Gazelle Capital

What Gazelle Capital does

Gazelle Capital is a Japan-based venture capital firm founded in April 2019 by Representative Partner Ishibashi Kotaro and headquartered in Chiyoda, Tokyo (with a registered Saint Petersburg, US mailing address per firmographic metadata that does not correspond to its operational base). The firm specializes in pre-seed and seed-stage investments in Japanese startups building digital transformation (DX) solutions for legacy industries including manufacturing, construction, healthcare, elder care, agriculture, retail, and government administration. Its investment vehicles comprise Fund 1 (2019), Fund 2 (targeted up to ¥100M, 2021), and Fund 3 (2024, term to March 2034 with possible 2-year extension, maximum ¥50M per deal), plus co-managed CVC funds including DE-SIGN Capital (December 2024, with DE-SIGN Group) and directX Ventures (June 2025, with TSE Growth-listed L is B at 145A).

The firm operates an unusually media-centric model anchored by the YouTube program 'Startup Investment TV' launched March 2020, featuring 140+ VC/CVC/entrepreneur guests. The platform extends across Spotify podcast distribution, a written STTV Media Library, and sub-series including Startup M&A Complete Works, Startup Legal Consultation Room, and Startup Financing Consultation Room. Direct intake channels include a LINE official account, a website contact form, and the Antelope free office-hours program co-operated with Sumitomo Fudosan at GROWTH Kanda. The portfolio support stack also includes 30+ partner companies offering preferential pricing (AWS, freee, SmartRound, HENNGE, others).

Revenue is generated through traditional VC economics: annual management fees on committed capital across Fund 1, Fund 2, Fund 3, and the CVC vehicles, supplemented by carried interest on portfolio exits (one confirmed: Shareagri acquired by PERSOL Group). The firm maintains municipal VC designations from Hamamatsu City and Kitakyushu City, enabling access to regional co-investment programs. The team remains lean at 1-10 employees, comprising Representative Partner Ishibashi Kotaro, Principal Kondo Emi, Senior Capitalist Otani Naoyuki (ex-Apple Japan), and Capitalist Tange Aoi (ex-Safie, joined August 2025).

Name

Gazelle Capital

Legal name

Gazelle Capital株式会社

Website

https://gazellecapital.vc

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Gazelle Capital is a Tokyo-based pre-seed and seed venture capital firm founded in 2019 that invests in Japanese startups applying DX to legacy industries. It operates three core funds, two CVC vehicles with corporate LPs, and a YouTube-led media platform for deal sourcing.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital investing
• Pre-seed startup funding
• Seed-stage investments
• Corporate venture capital
• Digital transformation investing

Headquarters

HQ city

St. Petersburg

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Management Fees: VC firms earn annual management fees on committed capital across their Fund 1, Fund 2, and Fund 3 vehicles, as well as CVC funds (DE-SIGN Capital, directX Ventures).
2. Carried Interest (Carry): Performance fee from successful exits of portfolio companies. The fund lifecycle extends to March 2034 (with possible 2-year extension), implying a 7-10 year return horizon typical for VC.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Gazelle Capital is a Japan-focused venture capital firm that invests pre-seed and seed-stage capital in startups applying digital technology to legacy industries such as manufacturing, construction, healthcare, and government. The firm operates three core funds (1号ファンド, 2号ファンド, 3号ファンド) and two co-managed CVC vehicles (DE-SIGN Capital with DE-SIGN Group; directX Ventures with L is B), committing up to ¥50 million per deal. Beyond capital, the firm runs the Antelope free office program and the Startup Investment TV YouTube/podcast media platform to source deals and support portfolio founders.

Product overview

Gazelle Capital is a venture capital firm specializing in pre-seed and seed-stage investments in Japanese startups focused on digital transformation of legacy industries including manufacturing, construction, healthcare, and government sectors. The firm operates multiple funds (1号ファンド, 2号ファンド, 3号ファンド) and co-manages CVC funds including DE-SIGNキャピタル and directX Ventures. Gazelle Capital does not offer products or services in the traditional SaaS sense; its offerings consist of investment capital, startup support programs (such as Antelope office support), media content (YouTube program スタートアップ投資TV), and networking/consultation services for entrepreneurs.

