IncubateFund
Corporate brand
UnclaimedJapan's largest seed-stage venture capital firm, operating over ¥150 billion and backing more than 800 startups since 2010.
Last updated September 26, 2026
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Overview
IncubateFund (インキュベイトファンド株式会社) is a Japanese venture capital firm founded in 2010 and headquartered in Toranomon, Minato-ku, Tokyo. It specializes in pre-seed and seed-stage investments, positioning itself as Japan's largest seed-focused VC by track record. The firm manages over ¥150 billion (150 billion yen) in cumulative capital and has invested in more than 800 startups through its flagship and related funds. Its portfolio has produced over 30 IPOs and 80 M&A exits, including notable companies such as Rakusul, GameWith, Sansan, Cybozu, and Gumi. IncubateFund operates with a hands-on philosophy encapsulated in its motto: "Support the challenges of aspiring entrepreneurs with unwavering dedication." Beyond capital, the firm provides human resources and operational support to accelerate startup growth, often taking a lead investor position in funding rounds. It also runs the "Incubate Camp" seed acceleration program, a one-night-two-day bootcamp-style event launched in 2010 that combines entrepreneurs and investors to form partnerships from the earliest stages. The program has evolved into a "joint management camp" that provides not only seed funding but also investments ranging from tens of millions to billions of yen. The firm is led by representative partners Tohru Akaura, Masahiko Homma, Keisuke Wada, and Yusuke Murata, with Paul McInerney joining as an additional representative partner in March 2021. IncubateFund maintains satellite offices on Hachijojima Island in Tokyo and in Atami, Shizuoka Prefecture, in addition to its Tokyo headquarters. The firm continues to focus on creating new businesses and supporting startups as a long-term partner to entrepreneurs.
History
IncubateFund was founded in 2010 by Tohru Akaura, Masahiko Homma, Keisuke Wada, and Yusuke Murata as a venture capital firm focused on seed-stage startups in Japan. From its inception, the firm distinguished itself by concentrating on the earliest stages of company formation, often investing before a product or revenue existed. In 2010, it launched the Incubate Camp, a one-night-two-day accelerator program that brought together entrepreneurs and investors to form partnerships and provide initial funding. This program became a signature event and a gateway for many startups that later achieved significant growth. Over the following decade, IncubateFund grew its portfolio to include over 800 companies, with notable exits including IPOs such as Rakusul, GameWith, Sansan, Cybozu, and Gumi, and M&A exits such as Zawatt (acquired by Mercari), UNOTE (acquired by Ignis), and many others. The firm established itself as a leading seed investor in Japan, often taking a lead position in funding rounds and providing hands-on operational support. In March 2021, Paul McInerney joined as an additional representative partner, bringing international experience to the leadership team. The firm continued to evolve its Incubate Camp program into a "joint management camp" that offers investments ranging from tens of millions to billions of yen, reflecting the changing needs of startups. As of the early 2020s, IncubateFund manages over ¥150 billion in cumulative capital and maintains satellite offices on Hachijojima Island and in Atami, in addition to its Tokyo headquarters. The firm remains dedicated to its motto of supporting aspiring entrepreneurs with unwavering dedication.
- 2021
Paul McInerney joins as representative partner in March.
- 2020
13th Incubate Camp held in September; 16 entrepreneurs raised a total of ¥950 million.
- 2010
IncubateFund founded by Tohru Akaura, Masahiko Homma, Keisuke Wada, and Yusuke Murata.
- 2010
First Incubate Camp held.
Products and positioning
Japan's largest seed-stage venture capital firm, offering hands-on support beyond traditional VC.
Product categories. Venture capital funds · Seed-stage investments · Incubate Camp acceleration program
Recent events
Incubate Fund establishes ¥16.1 billion growth fund[5]
Incubate Fund announced the establishment of IFGO, a growth fund of approximately ¥16.1 billion, and said it would focus on follow-on investments in existing portfolio companies and investments in mid- to late-stage startups.
Reported
Thirdverse raises $8.5 million in Series A funding[6]
Japanese virtual reality studio Thirdverse raised $8.5 million in a Series A funding round led by JAFCO, with Incubate Fund, Presence Capital, and Sisu Ventures also participating.
Sources6 sources
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