inclusion japan

What inclusion japan does

Inclusion Japan (ICJ, インクルージョン・ジャパン株式会社) is a Tokyo-headquartered venture capital firm founded in November 2011 by Yuka Hattori and Yasuhiro Yoshizawa. The firm manages two funds: ICJ2号ファンド, an ESG/SDG-focused venture fund that reached final close at 6.6 billion yen in October 2023 from LPs including MUFG Bank, MUFG Trust Bank, Tokyo Gas, Kansai Electric Power, DBJ Capital, Brainpad, and Fukuoka Jisho; and ICJ1号ファンド・オブ・サーチファンド, launched February 2025 as Japan's first VC-and-corporate search fund investment vehicle (LPs: Takashimaya, MUFG Trust Bank, Kansai Electric). ICJ invests 30-300 million yen per deal in seed-to-early-stage startups across decarbonization, carbon credits, mobility, space, healthcare, fintech, and Africa-focused verticals, and holds 40+ portfolio companies including Zeroboard (2.44B yen Series A), AstroX, Tenchijin, Dodai, Gebeya, and Degas. ICJ was the first investor in ispace, which IPO'd in 2023.

ICJ also operates the MUFG ICJ ESG Accelerator — Japan's first ESG-focused accelerator, co-hosted with Microsoft, Kansai Electric, and Tokyo Gas — which functions as a deal-sourcing and corporate-matching engine, and a licensed paid recruitment/placement service (有料職業紹介). The firm earns revenue through management fees on its VC funds, carried interest on portfolio exits, transaction fees from placement services, and event/conference sponsorships. Its GTM is relationship-driven: deal sourcing through accelerator programs, LP-corporate networks, and direct outreach; LP capital raising via Tokyo/Osaka/Nagoya search-fund briefings and ESG seminars.

ICJ is differentiated from typical Japanese VCs by combining capital deployment with hands-on operating support across strategy, fundraising, PR, and corporate-introduction, and by pioneering new asset classes (ESG accelerator 2021; search fund VC vehicle 2025). The firm is small (1-10 employees, 5 named GP partners) and operates from a single office in Shinagawa, Tokyo.

Name

inclusion japan

Legal name

インクルージョン・ジャパン株式会社

Website

https://inclusionjapan.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Inclusion Japan (ICJ) is a Tokyo-based venture capital firm managing the 6.6 billion yen ICJ2 ESG fund and Japan's first VC-operated search fund vehicle (ICJ1 FSF), investing 30-300 million yen per deal in seed-to-early-stage ESG/SDG startups and serving major Japanese corporates as LPs and accelerator partners.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Miscellaneous Financial Investment Activities (523999)

SIC

Investment Advice (6282)

akta.pro primary industry

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

akta.pro secondary industries

ESG Integration (Mainstream ESG-Tilted Strategies) (FSAAALAA), Management Buyouts (MBO/MBI) & Sponsor-Led Transactions Advisory (FSAEAGAI)

Keywords

• Venture capital funds
• ESG investment management
• Search fund investing
• Startup incubation services
• Paid recruitment placement

Headquarters

HQ city

Higashi-shinagawa

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. VC Fund Management: ICJ generates revenue through managing venture capital funds (ICJ1号ファンド, ICJ2号ファンド), earning management fees and carried interest on returns to LP investors.
2. Paid Placement Services (有料職業紹介): ICJ operates a paid recruitment/placement service matching employers (startups and large companies) with job seekers, earning success fees from employers upon placement.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Inclusion Japan is a Japanese venture capital firm that manages ESG/SDG-focused investment funds (notably ICJ2号ファンド with a 6.6 billion yen final close and ICJ1号ファンド・オブ・サーチファンド, Japan's first search fund investment vehicle) to provide capital, hands-on operational support, and corporate partnership access to early- and growth-stage startups. In addition to fund management, ICJ operates a licensed paid placement (有料職業紹介) service connecting employers with candidates and runs the MUFG ICJ ESG Accelerator program, Japan's first ESG-focused corporate-startup accelerator.

Product overview

Inclusion Japan (ICJ) operates as a venture capital firm offering two distinct fund products: ICJ2号ファンド, an ESG-focused VC fund with 6.6 billion yen in committed capital investing in seed-to-early stage startups addressing environmental and social challenges; and ICJ1号ファンド・オブ・サーチファンド, Japan's first search fund investment vehicle enabling VCs to invest in search funds for SME succession. Additionally, ICJ provides fee-based talent placement services and runs the ICJ ESGアクセラレーター accelerator program that connects sustainability-focused startups with large corporate partners including Mitsubishi UFJ Bank, Tokyo Gas, Kansai Electric Power, and Microsoft. The firm does not develop or sell its own software products; its portfolio consists of investments in companies building AI, satellite, and digital technology solutions.

