Incubate Fund

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.

Tohru Akaura

Co-Founder and General Partner

Yuuki Aono

Associate

Gotoh Katsunari

Professional Partner

Haruki Imaizumi

Associate

Masahiro Kitao

Professional Partner

Kazuki Koyama

Associate

Ryu Kusakabe

Associate

Dave Kwong

Overseas Partner

Misuzu Matsumoto

Associate

Nao Murakami

Co-Founder and General Partner

Kazuki Notsu

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 Virtual Reality

Gatebox

Seed Round in 2025
Gatebox Co., Ltd., also known as Gatebox Lab, is a research laboratory focused on developing technology that allows individuals to interact with animated characters in their daily lives. Based in Akihabara, the company specializes in creating holographic anime bots designed to provide companionship and emotional support. These bots are intended to help users overcome feelings of loneliness by offering a unique form of interaction with beloved characters.

Blankr

Seed Round in 2024
Blankr Inc. specializes in facilitating virtual interactions between content creators and their fans. Its flagship product, Raidli, is an application that enables "Vtubers" (virtual YouTubers) to host virtual handshake events, allowing creators and fans to engage in safe, one-on-one conversations using online event services. These events are conducted via OBS virtual cameras accessible through smartphones or computer web browsers.

Meleap

Series C in 2022
Meleap is a Japanese company founded in 2014 that specializes in developing innovative gaming experiences. It offers an augmented reality (AR) sport called HADO, which combines physical activity with technology. Players wear head-mounted displays and armband sensors to compete in teams, using 'energy balls' or 'shields' to earn points.

Thirdverse

Series B in 2021
Founded in 2016, Thirdverse is a Japanese game studio specializing in multiplayer virtual reality (VR) games. It combines blockchain technology to create economic zones and immersive gaming experiences.

Thirdverse

Series A in 2020
Founded in 2016, Thirdverse is a Japanese game studio specializing in multiplayer virtual reality (VR) games. It combines blockchain technology to create economic zones and immersive gaming experiences.

Meleap

Series B in 2018
Meleap is a Japanese company founded in 2014 that specializes in developing innovative gaming experiences. It offers an augmented reality (AR) sport called HADO, which combines physical activity with technology. Players wear head-mounted displays and armband sensors to compete in teams, using 'energy balls' or 'shields' to earn points.

Pretia

Venture Round in 2018
Pretia Technologies, Inc. is a Tokyo-based augmented reality startup founded in 2014, specializing in the design and development of gaming software. The company focuses on creating a platform that enhances entertainment experiences by integrating augmented reality with real-life environments. Utilizing advanced technologies such as virtual and augmented reality, 3D localization, and mapping, Pretia enables users to interact with digital content linked to specific locations. This innovative approach allows players to engage in immersive gaming experiences across various devices, effectively bridging the gap between the digital and physical worlds.

Pretia

Venture Round in 2018
Pretia Technologies, Inc. is a Tokyo-based augmented reality startup founded in 2014, specializing in the design and development of gaming software. The company focuses on creating a platform that enhances entertainment experiences by integrating augmented reality with real-life environments. Utilizing advanced technologies such as virtual and augmented reality, 3D localization, and mapping, Pretia enables users to interact with digital content linked to specific locations. This innovative approach allows players to engage in immersive gaming experiences across various devices, effectively bridging the gap between the digital and physical worlds.

EmbodyMe

Venture Round in 2018
Founded in Tokyo in 2016, EmbodyMe specializes in developing innovative mobile applications that leverage deep learning and virtual reality technologies. Its flagship products include Xpression, which generates realistic fake videos using deep facial expressions of celebrities, and EmbodyMe, a platform creating 3D model avatars that mimic users' movements in VR space based on hand gestures.

