What Hokkaido Venture Capital does

Hokkaido Venture Capital Co., Ltd. (HVC, 北海道ベンチャーキャピタル株式会社) is a Sapporo-headquartered venture capital firm founded in August 1999 that invests in and provides consulting services to growth-stage companies and SMEs in Hokkaido, Japan. The firm operates as the general partner of multiple investment limited partnership funds covering distinct themes: venture/growth capital (Hokkaido Growth Fund No. 1, JPY 510M; Dosanko Regional Activation Fund, JPY 510M; Hokkaido Regional Creation Fund, JPY 750M; DoGin Dosanko Fund No. 3, JPY 500M), agricultural 6th industrialization (DoGin Agri-Business Fund, JPY 3B), and SME business succession (Hokkaido Business Succession Fund, JPY 500M). Limited partners are primarily regional financial institutions led by Hokkaido Bank, with Norinchukin Bank and Mizuho Bank as co-LPs in the agri fund.

HVC monetizes through three revenue streams: (1) recurring management fees on fund AUM (estimated ~JPY 3.78B across six active funds plus historical vehicles), (2) performance-based carried interest from portfolio exits, and (3) fee-based consulting engagements covering IPO preparation, M&A advisory, business succession planning, and corporate restructuring. Investment activity spans ICT, life sciences (including Hokkaido University-originated biotech such as Gene Techno Science and Iyakagaku Soyaku), IoT, clean tech/agri (Mikage Bio Energy, Hirakawa Winery, Hokkaido Sobaseihun), and frontier tech (Letara satellite propulsion, Iwaya Giken space balloons, AWL edge AI, Mechanocross mechanochemistry). The firm has produced 16+ portfolio IPOs historically, including Bridge Consulting Group (TSE Growth, 2023) and FiberGate (TSE Mothers, 2018).

HVC does not build proprietary technology; its competitive moat rests on a deeply embedded regional distribution network with Hokkaido Bank, 20+ regional credit unions, Hokkaido University technology transfer, and government/M&A intermediary registrations. Day-to-day investment activity flows through a lean team of 1-10 professionals based at NCO Sapporo Station North Exit, with current Representative Director Yoshinori Urata (appointed June 2019, former Hokkaido Bank executive) overseeing operations.

Name

Hokkaido Venture Capital

Legal name

北海道ベンチャーキャピタル株式会社

Website

https://hokkaido-vc.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

Hokkaido Venture Capital (HVC) is a Sapporo-based Japanese venture capital firm founded in 1999 that manages multiple investment funds and provides consulting services to growth-stage companies, university-originated startups, and SMEs facing business succession challenges, primarily in Hokkaido.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Venture Capital Fundraising Placement (FSAEALAC)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE)

Keywords

• Venture capital investment
• Private equity funds
• Startup advisory
• IPO consulting
• Business succession

Headquarters

HQ city

Sapporo-shi

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: HVC earns recurring management fees by operating investment limited partnership funds. The firm serves as the unlimited liability partner (GP) managing multiple funds on behalf of institutional and individual limited partners including regional banks and credit unions.
2. Carried Interest (Success Fees): HVC generates performance-based carried interest income when investment funds achieve returns above hurdle rates through IPOs, M&A exits, or other liquidity events from portfolio company investments.
3. Consulting Services: HVC provides fee-based consulting services including IPO support, M&A advisory, business succession planning, corporate restructuring, and financial strategy consulting to portfolio companies and other clients.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Hokkaido Venture Capital operates as the general partner of multiple investment limited partnership funds in Hokkaido, providing venture capital to unlisted companies across life sciences, clean tech, ICT, and distribution/service sectors from seed to later-stage. Alongside fund management, the firm delivers fee-based consulting services covering IPO preparation, M&A advisory, business succession planning, and corporate restructuring to portfolio companies and external clients.

