Incubate Fund, established in 2010, is a Japan-based early-stage venture capital firm specializing in seed-stage technology startups. With a portfolio of over 300 companies, it has facilitated 12 IPOs and 20 M&A exits since inception. Incubate Fund India, founded in 2016 and based in Bengaluru, operates as a subsidiary, focusing on pre-seed and seed-stage startups in India. Both entities are backed by Incubate Fund, with Incubate Fund III, a 2014 vintage fund, investing across Asia and North America in various sectors including technology, media, and logistics.
Co-Founder, Managing Director and Overseas Partners
Satoshi Nunokawa
Associate
Rajeev Ranka
Principal
Koichi Saito
Overseas Partner
Kyosuke Seto
Associate
Koki Tanaka
Associate
Ryo Taneichi
Associate
Tohru Akaura
Co-Founder and General Partner
Kyosuke Seto
Associate
Past deals in Retail
INCLUD
Seed Round in 2024
INCLUD is an online retail company specializing in premium clothing for children and toddlers. The business focuses on providing a convenient shopping experience for parents by offering a diverse range of apparel, including casual wear, dresses, and ethnic wear for both boys and girls. By operating through an online platform, INCLUD allows customers to access quality children's fashion from the comfort of their homes.
Enowa
Series B in 2023
Enowa, established in 2013 and headquartered in Namerikawa, Japan, specializes in IoT and AI-driven agricultural consulting services. The company leverages its expertise in production and sales management systems, along with B2B construction know-how, to develop IoT-based solutions tailored for small and medium-sized agricultural businesses. Enowa's services include smart agriculture solutions, IoT development support, and agricultural product sales through its online platform. Additionally, it facilitates sales and client introductions to business partners' restaurants for clients purchasing products through its EC services.
Mabel
Seed Round in 2022
Mabel operates an online jewelry shopping platform that provides a wide range of fashion accessories, featuring both traditional and contemporary styles. The platform is designed as a one-stop solution for consumers, utilizing technology to facilitate the browsing and purchasing process. Users can easily find, compare, rate, order, and buy various jewelry items, streamlining the shopping experience and eliminating common hassles associated with online purchases.
MUSE
Seed Round in 2022
MUSE is a technology-driven company that offers robotic solutions to enhance in-store operations for retail businesses.
Saveo
Seed Round in 2022
Saveo operates a business-to-business e-commerce platform aimed at enhancing the procurement process for pharmacies. The company specializes in pharmaceutical distribution, offering a centralized platform for sourcing a wide range of products, including generics, surgical supplies, over-the-counter medications, specialty drugs, and various therapeutic categories. By streamlining the supply chain, Saveo seeks to empower traditional pharmacies, making healthcare delivery more accessible and affordable. The company's mission is focused on building a reliable, scalable, and efficient supply chain that supports the evolving needs of healthcare providers.
ShopKirana
Series C in 2022
ShopKirana is a B2B-commerce company based in Indore, India, founded in 2015. The company focuses on empowering retailers by providing them with technology, operational expertise, and a competitive edge in the market. By partnering directly with brands, ShopKirana enhances demand generation and promotes transparency through in-depth market intelligence. Its online marketing platform is designed to optimize retail operations, helping clients improve inventory management, space utilization, and overall store aesthetics. This integration of technology and support aims to boost the productivity, sales, and profit margins of retailers, enabling them to compete effectively in the marketplace.
Fez Japan
Series C in 2021
Fez Japan is a retail technology business committed to advancing and bolstering the retail sector. By calculating back from offline purchase data, location data, and store data, their company's one-stop back-calculation platform generates sales lift and enables retailers and manufacturers to share business information, promote purchases to new customers, and upsell to existing customers. Developing a platform that can see and evaluate retailers' sales floor plans, storefront realization rates, sales performance, and the consequences of measures, help retailers become more operationally efficient and increase their revenue.
Asuene
Series A in 2021
Asuene is a company focused on renewable power retail services that facilitate local production and consumption of energy. Additionally, it has developed a carbon management platform aimed at assisting organizations in tracking, managing, and reporting their greenhouse gas emissions and other environmental impacts. Utilizing artificial intelligence, the platform integrates various data sources to collect emissions information and formulate strategies for reducing pollutants over time. This enables organizations to effectively manage their environmental footprint, comply with regulatory requirements, and work towards their sustainability objectives.
Park & Port
Venture Round in 2021
park & port Co., Ltd. is a platform that allows you to easily and widely discern products sold in select shops, coffee shops.
Asuene
Pre Seed Round in 2020
Asuene is a company focused on renewable power retail services that facilitate local production and consumption of energy. Additionally, it has developed a carbon management platform aimed at assisting organizations in tracking, managing, and reporting their greenhouse gas emissions and other environmental impacts. Utilizing artificial intelligence, the platform integrates various data sources to collect emissions information and formulate strategies for reducing pollutants over time. This enables organizations to effectively manage their environmental footprint, comply with regulatory requirements, and work towards their sustainability objectives.
Fez Japan
Convertible Note in 2020
Fez Japan is a retail technology business committed to advancing and bolstering the retail sector. By calculating back from offline purchase data, location data, and store data, their company's one-stop back-calculation platform generates sales lift and enables retailers and manufacturers to share business information, promote purchases to new customers, and upsell to existing customers. Developing a platform that can see and evaluate retailers' sales floor plans, storefront realization rates, sales performance, and the consequences of measures, help retailers become more operationally efficient and increase their revenue.
Asuene
Seed Round in 2019
Asuene is a company focused on renewable power retail services that facilitate local production and consumption of energy. Additionally, it has developed a carbon management platform aimed at assisting organizations in tracking, managing, and reporting their greenhouse gas emissions and other environmental impacts. Utilizing artificial intelligence, the platform integrates various data sources to collect emissions information and formulate strategies for reducing pollutants over time. This enables organizations to effectively manage their environmental footprint, comply with regulatory requirements, and work towards their sustainability objectives.
