ON & BOARD

The firm defaults to convertible instruments — typically SAFE notes or J-KISS agreements — and deliberately sets valuation caps it views as fair to founders. ON & BOARD explicitly omits drag-along provisions and, when possible, binding IPO-effort deadlines that could force premature public listings.

Current public disclosures only describe direct, lead investments into pre-seed and seed-stage operating companies. The firm has not publicly indicated that it commits capital as a limited partner into other venture funds.

'Out of BOUNDS' is a free, multi-month pre-formation program that supports would-be founders — including researchers and corporate executives — through hypothesis testing, market research, business-plan development, and team assembly, with no upfront fee. The General Partners use the program as a proprietary sourcing channel, and participants who reach sufficient resolution may receive investment consideration before formal incorporation.

The firm concentrates on the earliest stages: pre-seed and seed, including pre-incorporation commitments when a founding team and business concept can demonstrate credible potential for long-term impact. Publicly listed portfolio companies were all backed at formation-stage rounds.

ON & BOARD has not published an exclusion list. Its stated investment criterion is whether a business can deliver transformative, long-term societal impact, and its disclosed portfolio spans deep-tech, AI, robotics, climate, legaltech, and media, indicating few sector constraints at this early stage.

Investment authority sits with the General Partners, 下平将人 and 中山航介, who conduct in-person meetings and aim to communicate a decision as quickly as possible for founding rounds. Partner 長谷川俊介 and Technology Executive 竹内悠貴 participate in deal evaluation and portfolio support.

The firm has not published a formal co-investment policy, but its website references partnerships with overseas accelerators and local VCs for global expansion support and follow-on fundraising introductions, suggesting it syndicates rounds when additional expertise or capital is strategically useful.