Spiral Capital

Investment authority is split along vehicle lines. Spiral Capital's general fund is led by General Partners Tomokazu Okuno and Takashi Chiba. Spiral Innovation Partners, the dedicated CVC arm, is led by General Partners Hiroshi Oka and Kazuhiro Kamada. The two teams operate with independent investment committees, per the firm's disclosed structure.

Spiral Capital Group houses both entities under one holding structure. Spiral Capital manages independent early-stage general funds raised from institutional and individual LPs. Spiral Innovation Partners designs and manages bespoke corporate venture capital funds for Japanese corporations, providing deal sourcing, investment execution, and post-investment business development support. The two units share back-office and investor-relations infrastructure but maintain separate GP teams and investment committees.

The group deploys through two distinct fund types. Spiral Capital operates general funds that invest directly in startups from seed to pre-IPO stages. Spiral Innovation Partners operates separate CVC funds on behalf of corporate clients. The firm website lists 86 portfolio companies under the general fund and 69 under the CVC arm, though individual fund names, vintages, and sizes are not publicly disclosed.

The firm covers early-stage, expansion/late-stage, and growth rounds, with an explicit focus on seed through pre-IPO. The general-fund team typically enters at startup formation or early commercialization, while the CVC arm can participate at multiple stages depending on the corporate partner's strategic needs.

Spiral Capital leans on a team drawn from consulting, investment banking, and operating roles — a network-heavy profile in the Japanese market. Its dual structure creates a distinct sourcing channel: the CVC arm's corporate partners surface startups that need strategic capital and distribution, feeding into the general fund's pipeline for purely financial investments. This shared deal-sourcing loop between the two vehicles is a core element of the firm's architecture.

Spiral Capital originated as the Japan entity of Spiral Ventures, a Singapore-based VC group. The Japan team executed a management buyout in 2017 following Accenture's acquisition of IMJ, then dissolved the joint venture with the Singapore parent in 2019 and renamed the standalone entity Spiral Capital. The two firms have operated independently since 2019.

No. The firm has not publicly disclosed assets under management, total deployment, or individual fund sizes. The portfolio count sits at 154 companies (134 active, 20 exited), per the firm's website, but precise figures for capital committed or returned are unavailable.