companies.
B2B MarketplacesCleantechEnergyFintech
Anand(CEO)inAditya Vikram Kejriwal(Founder)Anand Jain(Founder)Vikesh Agarwal(Founder)
Co-investorsAlteria CapitalSE VenturesUTECAvaana CapitalBlume VenturesBritish International Investment+2 more
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-VenturesTOLOKA SYNDICATE LIMITED+1 more
Glamzy is an online beauty and personal care retailer offering makeup, skincare, haircare, fragrance, bath & body, health & wellness, and mother & baby products from a range of brands.
ConsumerDirect to ConsumerE-commerce
Co-investorsInfo Edge 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
Utham Gowda(Founder)
Co-investorsAccelADB VenturesAnkur CapitalEvolvence India FundStride VenturesTrifecta Capital Advisors+5 more
DPDzero runs multi-channel debt collection campaigns for lenders, orchestrating borrower outreach across SMS, WhatsApp, IVR, and RCS with channel fallback, timing optimization, and unified reporting.
AI & Machine LearningFintechSaaS
Ananth Shroff(Founder)inRanjith(Co-founder)Ananth Shroff Ranjith Ramachandra(Founder)Ranjith B R(Founder)Ranjith BR(Founder)
Co-investorsBetter CapitalIndia QuotientBlume VenturesCapria Ventures
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)inNeil Kothari(Founder)
Co-investorsAccelBetter Tomorrow VenturesBragiel BrothersDYDX CapitalEndeavor8GMO VenturePartners+20 more
Easy Home Finance is a housing finance company serving middle-income Indian families, with particular focus on self-employed and cash-income earners overlooked by traditional lenders.
FintechPropTech
Co-investorsAurum Venture PartnersInvestcorpPegasus India Evolving Opportunities FundClaypond CapitalFinSight VenturesSumitomo Mitsui Banking Corporation
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)in
Co-investorsCanal VenturesDEEPCORE Inc.Kiraboshi CapitalTechstars
Etaily is an e-commerce enablement platform that builds and manages a portfolio of beauty, health, wellness, and lifestyle brands, handling operations, marketplace and D2C management, digital marketing, demand planning, and data analytics across major online channels.
E-commerceMarketing TechRetail TechSingapore, SG
Alexander F.(Founder)inAlexander Friedhoff(Founder)Janina Vela(Founder)
Co-investorsFoxmont Capital PartnersGenesis Alternative VenturesGobi PartnersJG Digital Equity VenturesKaya FoundersSMBC Asia Rising Fund+2 more
Fairdeal.market operates a B2B quick commerce platform for India's Kirana stores, delivering over 1,000 FMCG products at wholesale prices within 60 minutes.
B2B MarketplacesE-commerceLogistics & Supply ChainRetail TechBangalore, IN
Prateek Bansal(Founder)in
Co-investorsBertelsmann India InvestmentsGemba Capital Venture PartnersWaterBridge Ventures
Fantail is building a man-made fiber (MMF) ecosystem for the Indian fashion retail industry.
E-commerceNew MaterialsRetail TechLaurel, US
Pradeep Pathade(Executive Officer, Director)
Co-investorsRiverwalk HoldingsAll In Capital
Flent designs, furnishes, and operates fully managed rental homes in India, handling quality checks across utilities and safety and managing the entire living experience rather than just connecting renters to landlords.
MarketplacesPropTechBengaluru, IN
Mayank Lalwani(Founder)in
Co-investorsWEH VenturesPareto HoldingsStride Ventures
Flipspaces builds technology solutions for the interior design and construction industry, serving stakeholders across the design, procurement, and supply chain value chain with software and collaboration tools.
B2B MarketplacesConstruction TechEnterprise SoftwarePropTechMumbai, IN
Kunal Sharma(Founder & CEO)Ankur Muchhal(Co-Founder)Vikash Anand(Co-Founder)Mrinal Sharma(Co-Founder)Ritesh Ranjan(Co-Founder & Chief Product Officer)
Co-investorsDholakia VenturesIron Pillar
GreenFortune manufactures window and door systems in India using PVC profiles and supplies them to fabricators who serve end customers.
