Spiral Ventures: Backing India's Healthtech and Edtech from Seed to IPO

Spiral Ventures Pte. Ltd. (formerly IMJ Investment Partners, rebranded in 2017 via an MBO from Culture Convenience Club) is a Singapore-based venture capital firm with Japanese roots, backing early-stage tech startups across Southeast Asia, India, and Japan. The firm's mission is "Power to the imagination," and it distinguishes itself with hands-on support including a Tokyo Stock Exchange IPO consultation service for portfolio companies — a unique offering for founders eyeing Japan's public markets.

The firm invests primarily at the seed stage, with initial cheques of $100,000–$300,000 according to Partner Yasuhiro Seo. This is a classic seed-first strategy: get in early, support intensively, and follow on in winners. In India, the firm's stated sector focus includes healthcare, fintech, and online-to-offline (O2O) platforms — sectors where India's digital adoption and healthcare needs create large opportunities. The broader site portfolio spans fintech, healthtech, edtech, marketplaces, and mobility.

A distinctive feature is the TSE IPO support service, offered through group company Y&P Global Holdings Pte. Ltd. This service is free for Spiral fund investees (paid for others) and provides guidance on listing on the Tokyo Stock Exchange. For Indian founders building companies with Japanese market potential or seeking an alternative to Indian/US listings, this is a genuinely differentiated offering.

Spiral Ventures is led by CEO and Managing Partner Yuji Horiguchi, with General Partner Tomokazu Okuno (Spiral Ventures Japan LLP), Partner Yasuhiro Seo (who has spoken publicly about the India strategy), and Principal Ryu Hirota. Current fund size is not publicly disclosed; historically, the firm targeted $50 million for its South Asia and Southeast Asia fund with approximately $25 million earmarked for India — though this 2017 figure should be treated as historical context.

Verified Indian portfolio companies demonstrate consistent follow-on support. NirogStreet (Gurgaon, tech-led Ayurveda platform) — Spiral led its $300,000 (~Rs 2 crore) seed round in 2018, participated as an earlier investor in the $2 million pre-Series A in 2020, and remained an investor in the $12 million Series B in 2022 led by Jungle Ventures. This seed-to-Series-B journey shows the firm's commitment to winners. The firm also backed Classplus (Delhi, edtech SaaS) in its $1.6 million pre-Series A in 2019 alongside Times Internet and GREE Ventures, and Lal10 (Delhi NCR, cross-border B2B craft marketplace connecting Indian artisans to overseas customers) in its $5.5 million pre-Series A in 2022. Docquity, a doctor network platform, serves doctors across Southeast Asia and India.