Park & Port
Venture Round in 2019
park & port Co., Ltd. is a platform that allows you to easily and widely discern products sold in select shops, coffee shops.
ShopKirana
Series B in 2019
ShopKirana is a B2B-commerce company based in Indore, India, founded in 2015. The company focuses on empowering retailers by providing them with technology, operational expertise, and a competitive edge in the market. By partnering directly with brands, ShopKirana enhances demand generation and promotes transparency through in-depth market intelligence. Its online marketing platform is designed to optimize retail operations, helping clients improve inventory management, space utilization, and overall store aesthetics. This integration of technology and support aims to boost the productivity, sales, and profit margins of retailers, enabling them to compete effectively in the marketplace.
Sakelogy
Seed Round in 2019
Sakelogy, Inc. operates SAKELOGY, a web application designed to connect sake enthusiasts, providers, and producers. Based in Osaka, Japan, the platform facilitates the creation of cloud-based sake menus for restaurants and retailers, allowing them to offer curated selections of sake in both Japanese and foreign languages. By utilizing a comprehensive database, Sakelogy aims to enhance the sake selection experience, turning it into an engaging activity for customers.
Enowa
Venture Round in 2019
Enowa, established in 2013 and headquartered in Namerikawa, Japan, specializes in IoT and AI-driven agricultural consulting services. The company leverages its expertise in production and sales management systems, along with B2B construction know-how, to develop IoT-based solutions tailored for small and medium-sized agricultural businesses. Enowa's services include smart agriculture solutions, IoT development support, and agricultural product sales through its online platform. Additionally, it facilitates sales and client introductions to business partners' restaurants for clients purchasing products through its EC services.
ShopKirana
Series A in 2018
ShopKirana is a B2B-commerce company based in Indore, India, founded in 2015. The company focuses on empowering retailers by providing them with technology, operational expertise, and a competitive edge in the market. By partnering directly with brands, ShopKirana enhances demand generation and promotes transparency through in-depth market intelligence. Its online marketing platform is designed to optimize retail operations, helping clients improve inventory management, space utilization, and overall store aesthetics. This integration of technology and support aims to boost the productivity, sales, and profit margins of retailers, enabling them to compete effectively in the marketplace.
IMCF
Venture Round in 2018
IMCF Co., Ltd., based in Tokyo, Japan, is a brand incubation company that supports fashion designers. It offers a range of services, including funding, business management, marketing, and back-office support, allowing designers to focus on their creative work. IMCF invests in designers, aids in brand creation, and promotes their businesses, acting as a unified business partner. The company aims to facilitate the conversion of designers' ideas into successful brands, providing knowledge of business and marketing processes while minimizing launch costs and time.
ShopKirana
Seed Round in 2016
ShopKirana is a B2B-commerce company based in Indore, India, founded in 2015. The company focuses on empowering retailers by providing them with technology, operational expertise, and a competitive edge in the market. By partnering directly with brands, ShopKirana enhances demand generation and promotes transparency through in-depth market intelligence. Its online marketing platform is designed to optimize retail operations, helping clients improve inventory management, space utilization, and overall store aesthetics. This integration of technology and support aims to boost the productivity, sales, and profit margins of retailers, enabling them to compete effectively in the marketplace.
ClipLine
Seed Round in 2015
ClipLine is a provider of a video-based management platform aimed at enhancing organizational execution for businesses with multiple locations in Japan and internationally. Launched in October 2014, the service initially focused on the restaurant industry but has since expanded to various sectors, including nursing care, retail, transportation, and manufacturing. The platform facilitates digital transformation by improving organizational structure and communication, allowing clients to monitor quality and enhance sales effectively. Currently, ClipLine serves around 15,000 locations and approximately 420,000 users, demonstrating its widespread adoption across diverse fields.
Fabric Tokyo
Seed Round in 2014
FABRIC TOKYO inc. is a Japanese company focused on the planning, development, and operation of LAFABRICS, a custom-made fashion business. Founded in 2012 and based in Tokyo, it specializes in offering a range of tailor-made apparel, including two-piece suits, three-piece suits, jackets, slacks, shirts, chinos, jeans, and various accessories. The company provides a direct-to-consumer model that allows customers to save their sizes and preferred fabric choices, enabling them to create original clothing tailored to their specifications. Formerly known as Lifestyle Design Co., Ltd., FABRIC TOKYO rebranded in March 2019 to enhance its identity in the custom apparel market.
Retro
Seed Round in 2014
Retro is an online marketplace focused on facilitating the buying and selling of secondhand goods. The platform enables users to easily purchase and sell a variety of personally owned assets, including branded products, tableware, cameras, artworks, musical instruments, and electronic devices. By offering a consignment sales option, retro simplifies the process for individuals looking to declutter and monetize items they no longer need. Through its services, retro aims to create a seamless experience for users engaging in the secondhand market.
Youtfit
Venture Round in 2013
Youtfit Inc. is a company based in Tokyo, Japan, founded in 2011, that specializes in the development and management of a travel media platform aimed at enthusiasts of quality travel. The company provides information on exceptional destinations, hotels, scenic views, lesser-known areas, and gourmet experiences worldwide, with a particular focus on Japan. Additionally, Youtfit publishes and manages JAPAN STYLE, an e-fashion magazine application for smartphones that allows users to share and explore Japanese fashion trends. In conjunction with its travel and fashion initiatives, Youtfit also engages in the development and operation of various Internet services and is involved in virtual currency-related businesses.
Kawaii Museum
Seed Round in 2011
Kawaii Museum is online shopping center for variety of products.
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