LY Corporation

Investment decisions flow through two channels. CEO Takeshi Idezawa and CFO Jun Masuda oversee corporate-level balance-sheet deployment, including real asset holdings and major acquisitions. Z Venture Capital (ZVC), LY Corporation's wholly owned venture arm, operates with its own investment committee structure and is the primary vehicle for equity investments in early-to-growth-stage technology companies across Japan, Southeast Asia, and the United States.

ZVC sources deals through three distinct pipelines. The first is LY Corporation's domestic ecosystem, which includes LINE messaging data, Yahoo Japan search and commerce trends, and PayPay transaction flows. The second is the SoftBank Vision Fund network, which provides visibility into late-stage portfolio companies seeking Japanese market entry partners. The third is NAVER's South Korean and Southeast Asian technology pipeline, which surfaces startups expanding regionally. Innovation offices in San Francisco and Cambridge supplement these sources with direct North American origination.

LY Corporation is controlled by A Holdings Corporation, a 50-50 joint venture between SoftBank Corp. and NAVER Corporation. This structure was established in 2021 when Z Holdings (which already owned Yahoo Japan) merged with LINE, with A Holdings serving as the parent entity. The 2023 rebrand to LY Corporation unified all operating subsidiaries under one corporate identity. Both SoftBank and NAVER retain equal governance rights through A Holdings, making LY Corporation the jointly owned vehicle for their combined Japanese internet strategy.

LY Corporation invests primarily through two direct-deployment channels: Z Venture Capital for equity investments and corporate treasury for real assets including Kioi Tower and industrial data centers. ZVC operates a hybrid model that includes direct startup investments alongside a fund-of-funds component, although the fund-of-funds allocation is smaller relative to direct equity stakes. The firm participates in club deals and syndicated rounds with SoftBank Corp. and NAVER-affiliated entities, particularly in cross-border transactions between Japan and South Korea.

ZVC targets early-to-growth-stage companies across technology sectors, with check sizes that scale from seed through Series C. The venture arm focuses on startups that can integrate with LY Corporation's domestic platform ecosystem — LINE's messaging infrastructure, Yahoo Japan's commerce and media assets, and PayPay's fintech network. Geographic coverage spans Japan, Southeast Asia, and the United States, with particular emphasis on companies seeking Japanese market entry or distribution expansion.

The Yahoo Japan Foundation is operated as an independent philanthropic entity distinct from LY Corporation's balance-sheet investments and venture activities. It focuses on digital inclusion, disaster relief, and environmental conservation programs. While the foundation carries Yahoo branding inherited from the pre-merger structure, its governance and funding are structurally separated from Z Venture Capital and corporate asset management functions.

LY Corporation owns Kioi Tower, a 28-story commercial building in Tokyo's Chiyoda ward that serves as the company's headquarters. The firm also holds a portfolio of industrial data centers located throughout Japan that support LINE messaging infrastructure and Yahoo Japan's search operations. An additional real asset is Kioicho Biotope, an urban green space adjacent to the headquarters that functions as both a community amenity and environmental initiative.