Incubate Fund is an independent venture capital firm founded in 2010 and based in Tokyo, Japan. It specializes in seed and early-stage investments in technology startups, backing entrepreneurship across Asia. The firm has built a portfolio of more than 300 companies and has delivered multiple exits, including 12 initial public offerings and 20 mergers and acquisitions since its inception. It maintains a broad sector focus that spans business products and services, consumer products and services, information technology and the Internet of Things, as well as media, entertainment, games, commerce, logistics, medical, financial services, real estate, automobiles, and housing-related innovation. Through its regional presence in Asia, the firm supports founders from early development through scaling, aiming to back ambitious teams with potential for significant growth.
Co-Founder, Managing Director and Overseas Partners
Satoshi Nunokawa
Associate
Rajeev Ranka
Principal
Kyosuke Seto
Associate
Kyosuke Seto
Associate
Koki Tanaka
Associate
Past deals in Mobile Advertising
Black Cat Carnival
Pre Seed Round in 2025
Black Cat Carnival is a technology company that operates a photo and video-sharing platform. This platform is designed to facilitate social interaction and content sharing, with a focus on real-time communication. It offers features such as user-generated content, targeted advertising, engagement analytics, display posts, comments, and real-time reactions, all within an anonymous, short-form social networking environment. The company aims to eliminate the inconveniences of traditional social networking services by providing a unique, entertainment-focused experience.
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