YJ Capital
Z Venture Capital is a Japan-based corporate venture capital firm and wholly-owned subsidiary of LY Corporation, deploying seed-to-later-stage capital into startups across Japan, Korea, the US, and Southeast Asia, with a portfolio spanning AI, deep tech, fintech, commerce, and consumer.
- Company typePrivate
- Founded2012
- HeadquartersTokyo, Japan
- Headcount11–50
- GTM typeB2B
- OfferingServices
What YJ Capital does
Z Venture Capital Corporation (legal name Z Venture Capital株式会社; formerly YJ Capital / YJキャピタル) is a corporate venture capital firm and wholly-owned investment subsidiary of LY Corporation (LINE Yahoo Corporation), the Japanese internet conglomerate formed from the 2021 merger of Yahoo Japan and LINE. Established in August 2012, the firm invests across all stages from seed to later stage in startups located primarily in Japan, Korea, the United States, and Southeast Asia. Its portfolio spans AI, robotics, space technology, quantum computing, fintech, commerce, edtech, blockchain, healthcare, and consumer sectors. As a corporate venture capital arm, ZVC's principal differentiator is its ability to offer portfolio companies distribution and commercial integration with LY Corporation's platforms — LINE (90M+ users), Yahoo Japan, and PayPay — alongside capital.
ZVC operates two flagship fund vehicles (the original ZVC fund and the 30 billion yen / approximately USD 200M ZVC Fund II launched January 2025) and two accelerator programs: Code Republic, co-run with East Ventures for Japanese seed startups, and a US Seed Program for US-based founders. In 2025 the firm deployed capital into 51 portfolio companies totaling roughly 7.2 billion yen, including 14 follow-on investments, up from 54 companies at 5.24 billion yen in 2024. The firm reports a track record of 30+ portfolio IPO and M&A exits, with a notable 2026 exit being the acquisition of portfolio company Xbit (a shift management platform with 1.2M+ users) by SmartHR Group. Revenue is generated through management fees on committed fund capital and carried interest on portfolio exits, with LY Corporation as the sole anchor LP.
In October 2025, ZVC opened a San Francisco office to serve as a gateway between US and Asia-Pacific startup ecosystems, complementing existing hubs in Tokyo and Seoul. The firm has deepened its ecosystem positioning through strategic alliances including a December 2025 partnership with Korea's Bluepoint for deep tech deal flow (Bluepoint has 400+ portfolio companies and multiple IPOs), the Japan-Korea AI Startup Meetup Day co-hosted with GenAI Startup Association Korea and KOSME TOKYO, and Angel Scramble angel-investor matching events co-hosted with East Ventures, Skyland Ventures, and AWS. The firm publishes investment updates through blog content and operates social channels on X (@ZVC_Official) and LinkedIn, while portfolio-LINE Yahoo integration is facilitated through ZVC Connect events.
YJ Capital firmographics
Firmographics- Name
- YJ Capital
- Legal name
- Z Venture Capital株式会社
- Website
- https://zvc.vc
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Z Venture Capital is a Japan-based corporate venture capital firm and wholly-owned subsidiary of LY Corporation, deploying seed-to-later-stage capital into startups across Japan, Korea, the US, and Southeast Asia, with a portfolio spanning AI, deep tech, fintech, commerce, and consumer.
- Ownership category
- akta.pro rank
YJ Capital industry classification
Industry- Product category
- Corporate Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Corporate Innovation & Technology Scouting Units (with investment mandate) (FSANAHAI)
- akta.pro secondary industries
- Early-Stage Venture Capital (Series A/B) (FSANAAAB), Late-Stage Venture Capital (Series C+) (FSANAAAC)
Keywords
Where YJ Capital is headquartered
LocationHeadquarters
- HQ city
- Tokyo
- HQ country
- Japan
- HQ region
- Asia
Offices3 records
Markets served
YJ Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Investment Returns: Capital gains from successful portfolio company exits including IPOs and M&A transactions
- Fund Management: Management fees from managing Fund I and Fund II (300 billion yen ZVC2)
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
YJ Capital product offering
Product offeringCore offering
Z Venture Capital (formerly YJ Capital) is a corporate venture capital firm that invests in and supports innovative startups from seed to later stage, deploying capital from Fund I and Fund II (300 billion yen cumulative). The firm provides startups with strategic access to LY Corporation Group resources including LINE, Yahoo Japan, and PayPay, alongside cross-border network support across Japan, Korea, the United States, and Southeast Asia through offices in Tokyo, Seoul, and San Francisco.
Product overview
Z Venture Capital (formerly YJ Capital) is a corporate venture capital firm and a wholly-owned subsidiary of LY Corporation (Z Holdings). It does not offer its own standalone product or service; instead, it invests in and supports startups across Japan, Korea, the United States, and Southeast Asia. Its portfolio includes companies operating in AI, robotics, space technology, fintech, e-commerce, education technology, and blockchain, among other sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- ZVC Fund II (ZVC2号投資事業組合) A 30 billion yen venture capital fund targeting Seed to Later stage startups globally, with focus on AI, Media, Commerce, Fintech, Space, and Robotics sectors. Limited partners benefit from capital gains generated through portfolio company IPOs and M&A exits.
