Bonds Investment Group

What Bonds Investment Group does

Bonds Investment Group株式会社 (BIG) is the venture capital and incubation arm of the Digital Holdings group, founded in Tokyo on February 27, 2015 (originally as Opt Ventures, rebranded to its current name on July 1, 2020). The firm manages multiple investment vehicles — the BIG1号 and BIG2号 funds (the latter with a stated ~¥10 billion AUM target), the SX1号 Fund dedicated to Sustainability Transformation startups established December 2022, and the co-managed Hyogo Kobe Startup Fund (~¥1.1 billion) — collectively overseeing approximately ¥17 billion in AUM and having invested in roughly 59 portfolio companies with a ~66% lead-investor ratio and ~45% IPO realization rate. BIG targets Japanese early-stage (Series A/B) startups at the intersection of IT and industry verticals (healthcare, construction, real estate, fintech, HR, fashion, mobility, drones, SaaS, localization), with a thematic emphasis on solving Japanese social issues and a more recent focus on SX (environmental, social, governance) outcomes via the SX1 vehicle.

The firm does not develop proprietary technology products; its core "product" is the funds themselves (BIG1号, BIG2号, SX1号, Hyogo Kobe Startup Fund), deployed via an investment committee process (pitch → internal review → committee, ~2-month decision cycle) and supported operationally through a "buddy system" (主担当 + 副担当) pairing partners with associates on each portfolio company. Representative portfolio holdings include Turing株式会社 (AI/autonomous driving via the "Heron" generative AI model), newmo株式会社 (regional mobility), ストックマーク株式会社 (NLP SaaS: Anews, Astrategy), 株式会社RECEPTIONIST (cloud reception SaaS, patent #6429965, 4-year top ITreview), 株式会社Liberaware (indoor industrial drones), シタテル株式会社 (on-demand apparel), and Wovn Technologies (website localization).

BIG operates a sales-led, relationship-driven GTM, sourcing deal flow through founder referrals, co-investor networks, and accelerators such as ASAC (Aoyama Startup Acceleration Center / Tokyo Metropolitan Government). Revenue is generated through fund management fees (1–2% of AUM) plus carried interest on exits (IPOs and M&A/secondary sales); the firm has realized 10 portfolio IPOs and several M&A outcomes to date. The firm is led by CEO Ishihara Yasushi (appointed March 27, 2026) and three additional partners (Nouchi Atsushi, Kamada Mitsutaka, Soonhee Kim), supported by three associates and a back-office lead, for a total team of approximately eight. In March 2026 the firm announced relocation to the Tokyu Bancho Building to co-locate with parent Digital Holdings, formalizing deeper group-level operational integration.

Name

Bonds Investment Group

Legal name

Bonds Investment Group株式会社

Website

https://bonds-ig.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Bonds Investment Group is the venture capital and incubation arm of Digital Holdings, managing multiple Japan-focused funds (BIG1, BIG2, SX1, Hyogo Kobe) with ~¥17B AUM and ~59 portfolio companies. It invests in early-stage Series A/B startups at the intersection of IT and industry, with a thematic focus on solving Japanese social issues and sustainability transformation.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industries

Multi-Sector / Generalist Growth Equity (FSANACAO), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Venture capital
• Early-stage investment
• Startup funding
• Fund management
• Portfolio incubation

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Fund Management / Investment Returns: BIG operates venture capital funds (BIG1号, BIG2号, SX1号 among others) and earns returns through capital gains on portfolio company exits (IPOs, M&A/secondary sales). The firm also manages regional funds such as the Hyogo Kobe Startup Fund (~11億円規模). Revenue is generated through fund management fees and carried interest on successful exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Bonds Investment Group is a Tokyo-based venture capital firm that manages multiple investment funds (BIG1号, BIG2号, SX1号, and the Hyogo Kobe Startup Fund) providing growth capital and hands-on operational support to early-stage (Series A/B) Japanese startups. The firm pursues an "IT x Industry" investment thesis spanning healthcare, construction, real estate, fintech, and HR, with a thematic focus on SX (Sustainability Transformation) startups addressing major social issues.

