Incubate Fund Management

Founding general partner Toru Akaura leads the Tokyo office and sets overall firm strategy. Keisuke Wada runs the Singapore-based Southeast Asia practice as a general partner with local investment committee authority. The Seoul office operates with dedicated local partners focused on the Korean startup ecosystem.

The firm maintains separate partner-led investment teams in Tokyo, Singapore, and Seoul — each with its own local founder networks and deal origination capability. This multi-hub structure lets partners operate with autonomy within their respective geographies while sharing fund infrastructure and the Incubate Fund brand.

Incubate Fund is a dedicated seed-stage investor that writes first checks into pre-Series A technology companies. The firm occasionally participates in follow-on rounds for portfolio companies that achieve product-market fit and raise subsequent financing.

Incubate Fund operates as a venture capital fund manager, raising capital from external limited partners across its multiple fund vehicles. It is not a single-family office, despite the entity name Incubate Fund Management Pte. Ltd. in Singapore.

The firm's primary markets are Japan, South Korea, and Southeast Asia, with investment teams based in Tokyo, Seoul, and Singapore respectively. The Singapore entity serves as the regional hub for Southeast Asian deal flow while also co-managing cross-border investments alongside the Tokyo headquarters.