- Code Republic Accelerator Seed accelerator program co-run with East Ventures for early-stage Japanese startups, providing capital, mentorship, and ecosystem support through ZVC's corporate network.
- US Seed Program Pre-seed to seed investment program for US-based startups, leveraging ZVC's San Francisco office to serve as a gateway between the US startup ecosystem and ZVC's Asia-Pacific portfolio.
Quantifiable outcome
- 51 companies invested in 2025, 14 follow-on investments
- +1 more outcomes
Companies that use YJ Capital
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles4 records
YJ Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability12 records
YJ Capital partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- East VenturescoreCo-hosting Angel Scramble 1-on-1 matching events for entrepreneurs and angel investors. Co-running Code Republic accelerator program.
- Skyland VenturescoreCo-hosting Angel Scramble startup-investor matching events
- AWS (Amazon Web Services)minorCo-hosting Angel Scramble events for startup ecosystem
- GenAI Startup Association KoreacoreCo-hosting Japan-Korea AI Startup Meetup Day for cross-border AI startup networking and collaboration between Japan and Korea
- KOSME TOKYO (Korea SMEs and Startups Agency)coreCo-hosting Japan-Korea AI Startup Meetup Day, supporting Korean startup expansion to Japan
- Bluepoint (Korea Deep Tech VC)coreStrategic partnership for Korean deep tech investments. Bluepoint has 400+ investment track record and multiple IPOs. Partnership enables access to Korean deep tech ecosystem and founders.
Scale indicators5 records
Recent moves9 records
Expansion highlights6 records
YJ Capital competitors and assessment
Company assessmentBroad incumbents
- JAFCO Group: Japan's largest listed VC/PE firm, investing from seed to buyout with deep Japan presence; competes for the same domestic seed and Series A deals.
- SBI Investment: Large Japan financial group VC arm with broad stage coverage from seed to growth; key domestic competitor for AI and fintech deals.
- SoftBank Vision Fund: Mega-cap tech investor sharing Japanese CVC DNA (SoftBank group) and overlapping AI/deep tech thesis at later stages.
- MUFG Innovation Partners: CVC arm of Japan's largest bank; competes for strategic CVC mandates and Japan growth-stage deals.
Regional players
- Kakao Ventures: Korea-focused CVC of Kakao group with internet platform distribution, comparable to ZVC's LY Corporation/LINE platform advantage in the Korean market.
Direct peers
- World Innovation Lab (WiL): Japan-US cross-border VC investing in enterprise and consumer tech, with comparable US-Japan bridge model.
- Global Brain: Major Japan-headquartered corporate-affiliated VC investing across stages and sectors, with similar all-stage seed-to-growth capability and APAC reach.
- Skyland Ventures: Japan-focused seed VC; co-hosts Angel Scramble with ZVC and competes for the same seed ecosystem.
- East Ventures: Pan-Asia early-stage VC active in Japan, Indonesia, and Singapore; co-runs Code Republic accelerator with ZVC and competes in the same seed market.
- Infinity Venture Partners: Japan-China cross-border early-stage VC overlapping ZVC's seed-to-Series A focus area.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
YJ Capital social profiles
Digital presenceYJ Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
YJ Capital leadership team
Management profileNumber of profiles
Profiles12 records
YJ Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
YJ Capital M&A and investment
M&A and investmentM&A
Investments126 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about YJ Capital
What does YJ Capital do?
Z Venture Capital (formerly YJ Capital) is a corporate venture capital firm that invests in and supports innovative startups from seed to later stage, deploying capital from Fund I and Fund II (300 billion yen cumulative). The firm provides startups with strategic access to LY Corporation Group resources including LINE, Yahoo Japan, and PayPay, alongside cross-border network support across Japan, Korea, the United States, and Southeast Asia through offices in Tokyo, Seoul, and San Francisco.
Is YJ Capital a public or private company?
YJ Capital is a private company. It is classified as corporate owned and is currently operating.
When was YJ Capital founded?
YJ Capital was founded in 2012. It employs 11 to 50 people.
Where is YJ Capital based?
YJ Capital is headquartered in Tokyo, Japan, in the Asia region.
How does YJ Capital make money?
Two revenue lines are on record. Investment Returns are the primary driver. The others are fund Management.
Who are YJ Capital's main competitors?
Broad incumbents on record are JAFCO Group, SBI Investment, SoftBank Vision Fund and MUFG Innovation Partners. Kakao Ventures is listed as a regional player. Direct peers are World Innovation Lab (WiL), Global Brain, Skyland Ventures, East Ventures and Infinity Venture Partners.
Does YJ Capital have an API?
No public API is recorded for YJ Capital.
What industry is YJ Capital in?
YJ Capital's product category is Corporate Venture Capital. Its primary akta.pro industry code is FSANAHAI, Corporate Innovation & Technology Scouting Units (with investment mandate), with a secondary code of FSANAAAB, Early-Stage Venture Capital (Series A/B). Its NAICS code is 523940 and its SIC code is 6282.