Product overview

Bonds Investment Groupは venture capital firm であり、直接的な製品やサービスは提供していない。投資活動を通じて支援するポートフォリオ企業群が様々な製品・サービスを提供している。主な投資先はRECEPTIONIST（クラウド受付システム）、ストックマーク（Anews・Astrategy）、Turing（Heronによる完全自动驾驶）など。

Differentiator

Problem solved

Functional benefit

Products and services

• SX1号 Fund A venture capital fund focused on investing in SX (Sustainability Transformation) startups that drive sustainable businesses solving social issues and transforming social structures across early- and mid-stage Japanese companies.
• Hyogo Kobe Startup Fund A regional venture capital fund of approximately 11 billion yen co-managed with Hyogo Prefecture, Kobe City, and the Hyogo Kobe Startup Ecosystem Consortium, targeting startups headquartered in or relocating to Hyogo Prefecture that address regional social and economic challenges.

Named customers7 records

Segments2 records

Ideal customer profiles3 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 core and minor.

• Hyogo Prefecture / Kobe City / Hyogo Kobe EcosystemcoreStrategic or Co-development Partner · 1 March 2021BIG co-manages the Hyogo Kobe Startup Fund with Hyogo Prefecture, Kobe City, and Hyogo Kobe Startup Ecosystem Consortium. The fund targets startups in Hyogo Prefecture addressing social issues. Key LP investors include Hyogo Science and Technology Promotion Association, Hyogo Credit Guarantee Association, SMBC, Japan Post Bank, Minato Bank, Ikeda Shinkin Bank, Kobe Shimbun, Sysmex, Tajima Bank, Pasona Group, and Arai Gumi.
• ASAC (Aoyama Startup Acceleration Center / Tokyo Metropolitan Government)minorStrategic or Co-development Partner · 13 November 2020BIG partner 細野尚孝 served as a mentor in the ASAC acceleration program (Tokyo Metropolitan Government-run), supporting early-stage entrepreneurs tackling Tokyo's social issues. This partnership serves as both a deal sourcing channel and startup ecosystem contribution.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• World Innovation Lab (WiL): Japan and US-focused VC investing across enterprise, consumer, and healthcare startups. Comparable in multi-fund structure and corporate LP base, though more international in focus.
• Coral Capital: Japan-focused early-stage VC investing in Seed and Series A startups, particularly in SaaS, fintech, and consumer. Comparable in stage focus and Japanese market specialization, though smaller in AUM.
• ANRI: Tokyo-based seed and early-stage VC investing in Japanese deep tech and software startups. Closely comparable in stage (Seed to Series A) and the IT×industry thematic approach that BIG uses.
• JAFCO Group: Japan's largest dedicated venture capital firm, focused on early-stage and growth-stage Japanese startups across IT and life sciences. Directly comparable in fund vintage strategy and Series A/B focus, though substantially larger in AUM and team size.
• Global Brain: Tokyo-headquartered VC firm investing in early-to-growth stage startups across IT, deep tech, and sustainability. Operates multiple sector-focused funds in a manner closely analogous to BIG's BIG/SX fund structure.
• Spiral Ventures (formerly IDEO Ventures Japan): Japan and Southeast Asia-focused early-stage VC with multi-fund structure similar to BIG. Comparable in cross-border/regional strategy and Series A/B deployment.

Broad incumbents

• Mitsubishi UFJ Capital: Corporate-affiliated VC arm of MUFG providing Series A to growth-stage capital in Japan. Comparable in operating inside a larger financial group's ecosystem and government/enterprise LP access, but as part of a much broader banking group.
• Eight Roads Ventures Japan: Global VC with active Japan operations investing across technology and healthcare stages. Comparable in institutional backing and Japanese startup exposure, but operates as part of a global fund family rather than as a Japan-native specialist.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments36 records

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

Frequently asked questions about Bonds Investment Group