What Onigiri Capital does

Onigiri Capital is a Singapore-domiciled venture capital fund that invests in early-to-growth-stage blockchain startups building financial infrastructure across five verticals: stablecoins, tokenization, payments, DeFi, and market infrastructure. The fund was launched in September 2025 by Saison Capital — the venture arm of Credit Saison Co., Ltd., one of Japan's largest non-bank financial companies (TSE:8251) — as a dedicated blockchain investment vehicle with a $50 million target fund size and $35 million secured at first close. The fund positions itself as a bridge between US-based blockchain innovation and Asian institutional markets, leveraging Saison/Credit Saison's network of regulators, banks, and fund managers across Southeast Asia and Japan.

The fund's operating model combines capital deployment with proprietary ecosystem platforms. Direct equity investments are made into portfolio companies (seven disclosed as of the data window: Accountable, Aisa, Atlas, Checker Finance, Depay, Openassets, Range) typically at Series A and growth stages. Alongside capital, Onigiri provides regulatory navigation, customer introductions, and distribution support. Two platform assets extend the fund's reach beyond capital: 'The RWA Bento,' a tokenization startup launchpad launched in partnership with Centrifuge, and 'ONCHAIN,' Asia's first conference dedicated to real-world assets and blockchain. The fund also publishes country-specific market reports (Project Thera for Thailand, Wira for Indonesia, Juara for Malaysia, Bayani for the Philippines) to establish regional thought leadership.

Revenue mechanics are those of a standard venture fund: 2% management fees on committed capital and, over time, 20% carried interest on fund returns above a hurdle. As a fund launched in September 2025, fee revenue is partial-year and there is no carry to date. There are no product pricing or SaaS components; the fund's 'customers' are its limited partners (anchored by Saison Capital / Credit Saison) and its portfolio companies. The fund targets institutional-grade blockchain founders who need Asia-market access more than they need pure capital.

Name

Onigiri Capital

Legal name

Onigiri Capital

Website

https://onigiri.vc

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Onigiri Capital is a Singapore-domiciled $50M blockchain venture fund launched in 2025 by Saison Capital (Credit Saison's venture arm) that invests in stablecoin, tokenization, payments, DeFi, and infrastructure startups while bridging US blockchain innovation with Asian institutional markets.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC)

akta.pro secondary industries

Tokenization Platforms (RWA, Securities, Funds) (FSAGAMAA), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ), Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

Keywords

• Venture capital
• Blockchain investment
• Digital asset funding
• Real-world asset tokenization
• DeFi startup funding

Headquarters

HQ city

Irvine

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

Revenue model

1. Investment Returns: Onigiri Capital generates returns through equity investments in blockchain startups. As a venture capital fund, they deploy capital into early-stage companies and realize returns through portfolio company exits, IPOs, or secondary sales. The fund targets the blockchain/fintech sector with focus on real-world asset tokenization, stablecoins, payments, and DeFi infrastructure.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Onigiri Capital is a $50 million blockchain venture capital fund launched by Saison Capital that deploys equity capital into early-stage startups building real-world asset tokenization, stablecoins, payments, DeFi protocols, and financial markets infrastructure. The fund targets bridging U.S. blockchain innovation with Asia's institutional markets, currently holding seven portfolio companies across fintech and blockchain infrastructure. In addition to capital deployment, the fund operates ecosystem platforms including The RWA Bento launchpad and the ONCHAIN conference to support portfolio companies.

Product overview

Onigiri Capital is a $50 million blockchain venture capital fund launched by Saison Capital (the venture arm of Credit Saison, one of Japan's largest non-bank financial companies). The fund invests in blockchain startups across five core areas: stablecoins, tokenisation, payments, infrastructure, and DeFi. The fund's portfolio includes seven companies: Accountable, Aisa, Atlas, Checker Finance, Depay, Openassets, and Range. Onigiri Capital also operates The RWA Bento launchpad (in partnership with Centrifuge) for tokenization startups and the ONCHAIN conference series. The fund targets startups in real-world asset tokenization and aims to bridge U.S. blockchain innovation with Asia's institutional markets.