Differentiator

Problem solved

Functional benefit

Brands

• スタートアップ投資TV (Startup Investment TV): YouTube program and podcast providing startup investment and entrepreneurship information, including VC/CVC introductions, funding strategies, and founder interviews.
• スタートアップ投資TV ライブラリ
• スタートアップ投資.fm
• Antelope (アンテロープ)

Products and services

• Fund 3 (3号ファンド) Flagship pre-seed and seed venture capital fund investing up to ¥50 million per deal in Japanese startups that apply digital technology to legacy industries. Investment period from 2 weeks to 2 months, fund term to March 2034 (with possible 2-year extension).
• Fund 2 (2号ファンド) Second-generation pre-seed and seed venture capital fund with up to ¥1 billion targeted in committed capital, supporting Japanese legacy industry DX startups.
• Fund 1 (1号ファンド) Original pre-seed and seed venture capital fund established in 2019, focused on DX startups in Japan's manufacturing, construction, medical, and government sectors.
• DE-SIGN Capital CVC Fund Corporate venture capital fund co-managed with DE-SIGN Group (workspace design and strategy firm) to invest seed to Series B in DX, SaaS, AI, and IoT startups in workspace and office management sectors.
• directX Ventures 1st Fund Corporate venture capital fund co-established with L is B Co., Ltd. (TSE Growth: 145A, field DX platform) in June 2025, investing in seed to Series B startups focused on field worker DX, SaaS, AI, and IoT, with L is B providing customer network access to large construction companies.
• Antelope Free Office Support Program (アンテロープ) Free co-working office support program for pre-seed and side entrepreneurs operated jointly with Sumitomo Fudosan at the GROWTH Kanda startup office, providing desks, community, and a pipeline into Gazelle Capital's investment consideration.

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Sumitomo Fudosan (住友不動産)coreStrategic or Co-development PartnerGazelle Capital and Sumitomo Fudosan co-operate the startup office 'GROWTH Kanda' (、住友不動産と共同 운영하는スタートアップ向けオフィス「GROWTH神田」) which houses the Antelope free desk program for pre-seed entrepreneurs. This provides a physical pipeline and community hub for Gazelle Capital's investment activities.
• HENNGE Corporation (HENNGE株式会社)minorGTM or Marketing PartnerHENNGE has sponsored the Startup Investment TV YouTube channel and provides Gazelle Capital portfolio companies with discounted access to its SaaS security and identity management solutions.
• AZX Professionals GroupminorStrategic or Co-development PartnerAZX Professionals Group co-produces the 'Startup Legal Consultation Room' (スタートアップ法律裁判所) video series on the Startup Investment TV YouTube channel, providing legal/accounting/tax/procurement education content for entrepreneurs.
• Fundorin (ファンディーノ)minorGTM or Marketing PartnerFundorin (equity crowdfunding platform) co-produced the 'Startup Investment Pitch' YouTube series which publicizes startup pitch content and facilitates founder-VC matching.
• Chatwork Co., Ltd. (株式会社Chatwork)minorGTM or Marketing PartnerChatwork and Gazelle Capital co-hosted the SMB Growth Pitch event in 2023. Chatwork has made investment decisions in at least 2 startups that participated in the pitch event, demonstrating the event's deal flow effectiveness.

Scale indicators4 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• ANOBAKA: Japanese pre-seed/seed VC with comparable thesis-stage focus. ANOBAKA co-invested in Gazelle's HANOWA seed round and competes for the same early-stage founder pool.
• Coral Capital: Tokyo-based early-stage VC investing in Japanese startups at seed and Series A. Overlaps with Gazelle in stage, geography, and B2B/enterprise focus.
• Spiral Capital: Tokyo-based early-stage VC that co-invested alongside Gazelle in Zevero's $7M round. Operates at a comparable stage and geography with similar B2B/enterprise tilt.
• Archetype Ventures: Japanese early-stage VC focused on enterprise and SaaS. Competes with Gazelle for pre-seed and seed rounds in legacy-industry-adjacent sectors.
• Beyond Next Ventures: Tokyo-based VC focused on deep tech, life sciences, and early-stage Japanese startups. Overlaps with Gazelle in seed-stage and corporate LP-driven investing.
• Canal Ventures: BIPROGY Group's CVC and an LP of Gazelle Capital. Invests in Japanese seed to growth startups with similar DX and enterprise themes, and partners with Gazelle on deal flow.

Broad incumbents

• East Ventures: One of the largest and earliest seed-stage VCs in Japan/SEA, operating across multiple sectors and geographies. A direct competitor for Japanese seed deals and founder mindshare.
• World Innovation Lab (WiL): Japan- and US-active VC investing across early to growth stages. Competes with Gazelle for Japanese seed-stage founders, especially in enterprise and SaaS.
• JAFCO Group: One of Japan's largest VC and PE firms. While much larger and later-stage in focus, JAFCO is a frequent co-investor and competitor in Japanese seed rounds.

Others

• DE-SIGN Group: Corporate LP and CVC partner of Gazelle Capital via the DE-SIGN Capital CVC fund. Comparable as a corporate venture co-investor and potential acquirer of Gazelle portfolio companies.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/gazelle_capital
• YouTubeyoutube.com/channel/UCogAC0fXRGzHWBNPAxYcLFA
• Facebookfacebook.com/GazelleCapital.vc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments18 records

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

Frequently asked questions about Gazelle Capital