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Incubate Fund Asia announces first close of third fund, aims for $50M for Indian startups

ISN Webteam
21 Sep 2023
Incubate Fund Asia

Incubate Fund Asia, a sector-agnostic Japanese venture capital fund specialising in seed-stage investment, today announced the first close of their third fund, which has a target corpus of $50 Million (around Rs 416 crore). 

Incubate Fund’s India-focused entity has now been rebranded as Incubate Fund Asia to expand its focus on supporting pre-seed and seed-stage startups in India and South East Asia (SEA).

Incubate Fund Asia aims to build a portfolio of 20 startups

According to the firm, the raised proceeds will be used to make early-stage investments and also for follow-on investments in startups that have shown strong fundamental growth.

The fund aims to build a portfolio of around 20 startups with the third fund. The fund will invest only 40% of its total investible corpus to create the portfolio and then use the balance to back the 'winners' in its portfolio.

The fund's global presence

With a global presence, Incubate Fund Group maintains offices in key locations, including Tokyo, Singapore, Bangalore, Mumbai, São Paulo, and Mountain View. Some notable portfolio investments include Captain Fresh, Yulu, ShopKirana, Plum etc. 

Incubate Fund Asia was founded and has been led by Nao Murakami, Founder and General Partner of the fund, with support from Incubate Fund’s Japan team. 

Nao Murakami, Founder and General Partner of Incubate Fund Asia, said, "Our mission is to empower startups and fuel innovation across Asia. With the target fund closure of $50 million, we will be ready to significantly enhance our support to emerging ventures, driving sustainable growth and innovation. Incubate Fund Asia remains deeply committed to its vision of nurturing innovation and catalyzing the growth of startups, ultimately contributing to the development of a thriving entrepreneurial ecosystem across Asia.”

So far, Incubate Fund Asia, which has invested in 27 Indian startups, including ShopKirana and Captain Fresh, invests in B2B, B2C, Supply Chain, and consumer tech startups operating across both Tier 1 and Tier 2 markets. 

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