Advanced ManufacturingConstruction TechConsumerHardwareSector AgnosticHyderabad, IN
Co-investorsFoundamental
.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 LeasingIncubate Fund
Includ is an online retailer of children's clothing and accessories for kids aged 0 to 14, covering categories such as dresses, co-ord sets, partywear, school essentials and toddler wear.
ConsumerDirect to ConsumerE-commerce
Hinal Shah(Founder)in
Ledgerowl is an outsourced financial services provider for businesses in Indonesia, offering bookkeeping, tax administration and reporting, financial operations, and business legal setup.
AI & Machine LearningFintechSaaS
Co-investorsInit 6Skystar Capital
Lumov Health designs and sells orthopedic support products such as knee braces, insoles, lumbo sacral belts, and compression stockings, developed with orthopedic doctors and tailored to Indian anatomy and weather conditions.
ConsumerHealthtechMedical Devices
Ankit Gupta(Founder)in
Co-investorsIIMA Ventures
M2P Fintech provides fintech infrastructure and supports fintech startups and entrepreneurs.
AI & Machine LearningEnterprise SoftwareFintechSaaSChennai, IN
Madhusudanan R(Founder)inMuthukumar A(Co-founder)inPrabhu Rangarajan(Founder)inMuthukumar Ayyakkannu(Founder)
Co-investors8i VenturesBetter CapitalInsight PartnersBEENEXTFlourish VenturesHelios Investment Partners+10 more
Medley provides group coaching for organizational leadership development at enterprise scale.
Enterprise SoftwareFuture of WorkHR Tech
Edith Cooper(Founder)inJordan Taylor(Founder)inKohei Takiguchi(Founder)
Co-investorsAndreessen HorowitzEast VenturesFoundation CapitalGlobal Brain
MODIFI provides a digital platform for cross-border trade finance, letting exporters and importers onboard online, receive payment right after shipping, and track trades and supplier payouts in one dashboard.
FintechLogistics & Supply ChainSaaSBainbridge Island, US
Jan Wehrs(Founder)inSven Brauer(Founder)inNelson Holzner(Co-Founder & CEO)inJames Poss(Executive Officer, Director, Promoter)Matthew Otepka(Executive Officer)J. Todd Larson(Executive Officer)
Co-investorsMaersk GrowthNeva Sgr.PICUS CAPITALGlobal Founders CapitalHighCape CapitalPathway Bioventures
Olyv provides technology-driven financial products including lending and financial management services for underserved Indians, focusing on financial inclusion and accessibility.
ConsumerFintechImpact & Social GoodSaaS
Rohit Garg(Co-Founder & CEO)inAmit Chandel(Co-Founder & CTO)inVinay Singh(Co-Founder & CPO)inJayant Upadhyay(Co-Founder & COO)in
Co-investorsFundamentumSMBC Asia Rising Fund
Paper provides digital invoicing and payment solutions for small to medium-sized businesses in Indonesia.
Enterprise SoftwareFintechSaaSIndonesia, ID
Yosia Sugialam(Founder)in
Co-investorsGolden Gate VenturesSkystar CapitalSquare Peg CapitalBDC Capital CorporationBirchmere VenturesBullpen Capital+4 more
Plum provides employee health insurance and healthcare for companies and their staff in India, aiming to make insurance more transparent and trustworthy.
Digital HealthFintechHealthtechHR TechInsurTechBengaluru, IN
Abhishek Poddar(Co-founder)inSaurabh Arora(Co-founder)in
Co-investors100x Entrepreneur FundGemba Capital Venture PartnersGMO VenturePartnersSurgeTanglin Venture PartnersTracxn labs+1 more
Pulse is an Indian medical equipment OEM that designs, manufactures, and services devices in-house across categories such as patient monitoring, dialysis, cardiology, surgical, diagnostics, aesthetics, and rehabilitation.
