Comprehensive Survey Report on “Startup IPO” Track Records of Major VCs in Japan.
A three-layer look at who's actually backing startups — and what the numbers really tell us. Episode #47
Japan’s startup ecosystem is approaching a turning point. The Tokyo Stock Exchange has announced plans to raise the listing maintenance criteria for the Growth Market to a market capitalization of 10 billion yen, fundamentally changing the meaning of an IPO as an “exit.” It is inevitable that VC portfolio strategies and startup fundraising designs will need to be reconsidered.
In this context, let us look back over the quarter-century since the dot-com bubble.
A VC’s contribution to funding and nurturing startups cannot be measured by IPOs alone—M&A exits and other outcomes must also be considered. However, given the relative ease of obtaining IPO data and the shifting significance of IPOs in light of the TSE’s stricter listing maintenance criteria mentioned above, this report focuses exclusively on IPOs produced by Japan’s VCs. Are there differences based on the type of parent organization—bank-affiliated, independent, or corporate? Even though individual VCs post their track records on their websites, there are few resources that organize this information in a way that enables cross-comparison.
This report covers major VCs—including non-JVCA (Japan Venture Capital Association) members—and analyzes their IPO track records across three layers based on each firm’s official website, new listing data from JPX (Japan Exchange Group), and industry-standard data sources such as INITIAL and STARTUP DB. Cumulative IPOs, IPOs since 2000, and startup IPOs (defined in the body of this report) are organized for side-by-side comparison to the extent possible.
Furthermore, English-language information about Japanese startups remains limited. Even when overseas investors and startup professionals try to accurately understand Japan’s ecosystem, there is a scarcity of primary sources they can reference. We hope this report serves as a useful reference for industry stakeholders both in Japan and abroad.
1. Survey Overview and Definition of "Startup IPO."
The Japanese VC industry has a long history. In particular, the "cumulative IPO count" for bank-affiliated and legacy VCs includes many legacy deals from before the 1990s, as well as financing-type investments in medium- and small-sized enterprises (SMEs) that cannot be considered startups. Therefore, to measure the pure results of startup investments, we have structured the track record of each VC into the following three layers:
Layer 1: Cumulative IPOs (All-time / Since inception) The total number of IPOs across all periods officially announced by each VC. If no official announcement is available, estimated figures from external databases are provided.
Layer 2: Estimated IPOs since 2000. A metric to measure the results of modern venture investments since the IT bubble period. For JAFCO, the actual count directly tallied from their public PDF list is provided; for other VCs, estimated figures based on public information are used.
Layer 3: Estimated Startup IPOs (Since 2000) A metric estimating the number of "Startup IPOs" extracted from Layer 2 based on the following criteria:
◦ Criterion 1: Companies established in or after 1998 (excluding legacy SME deals from before the IT bubble).
◦ Criterion 2: Companies with a high probability of being startups at the time of receiving VC investment (investment stage is irrelevant; includes all stages from seed to later).
Note: While syndicated investments by multiple VCs are ideal, single-investor deals are also included if they meet the startup criteria above.
This survey includes estimated figures to provide an overall picture, comprehensively analyzes new listing data from JPX (Japan Exchange Group), startup databases such as INITIAL and STARTUP DB, and the public portfolio information of each VC . [1] [2]
2. IPO Track Record of Major VCs (Three-Layer Analysis)
Editor’s Note: Based on additional research conducted after the initial publication, I have revised and expanded parts of the data and analysis below. This update reflects the information available as of Thursday, June 20, 2026, Japan Standard Time.
Leading VCs in this report are categorized into three groups: "Bank-affiliated & Legacy VCs," "Independent Startup-focused VCs," and "CVCs & Corporate-affiliated VCs."
[Bank-affiliated / Legacy VCs]
Historically, these VCs have included financing-type investments in SMEs, so Layer 3 is narrower than Layers 1 and 2. However, regardless of the investment stage (seed to later), companies are included in Layer 3 if they are "startups established in or after 1998."
Note: Mitsui Sumitomo Insurance Capital is a legacy VC established in 1990, but since no official cumulative IPO count for the entire company could be found (only an excerpt of 42 companies since 2001 is available), it has been excluded from the table. [17]
[Independent Startup-Focused VCs]
Since their inception, these VCs have primarily invested in seed and early-stage startups, and have syndicated co-investments as standard practice. Layer 3 ≒ Layers 1 and 2.
