Investor Profile: Spiral Capital — Thesis, Cheque Size & How to Apply

Tokyo-based Spiral Capital backs startups where the internet meets the real economy: factories, hospitals, logistics networks, real estate and city infrastructure. Its shorthand is X-Tech, the fusion of internet technology with existing industries, and its targets are businesses that transform an industry or create an entirely new one.

Investment thesis

Spiral Capital focuses on two kinds of company: industry-transforming businesses that solve challenges in existing sectors and add value in a specific field, and new industry-creating businesses that open markets that did not exist before. That thesis explains a portfolio running from deskless-worker software to industrial lasers, space services and nuclear decommissioning. The firm provides funding plus hands-on support, working closely with an assigned capitalist and, where needed, external partners.

Sectors and stages

The firm covers a wide range of internet and technology sectors, with X-Tech at the centre. Its stage focus is startups moving from hypothesis testing to business expansion, with later-stage investments also in scope. Portfolio themes include artificial intelligence, robotics, SaaS, fintech, healthcare, real estate, logistics, agriculture, space and deep technology.

Fund size and cheque size

Spiral Capital completed fundraising of JPY 15 billion for its third fund, Spiral Capital Japan Fund III, announced in December 2025. Reported assets under management across its general and corporate venture vehicles stand at JPY 75 billion. Typical amounts cited from the firm's own policy are JPY 100 million to JPY 500 million for early to mid-stage startups, and JPY 500 million to JPY 1 billion for later-stage investments.

Notable portfolio

Current portfolio names on the firm's official site include Kaminashi, which makes software for deskless workers; SENSYN ROBOTICS, which uses AI, data and robotics for social and industrial infrastructure; Spectronix, behind the first practical picosecond deep-ultraviolet laser; Facilo, a communication cloud for real estate transactions; Kiviaq, a dark-store pharmacy; Space BD, which supports commercialisation of the space industry; bellFace, an AI sales agent company; and carbase, a financial platform for the used-car industry. It has also backed Dodai, electrifying urban mobility in Ethiopia.

Partners and people

Spiral Capital is an independent venture capital firm led, according to published profiles, by chief executive Tomokazu Okuno, after spinning out from a venture unit within retailer CCC Group. Its most distinctive structure is its subsidiary, Spiral Innovation Partners, which operates corporate venture funds and supports open innovation between startups and large companies.

Programmes, credits and perks

Spiral Capital does not publish a startup credits programme or a standard perks catalogue in the sources reviewed, and founders should not budget for one. Its programme-like offer is open innovation itself: through Spiral Innovation Partners, portfolio companies can pursue co-creation with large Japanese corporates, test technology in real facilities such as Mori Building's developments, and join a network built for partnerships with domestic companies.

How to apply for funding

No public application portal for Spiral Capital was identified in the sources reviewed, so founders should not expect an online form. The real route is a direct approach through the firm's official website, spiral-cap.com, ideally with a warm introduction from a portfolio founder, a corporate partner or an adviser in the Japanese venture ecosystem.