Product overview

Hokkaido Venture Capital is a venture capital firm providing investment and consulting services to support companies and entrepreneurs in Hokkaido. The firm operates multiple investment funds including the Hokkaido Growth Fund No. 1 (北海道グロース1号), Dosanko Regional Activation Fund (どさんこ地域活性化ファンド), Hokkaido Regional Creation Fund (ほっかいどう地方創生ファンド), Do Gin Dosanko Fund No. 3 (道銀どさんこ3号), Hokkaido Business Succession Fund (ほっかいどう事業継承ファンド), and Do Gin Agri-Business Fund (道銀アグリビジネスファンド). Alongside fund management, the company offers comprehensive consulting services covering IPO preparation, M&A advisory, business succession planning, and corporate restructuring.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Business (投資育成事業) The firm's core investment business that supports companies and entrepreneurs taking on new business challenges. HVC invests in unlisted companies across life sciences, clean tech, ICT, and distribution/service sectors, providing capital and management support to help businesses succeed and reach IPO milestones.
• Consulting Services (コンサルティング事業) Comprehensive consulting services covering business startup support, IPO preparation, M&A advisory, business succession planning, corporate restructuring, patent strategy, and financial advisory services for companies seeking growth. Delivered to portfolio companies and external clients under consulting engagement contracts.
• Hokkaido Growth Fund No. 1 (北海道グロース1号投資事業有限責任組合) Growth-stage investment fund targeting unlisted companies in Hokkaido across all industries and stages from seed to later-stage and mid-cap companies. The principal vehicle for current deployment activity, including recent investments in Terrasmile, Mechanocross, Kitchhike, Sagri, and other portfolio companies.
• Dosanko Regional Activation Fund (どさんこ地域活性化投資事業有限責任組合) Fund investing in venture companies and businesses with business succession needs, providing hands-on support for regional economic activation in Hokkaido. Operated alongside Hokkaido Bank and regional credit unions as limited partners.
• Hokkaido Regional Creation Fund (ほっかいどう地方創生投資事業有限責任組合) Fund providing growth support for venture companies and SMEs in Hokkaido in cooperation with regional financial institutions. Targets broader regional revitalization objectives beyond pure venture returns.
• Do Gin Dosanko Fund No. 3 (道銀どさんこ3号投資事業有限責任組合) Fund investing in high-growth venture companies and enterprises pursuing dramatic transformation in Hokkaido. Earlier-generation successor fund to the original Dosanko fund series.
• Hokkaido Business Succession Fund (ほっかいどう事業承継投資事業有限責任組合) Fund targeting small to mid-sized companies with business succession needs, providing capital supply and management support for smooth succession planning and ownership transitions in Hokkaido.
• Do Gin Agri-Business Fund (道銀アグリビジネス投資事業有限責任組合) Largest fund operated by HVC with JPY 3 billion in capital, investing in companies expected to lead the 6th industrialization of agriculture, forestry, and fisheries in Hokkaido. Includes active business participation by HVC for promotion and growth of investee companies, with Norinchukin Bank and Mizuho Bank as limited partners.

Quantifiable outcome

• 16+ successful IPOs of portfolio companies over the firm's history
• +1 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and moderate.

• Small and Medium Enterprise Agency (中小企業庁)minorOthers · 1 September 2015Registered M&A support provider under the SME Agency's M&A Support Organization Registration System, adhering to M&A guidelines for supporting SME succession and growth.
• Hokkaido University (北海道大学)moderateStrategic or Co-development PartnerAcademic partner providing technology transfer and startup pipeline. Multiple portfolio companies are Hokkaido University-originated ventures (北大発認定スタートアップ) in fields including AI, biotech, and aerospace.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Tohoku Venture Partners: Regional Japanese VC firm based in Sendai, focused on Tohoku-area startups across technology and life sciences. Most directly comparable to HVC given the parallel regional-bank partnership model, university pipeline (Tohoku University), and focus on local revitalization.
• Hiroshima Venture Capital: Hiroshima-based regional VC with similar bank-affiliated LP structure (Hiroshima Bank) and university ties (Hiroshima University). Directly comparable by geography focus, fund strategy, and succession/growth dual mandate.
• Kyoto University Innovation Capital: Kyoto University-affiliated CVC/VC investing in university spinoffs in deep tech and life sciences. Comparable to HVC's Hokkaido University partnership-driven model and university-originated portfolio composition.
• Shizuoka Capital: Shizuoka-based regional VC backed by local financial institutions, investing in Shizuoka-area SMEs and startups. Closely comparable regional-bank partnership and growth/succession fund mandates.

Broad incumbents

• JAFCO Group: Japan's largest independent VC firm, managing multiple funds across stages and sectors nationwide. Comparable as a multi-fund GP but operates at vastly larger scale than HVC and serves as a benchmark for fund management capability.
• Nippon Venture Capital: Tokyo-based VC firm backed by major Japanese financial institutions, investing broadly across Japanese startups. Comparable as a fund-of-funds-backed incumbent but with a national rather than regional focus.
• Mizuho Capital: VC arm of Mizuho Financial Group, one of HVC's fund LPs (DoGin Agri-Business Fund). Comparable as a bank-affiliated VC investor and a direct LP/competitor relationship to HVC.
• DBJ Capital: VC arm of Development Bank of Japan, investing nationally in growth-stage companies. Comparable institutional VC with broader geographic reach and larger average check sizes.

Emerging players

• Beyond Next Ventures: Tokyo-based early-stage VC focused on university-originated deep tech and biotech startups. Comparable portfolio composition to HVC's Hokkaido University spinoff track record, but operating nationally.
• Real Tech Holdings: Japan-focused deep tech VC platform backing university and corporate technology spinouts. Comparable investment thesis to HVC's life sciences, clean tech, and ICT focus, but operating as a broader national platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments30 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hokkaido Venture Capital