Note: B Dash Ventures mentions "over 100 total investments and many IPOs" in their official note, but is excluded from the table because the specific number of IPOs is undisclosed (past materials mention 16-19 IPOs) [28].
[CVC / Corporate-backed VCs]
While aiming for business synergy with their parent companies, they also make pure investments in startups. Since they were established relatively recently, Layer 3 ≒ , Layer 1, and Layer 2 in many cases.
Note:
*1: JAFCO's Layer 2 "382 companies" is the actual count directly tallied by extracting and analyzing text from their official public PDF "List of Listed Portfolio Companies" (as of April 22, 2026, 833 domestic companies). However, due to the PDF layout, there may be some text extraction misrecognitions, allowing for a margin of error of approx. ±5 companies.
*2: Layer 2 figures for Mitsubishi UFJ Capital, Mizuho Capital, and SBI Investment are estimates based on annual data and company lists posted on their official track record pages.
*3: Nissay Capital’s Layer 1 “278” is from their official site. Layer 2 is estimated by excluding pre-2000 deals from the list.
*4: SBI Investment does not officially disclose cumulative IPOs. The “1,314 total investees” on their site is not the IPO count and differs in nature from Layer 1 of other VCs.
3. Trend of Startup IPOs in Japan by Year (2000–2025)
The table below shows the trend in the proportion of "Startup IPOs" (companies that received VC investment) relative to the total number of IPOs in the overall market. Total IPO figures are based on JPX (Japan Exchange Group) new listing data [38]. Includes estimated figures based on databases like INITIAL [1] [37].
Note: This data excludes the TOKYO PRO Market.
4. Discussion
Through comprehensive surveys of JVCA members and a three-layer analysis, the diversity and structural differences among the players supporting Japan's startup IPO market emerge clearly.
The Essential Difference Between "Bank-affiliated/Legacy VCs" and "Independent VCs" Shown by the Three-Layer Structure. Bank-affiliated and legacy VCs (JAFCO, Mitsubishi UFJ Capital, Daiwa Corporate Investment, etc.) boast overwhelming track records of hundreds to around 1,000 companies in Layer 1 (Cumulative IPOs). However, they exhibit a "diminishing structure" where the numbers shrink as they are narrowed down to Layer 2 (Since 2000) and Layer 3 (Startup IPOs). This indicates that their historical track records included many financing-type listing support deals for SMEs. Nevertheless, they still generate tens to over 100 startup IPOs in Layer 3, surpassing independent VCs, demonstrating that they have adapted to modern startup investments alongside traditional SME investments and continue to be the backbone of capital supply in Japan's ecosystem.
On the other hand, independent VCs such as GCP, Global Brain, and CyberAgent Capital show almost identical numbers across Layers 1-3. This is direct evidence that, since their inception, they have primarily focused on investing in seed and early-stage startups and have walked the royal road of modern startup investing by making syndicated co-investments alongside other VCs. The figure of "almost 100% startup IPO purity" embodies the very nature of their funds.
The Rise and Track Record of CVCs and corporate-affiliated VCs established in the 2000s and later, such as Z Venture Capital, ITOCHU Technology Ventures, and SPARX Asset Management, are steadily producing startup IPOs on a scale of 20 to 40 companies. The numbers show that they are achieving both pure capital gains and startup growth support, not just business synergy with their parent companies, establishing themselves as important players in the market.
Maturation of the Startup IPO Market and Recent "Selection." In the early 2000s, startups (VC investees) accounted for only about 20% of all IPOs, but since 2015, they have consistently accounted for 50-60%, clearly indicating that startups have taken the leading role in Japan's IPO market.
However, in 2025, total IPOs plummeted to 66, and startup IPOs also dropped to the 40s. As pointed out in INITIAL's report, against the backdrop of stricter listing maintenance criteria for the TSE Growth Market (market capitalization of 10 billion yen or more, 5 years after listing), investors are increasingly shying away from "subscale IPOs," leading to a stronger "selection" where capital is concentrated on companies with a clear path to winning [37]. Startups need to rethink where and what kind of business they will conduct in a world where AI is redrawing the boundaries of every industry. There is no doubt that Japan's startup ecosystem is entering a major turning point.
References
[1]: https://initial.inc/articles/japan-startup-finance-2025 “INITIAL. “Selectivity and Extended Matches—2025 Startup Financing Trends.”
[2]: https://lp.startup-db.com/media/articles/investment-report-2025 “STARTUP DB. “[Annual 2025] Domestic Startup Investment Trends Report”.
