Woven Capital

Michiko Kato is the Managing Director leading Woven Capital's investment team. She reports into Woven by Toyota's executive structure and oversees a team spanning Tokyo and Palo Alto.

Woven Capital is a wholly-owned subsidiary of Woven by Toyota, the automaker's advanced mobility and technology group. It invests directly from Toyota's balance sheet with an initial $800 million commitment (per Toyota, 2020), rather than raising third-party capital.

It functions as a strategic corporate venture vehicle but with a dedicated fund structure and independent investment process. The capital is Toyota's own, and the mandate extends beyond incremental returns to include deep commercial integration between portfolio companies and Toyota's global operations.

Woven Capital focuses on growth-stage companies, typically Series B and later. This differentiates it from the Toyota Research Institute's earlier venture activity and from seed-stage Toyota-connected vehicles like Toyota Ventures.

The firm's public portfolio focuses tightly on mobility-adjacent technology. It has not disclosed investments in life sciences, consumer goods, defense, or traditional enterprise SaaS outside of logistics and mobility. There is no public record of real estate or infrastructure direct investing outside of smart-city technology.

Sourcing draws on Toyota's global automotive and manufacturing relationships, the Woven by Toyota R&D network, and the partners of the firms it co-invests alongside. The dual Palo Alto–Tokyo presence grants access to Silicon Valley venture pipelines and Asian industrial technology hubs.

Yes, Woven Capital frequently participates in syndicated rounds alongside traditional venture firms. For example, it co-invested in Nuro's Series C with funds including Baillie Gifford and Fidelity (per Nuro, 2021), and in May Mobility with other strategic and financial investors.