Advanced ManufacturingHealthtechMedical DevicesBengaluru, IN
Anshul Sharma(Founder)inNishant Goel(Founder)in
Co-investorsFoundation CapitalZetta Venture Partners
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)inDerek Lee Conlin(Executive Officer, Director)
BoardStefan Sterns(Director)in
Co-investorsAtento CapitalFlyover CapitalG20 VenturesIncubate USKnoll VenturesNewRoad Capital Partners, LLC+4 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 QuotientJetty VenturesRTP Global
S. P. Hinduja(Founder)
Co-investorsLightspeed Venture PartnersQuona Capital
ShopKirana operates a B2B e-commerce platform connecting kirana (local retail) stores with suppliers and brands for ordering goods.
B2B MarketplacesE-commerceRetail TechIndore, IN
Tanutejas Saraswat(Founder)inSumit Ghorawat(Founder)in
Co-investorsBetter CapitalIndia Foundation Fund Series I (A Scheme Of Multiply Ventures IndiaNB VenturesSixth Sense VenturesTrifecta Capital AdvisorsAkatsuki+1 more
NexxGro provides asset finance, leasing, and management services with a focus on EV and cleantech financing, offering consulting and analytical insights to businesses pursuing sustainable transitions.
CleantechClimate TechFintechMobility & Transportation
Tamasha is an AI-first social platform offering multiplayer social games, 1:1 chats, audio rooms, and anonymous emotional expression spaces designed to help people connect and interact.
ConsumerGamingSocialBengaluru, IN
Co-investorsChiratae VenturesFirst ChequeGood CapitalInvestopadTitan Capital
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)inTeruyuki Nakahashi(Executive Officer, Director)inTakeshi (Ken) Fukazawa(Executive Officer, Director)
BoardTohru Akaura(Director)
Co-investorsCanal VenturesDisney AcceleratorTBS Innovation PartnersTechstarsMizuho CapitalSEGA SAMMY HOLDINGS.
Vayana is a digital platform that provides trade credit and liquidity solutions for supply chain participants by connecting buyers, sellers, and financial institutions to enable affordable, accessible financing for businesses at all supply chain levels.
B2B MarketplacesEnterprise SoftwareFintech
Co-investorsChiratae VenturesJungle VenturesMarch Capital PartnersTrifecta Capital AdvisorsIFCInternational Finance Corporation+1 more
Waggle develops pet monitoring devices and cameras designed to alert owners to temperature changes and track pet behavior, particularly for travelers and RV owners.
ConsumerHardwareIoT
Co-investorsLowercase CapitalPrime Venture Partners
Wizlynn is a generative-AI voice agent for inbound customer service that handles calls with natural-language routing, answers questions within approved policies and verified knowledge, and escalates to human agents with full context when confidence is low.
AI & Machine LearningEnterprise SoftwareSaaSSales TechSingapore, SG
Jianfeng Lu(Founder)inJennifer Zhang(Founder)Jennifer Zhang Tony Zhu(Founder)Lu JianFeng(Founder)
Co-investorsBeacon VCInsignia Ventures PartnersK3 VenturesK3V VenturesWavemaker Partners
Technology-driven mobility platform enabling integrated urban mobility across public and private transport modes.
Bengaluru, IN
Amit Gupta(Founder)inAmit Gupta RK Misra(Founder)Hemant Gupta(Founder)Naveen Dachuri(Founder)RK Misra(Founder)
Co-investorsBetter CapitalLVX VenturesRocketship.vcTracxn labsWavemaker Partners3one4 Capital+1 more
Yuvrit offers personalized Ayurvedic care programs based on classical Kerala-style Panchakarma therapies, herbal medicines, and doctor consultations.
Digital HealthHealthtechWellness & Fitness
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
DusaanElixiir FoodsEzeDoxGigIndiaMabelSkillateSuraTripeurWizKlub
Portfolio news
latest coverage across their companiesYulu · finsmes.com · Aug 13, 2026
ReFiBuy · refibuy.ai · May 5, 2026
Captain Fresh · yourstory.com · Mar 10, 2026
Aerem Solutions Pvt Ltd · yourstory.com · Apr 4, 2025
Frequently asked questions
- How many investments has Incubate Fund made?
- Incubate Fund has 51 tracked investments, including 2 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, Trifecta Capital Advisors, Accel, among 84 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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