Differentiator

Problem solved

Functional benefit

Brands

• ICJ2号ファンド: ESG-focused venture capital fund targeting decarbonization, circular economy, financial inclusion, and wellbeing startups with 66 billion yen final close.
• ICJ1号ファンド オブ サーチファンド
• MUFG ICJ ESGアクセラレーター

Products and services

• ICJ2号ファンド (ICJ Fund II) ESG and SDG-focused venture capital fund that invests 30 million to 300 million yen per deal in seed to early-stage startups operating in decarbonization, circular economy, financial inclusion, wellbeing, and other impact-driven sectors. Final close reached 6.6 billion yen.
• ICJ1号ファンド・オブ・サーチファンド (ICJ Fund I of Search Funds) Japan's first dedicated VC-managed search fund investment fund that enables VC capital to back search fund operators acquiring and operating small and mid-sized enterprises (SMEs), addressing succession and growth needs.
• 有料職業紹介事業 (Paid Placement Service)

Quantifiable outcome

• ICJ2号ファンド reached final close at 6.6 billion yen from 10+ LP investors
• +1 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• 福岡地所 (Fukuoka Jisho)coreStrategic or Co-development Partner · 12 October 2023Fukuoka Jisho is an LP investor in ICJ2号ファンド and co-hosts the Space Infinity Conference with ICJ featuring ispace CEO.
• 日本Microsoft (Microsoft Japan)coreStrategic or Co-development Partner · 8 July 2021Microsoft Japan is a special sponsor of the MUFG ICJ ESG Accelerator program, supporting Web3 x Sustainability Crossing events and providing cloud services.
• パーソル・電通・NRI・MRI・セブンフィナンシャルサービス他 (Perseal, Dentsu, NRI, MRI, Seven Financial)minorStrategic or Co-development Partner · 8 July 2021Six companies including Perseal, Dentsu, NRI, MRI, and Seven Financial Services co-sponsor the ICJ ESG Accelerator 2021 program.
• 尼奥机器人 (icluding in accelerator)minorOthers · 8 July 2021Supported through the ICJ ESG Accelerator 2021 program; specific partnership details not detailed in available sources.
• Frich (フリッチ)minorStrategic or Co-development Partner · 10 March 2021Frich, Japan's first P2P mutual aid platform, was ICJ2号ファンド's first investment. ICJ provides business management and regulatory advisory support.
• 大成エンジニアリング (icluding in accelerator)minorOthers · 1 March 2021Supported through the ICJ ESG Accelerator 2021 program; specific partnership details not detailed in available sources.

Scale indicators3 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Beyond Next Ventures: Japanese deep-tech and science-based VC. Comparable to ICJ in operator involvement and early-stage thesis focus, with overlap on space and biotech portfolio bets.
• Coral Capital: Tokyo-based early-stage venture capital firm focused on Japanese startups. Comparable to ICJ in stage focus and check size, though Coral Capital is a generalist rather than ESG-mandated.
• Real Tech Fund: Japan-focused deep tech and sustainability VC managed by Leave a Nest. Closely comparable to ICJ in ESG/SDG thesis and corporate LP structure, with overlapping decarbonization and bio portfolio exposure.
• ANRI: Japan-focused seed and early-stage VC. Similar fund size profile to ICJ2 and comparable founder-support approach, but invests across generalist tech themes rather than ESG-only.
• Incubate Fund: Seed-stage VC with operations in Japan, India and Southeast Asia. Comparable early-stage thesis and founder-support model, though broader geographic mandate.

Broad incumbents

• Global Brain: Large Japan-headquartered VC with multiple ESG and deep-tech focused funds. Competes for similar deal flow and corporate LP relationships, but at materially larger AUM.
• DBJ Capital: Development Bank of Japan affiliate VC; an LP in ICJ2 and co-investor in Zeroboard. Comparable as a Japanese institutional VC with ESG/sustainability orientation and access to corporate parent networks.
• World Innovation Lab (WiL): Japan/USA cross-border VC with explicit ESG/impact mandate and corporate LP base. Operates at larger AUM scale than ICJ but pursues the same ESG/SDG-aligned thesis and corporate partnership model.
• JAFCO Group: Japan's largest publicly listed VC/PE firm. Invests across stages including ESG/impact themes; competes with ICJ for late-seed to growth-stage deals and institutional LPs.

Regional players

• Nissay Capital: CVC arm of Nippon Life Insurance investing in Japanese startups. Comparable as a Japanese institutional ESG-aware investor with corporate LP overlap, but invests as a strategic CVC rather than independent VC.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Inclusionj
• Facebookfacebook.com/InclusionJapan
• LinkedInlinkedin.com/company/inclusion-japan

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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M&A

Investments30 records

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Frequently asked questions about inclusion japan