Differentiator

Problem solved

Functional benefit

Brands

• RWA Bento: A first-of-its-kind launchpad for tokenization startups, launched in partnership with Centrifuge, the OG RWA protocol.
• ONCHAIN

Products and services

• Onigiri Capital Fund A $50 million venture capital fund that deploys equity capital into early-stage blockchain startups focused on stablecoins, tokenisation, payments, DeFi, and financial markets infrastructure. The fund targets founders building programmable money, tokenized assets, cross-border payments, and decentralized finance, and is designed for institutional investors seeking exposure to blockchain-powered finance with an Asia gateway.
• The RWA Bento A first-of-its-kind launchpad for tokenization startups, launched in partnership with Centrifuge (the OG RWA protocol). The platform supports early-stage companies building in the real-world asset tokenization space by connecting them to Onigiri Capital's network and resources.
• ONCHAIN Conference Asia's first and leading conference dedicated to real-world assets and blockchain, founded by Onigiri Capital to connect founders to regulators, financial institutions, and investors. Serves as the firm's flagship ecosystem-building platform and visibility channel for portfolio companies.

Quantifiable outcome

• RWA market projected to reach $10 trillion by 2030
• +4 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and flagship.

• Philippine Digital Asset Exchange (PDAX)minorStrategic or Co-development Partner · 15 September 2025Onigiri Capital co-authored Project Bayani white paper with PDAX and Saison Capital, projecting the Philippines' tokenized-asset market could reach $60B by 2030. PDAX operates the Philippine Digital Asset Exchange, the country's regulated digital asset exchange.
• CentrifugeflagshipStrategic or Co-development PartnerCentrifuge, the OG RWA protocol, partnered with Onigiri Capital to launch 'The RWA Bento' - a first-of-its-kind launchpad for tokenisation startups. This partnership combines Centrifuge's RWA protocol expertise with Onigiri's network and resources for early-stage companies in the tokenization space.
• Kenanga InvestorsminorStrategic or Co-development PartnerOnigiri Capital partnered with Kenanga Investors, Helix, and Satori to develop Project Juara - a comprehensive analysis of Malaysia's asset tokenisation opportunity. Kenanga Investors is one of Malaysia's largest fund managers.
• HelixminorStrategic or Co-development PartnerHelix is a Singapore-based asset tokenization platform partnered with Onigiri Capital for Project Juara in Malaysia. Helix is Helicap-incubated and works on tokenized private-credit initiatives connecting Latin America and Asia.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Framework Ventures: Early-stage crypto VC investing across DeFi, infrastructure, and tokenization; co-invested with Onigiri in Checker. Highly comparable in stage, check size, and thematic overlap.
• Multicoin Capital: Crypto venture fund focused on tokens, DeFi, and on-chain financial infrastructure. Comparable in thesis (programmable money, on-chain finance) but typically more token-oriented than Onigiri's equity focus.
• ParaFi Capital: Crypto-native fund with a strong RWA and DeFi focus, including tokenized credit and on-chain yield strategies. Directly comparable thesis to Onigiri's RWA Bento and tokenization mandate.
• Galaxy Digital: Public crypto financial services and venture firm investing across digital assets, tokenization, and blockchain infrastructure. Directly comparable as an institutional-grade crypto fund with venture + liquid strategies; broader portfolio scope than Onigiri.
• HashKey Capital: Asia-headquartered crypto venture fund affiliated with HashKey Group, investing across tokenization, DeFi, and Web3 infrastructure. Closest Asia-based peer to Onigiri's geographic and thematic positioning.
• Hivemind Capital Partners: Institutional crypto investment firm co-leading rounds alongside Onigiri (e.g., RDC). Comparable as an institutional-grade digital asset investor, though with a stronger North America tilt.
• Pantera Capital: One of the longest-standing U.S. crypto-native venture funds with a multi-stage mandate across blockchain infrastructure, DeFi, and tokenization. Directly comparable to Onigiri in thesis (RWA, DeFi, payments) but with significantly larger fund sizes and longer track record.

Emerging players

• 1kx: Crypto-native fund with a strong on-chain DeFi and infrastructure focus. Comparable in early-stage thesis and token-friendly orientation, though smaller and less Asia-focused than Onigiri.

Broad incumbents

• Digital Currency Group: Large crypto conglomerate (parent of Grayscale, CoinDesk) with venture activity across the full blockchain stack via DCG Investments. Comparable as a crypto-native institutional capital provider, but materially larger and broader than Onigiri.

Others

• Saison Capital: Parent entity of Onigiri Capital and venture arm of Credit Saison. Included not as a competitor but as the strategic parent / capital anchor whose mandate and brand Onigiri extends into blockchain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/onigirivc

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments8 records

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

Frequently asked questions about Onigiri Capital