PlaceHolder

Series A in 2018
Placeholder, Inc. is a Tokyo-based company that operates a digital theme park utilizing virtual reality and augmented reality technologies to create engaging experiences for both children and adults. Founded in 2016, the company offers a range of interactive products, including sand party, spray painting, draw your world, paper rikishi, planet portal, little builders, world adventure, number splash, and ar quest. By merging digital technology with real-world environments, Placeholder aims to inspire and excite users through innovative and immersive experiences.

Meleap

Series A in 2017
Meleap is a Japanese company founded in 2014 that specializes in developing innovative gaming experiences. It offers an augmented reality (AR) sport called HADO, which combines physical activity with technology. Players wear head-mounted displays and armband sensors to compete in teams, using 'energy balls' or 'shields' to earn points.

TYFFON

Convertible Note in 2017
TYFFON is a Tokyo-based developer of immersive mixed reality, virtual reality, and augmented reality entertainment content. The company creates mobile apps such as ZombieBooth and related image transformation tools, and has expanded to immersive experiences that blend 3D animation with social interaction. TYFFON operates Free Roam location-based virtual reality venues under the TYFFONIUM brand, offering guests multi-sensory, hyper-real environments that can be explored freely. Founded in 2011, TYFFON has pursued strategic partnerships and international expansion, including participation in Disney’s accelerator program in 2014 and a collaboration with Disney, as well as opening TYFFONIUM stores in Japan with plans for overseas locations. The company focuses on delivering magical reality experiences across its mobile apps and location-based venues by combining VR and AR technologies with imaginative content.

PlaceHolder

Seed Round in 2017
Placeholder, Inc. is a Tokyo-based company that operates a digital theme park utilizing virtual reality and augmented reality technologies to create engaging experiences for both children and adults. Founded in 2016, the company offers a range of interactive products, including sand party, spray painting, draw your world, paper rikishi, planet portal, little builders, world adventure, number splash, and ar quest. By merging digital technology with real-world environments, Placeholder aims to inspire and excite users through innovative and immersive experiences.

EmbodyMe

Venture Round in 2016
Founded in Tokyo in 2016, EmbodyMe specializes in developing innovative mobile applications that leverage deep learning and virtual reality technologies. Its flagship products include Xpression, which generates realistic fake videos using deep facial expressions of celebrities, and EmbodyMe, a platform creating 3D model avatars that mimic users' movements in VR space based on hand gestures.

TYFFON

Venture Round in 2016
TYFFON is a Tokyo-based developer of immersive mixed reality, virtual reality, and augmented reality entertainment content. The company creates mobile apps such as ZombieBooth and related image transformation tools, and has expanded to immersive experiences that blend 3D animation with social interaction. TYFFON operates Free Roam location-based virtual reality venues under the TYFFONIUM brand, offering guests multi-sensory, hyper-real environments that can be explored freely. Founded in 2011, TYFFON has pursued strategic partnerships and international expansion, including participation in Disney’s accelerator program in 2014 and a collaboration with Disney, as well as opening TYFFONIUM stores in Japan with plans for overseas locations. The company focuses on delivering magical reality experiences across its mobile apps and location-based venues by combining VR and AR technologies with imaginative content.

EmbodyMe

Debt Financing in 2016
Founded in Tokyo in 2016, EmbodyMe specializes in developing innovative mobile applications that leverage deep learning and virtual reality technologies. Its flagship products include Xpression, which generates realistic fake videos using deep facial expressions of celebrities, and EmbodyMe, a platform creating 3D model avatars that mimic users' movements in VR space based on hand gestures.

Gatebox

Venture Round in 2016
Gatebox Co., Ltd., also known as Gatebox Lab, is a research laboratory focused on developing technology that allows individuals to interact with animated characters in their daily lives. Based in Akihabara, the company specializes in creating holographic anime bots designed to provide companionship and emotional support. These bots are intended to help users overcome feelings of loneliness by offering a unique form of interaction with beloved characters.

SummerTimeStudio

Seed Round in 2014
SummerTimeStudio develops and publishes 3D games for next-generation game consoles, VR, and AR hardware. They also provide technical support for UI improvement.
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