[3]: https://www.jafco.co.jp/portfolio/ “JAFCO Group Co., Ltd. “Portfolio (List of Listed Portfolio Companies PDF ).”
[4]: https://www.mucap.co.jp/feature/ipo/ “Mitsubishi UFJ Capital Co., Ltd. “IPO Track Record”.”
[5]: https://www.mizuho-vc.co.jp/publicstock/ “Mizuho Capital Co., Ltd. “Listing Track Record.”
[6]: https://www.daiwa-inv.co.jp/ Daiwa Corporate Investment. “Track Record.”
[7]: https://www.resona-gr.co.jp/resonacapital/trackrecords/ipo.html “Resona Capital. “IPO Track Record”.
[8]: https://www.jaic-vc.co.jp/business/pe_ipo/index.html “Japan Asia Investment. “IPO Track Record”.
[9]: https://www.nissay-cap.co.jp/portfolio/list.html “Nissay Capital Co., Ltd. “Investment Track Record.”
[10]: https://orixcapital.co.jp/aboutus/ “ORIX Capital. “About Us.”
[11]: https://www.nvcc.co.jp/portfolio/ipo/ “Nippon Venture Capital. “IPO Track Record”.
[12]: https://www.smbc-vc.co.jp/portfolio/ “SMBC Venture Capital Co., Ltd. “Investment Track Record.”
[13]: https://startup-db.com/investment-companies/Ao31G8nUg1lZkwyX “STARTUP DB. “DBJ Capital”.”
[14]: https://www.mickk.com/about “Mobile Internet Capital. “About MIC.”
[15]: https://www.ksp.co.jp/service/fund.html “KSP. “Investment Funds.”
[16]: https://www.sbinvestment.co.jp/news/ipo/ “SBI Investment Co., Ltd. “List of IPO Companies.
[17]: https://www.msivc.co.jp/results/ipo.html “Mitsui Sumitomo Insurance Capital. “IPO Track Record”.
[18]: https://globalbrains.com/portfolio “Global Brain Corporation. “Portfolio.”
[19]: https://www.globiscapital.co.jp/ja/about/history “Globis Capital Partners & Co. “History”.
[20]: http://www.cyberagentcapital.com/policy/ “CyberAgent Capital. “Policy.”
[21]: https://z.incubatefund.com/n/nb7ae6b2fd74b “Incubate Fund. “SUMMARY OF 2025”.
[22]: https://www.ut-ec.co.jp/ “UTEC”.
[23]: https://startup-db.com/investment-companies/gwlEZN8UN8mGvL2A “STARTUP DB. “WiL, LLC.”
[24]: https://www.xtech-ventures.co.jp/portfolio?and-taxonomy_portfolio_status%5B%5D=ipo “XTech Ventures. “Portfolio.”
[25]: https://tracxn.com/d/venture-capital/anri/__9qyxcQWMZeKFvbtWulyzhjK1OIeBZ2wL0jMoHsII4XM “Tracxn. “ANRI”.”
[26]: https://united.jp/business/investment/investee/ “UNITED. “Investee List”.
[27]: https://startup-db.com/investment-companies/rB5WJbnU365Jo97q “STARTUP DB. “Coral Capital.”
[28]: https://note.com/bdashventures/n/n5ccc0e0119f0 “B Dash Ventures. “B Dash Ventures Official note”.
[29]: https://zvc.vc/fund/ “Z Venture Capital. “Performance.”
[30]: https://www.techv.co.jp/news/2025331 “Itochu Technology Ventures. “News.”
[31]: https://mirai.sparx.co.jp/ “SPARX Asset Management. “Mirai Creation Fund.”
[32]: https://www.nttdocomo-v.com/portfolio/ “NTT DOCOMO Ventures. “Portfolio.”
[33]: https://gmo-vp.com/ “GMO VenturePartners. “Portfolio.”
[34]: https://dentsu-ip.co.jp/company.html “Dentsu Innovation Partners. “Company.”
[35]: https://www.jp-capital.jp/portfolio/ “Japan Post Capital. “Portfolio.”
[36]: https://www.hakuhodody-ventures.co.jp/news97/ “Hakuhodo DY Ventures. “News.”
[37]: https://initial.inc/articles/6qtZbz4VumqsGwd7rmbYRn “INITIAL. “Startup IPO Trends.”
[38]: https://www.jpx.co.jp/listing/stocks/new/index.html "JPX (Japan Exchange Group ). 'New Listing Information'." See also: https://www.jpx.co.jp/equities/listing-on-tse/new/basic/04.html