ON & BOARD

What ON & BOARD does

ON&BOARD Co., Ltd. is a Tokyo-based venture capital firm founded in October 2023 that specializes in seed and early-stage investments, with a stated mission of "Unlock Talent Across the World." The firm is co-led by General Partners Masato Shimodaira and Kosuke Nakayama and invests across AI agents, medical devices, robotics, autonomous driving, dual-use (defense/civilian) technologies, and advanced nuclear fusion. Investment activity is executed through the ON&BOARD Investment Business Limited Partnership (Fund No. 1), established in June 2024, with Kuribayashi Steamship Co., Ltd. disclosed as an LP.

The firm operates an integrated venture capital + startup studio model. Its core product is "Out of BOUNDS," a free three-month startup incubation program covering theme discovery, hypothesis validation, MVP development, pitch preparation, and Demo Day presentation to 130-160 investors. The studio runs three program variants (general, for Academia, for DeepTech Entrepreneurs) and provides AI engineering support via Claude Code. Complementing the studio, ON&BOARD operates "SWISH! Startup Camp" — a two-day outdoor conference in Karuizawa, Nagano — and "SWISH! Mountain Founders' Climb" pitch competition, both functioning as ecosystem and deal-flow engines with 31 VC/CVC partner firms. Additional products include the "SO ONBOARDING KIT" (a free tax-qualified stock option template co-developed with ZeLo Law Firm) and "ON&BOARD TIMES" (a media platform publishing weekly articles, podcasts, and videos).

Revenue is generated through fund management fees and carried interest from Fund No. 1. Customer segments span aspiring and early-stage founders (primary), deeptech and academic researchers, and ecosystem participants (VCs, CVCs, corporate innovators). Notable portfolio companies include RoboTruck (autonomous trucking, NEDO GENIAC selection), LINEA Innovation (p-11B fusion, ICC Real Tech Catapult winner), Herix (M&A AI due diligence), LobbyAI (government AI, Forbes 30 Under 30 Asia 2026), Qureka (Bookleverage), KenRi, and Space BD. Strategic guidance is provided by former Administrative Vice-Minister of Defense Masanori Nishi.

Name

ON & BOARD

Legal name

ON＆BOARD株式会社

Website

https://onboardvc.com

Company type

Private

Founded year

2023

Operating status

Operating

Short description

ON&BOARD is a Tokyo-based seed and early-stage venture capital firm founded in 2023 that invests in AI, robotics, deeptech, and dual-use startups, operating an integrated startup studio ("Out of BOUNDS") and ecosystem event franchise ("SWISH!") alongside Fund No. 1.

Ownership category

akta.pro rank

Product category

Early-Stage Venture Capital Services

NAICS

Portfolio Management and Investment Advice (523940), Management Consulting Services (54161)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Studios / Company Builders (FSANAAAH)

akta.pro secondary industries

Corporate Venture Studios & Incubators (Build/launch ventures) (FSANAHAC), Accelerators & Incubators (Investor-Operated) (FSANAAAM)

Keywords

• Venture capital investment
• Startup support programs
• Pre-seed startup funding
• Entrepreneur mentorship services
• Early-stage venture capital

Headquarters

HQ city

Tokyo

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. Venture Capital Fund Management: ON&BOARD operates as a venture capital firm investing in seed and early-stage startups. Revenue is generated through fund management fees and carried interest (performance fees) from successful exits of portfolio companies. The firm manages the ON&BOARD Investment Business Limited Partnership (1号ファンド).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

ON&BOARD is a Tokyo-based seed and early-stage venture capital firm that operates a hybrid VC + startup studio model. The firm invests in Japanese DeepTech and frontier-technology startups (AI agents, autonomous driving, nuclear fusion, dual-use, medical devices, space) through the ON&BOARD Investment Business Limited Partnership, while simultaneously running the free three-month "Out of BOUNDS" incubation program that guides aspiring founders from business theme discovery through hypothesis validation, MVP development, and Demo Day pitching to a network of 130+ investors.

Product overview

ON&BOARD is a seed and early-stage venture capital firm that operates a portfolio of startup ecosystem services rather than a traditional software product. The core offerings include the 'Out of BOUNDS' startup incubation program, the 'SWISH! Startup Camp' conference event, the 'SWISH! Mountain' pitch competition, the 'SO ONBOARDING KIT' legal template toolkit, and 'ON&BOARD TIMES' media platform. Together, these services support entrepreneurs from ideation through fundraising and ecosystem participation.

Differentiator

Problem solved

Functional benefit

Brands

• Out of BOUNDS: Startup support program for entrepreneurs covering business theme discovery, hypothesis validation, business planning, and pre-seed investment consideration.
• SWISH! Startup Camp
• SWISH! Mountain Founders' Climb
• ON&BOARD TIMES
• SO ONBOARDING KIT

Products and services

• Out of BOUNDS Startup Support Program Free three-month startup incubation program for aspiring and early-stage entrepreneurs in Japan, covering business theme discovery, hypothesis validation, market research, business planning, MVP/product strategy support, pitch preparation, co-founder matching, potential pre-seed investment consideration, and introduction to 130+ investors at a closing Demo Day. Three specialized tracks exist: Out of BOUNDS (general), Out of BOUNDS for Academia (university/corporate researchers), and Out of BOUNDS for DeepTech Entrepreneurs (corporate EIRs and business development leaders).
• SWISH! Startup Camp Two-day large-scale startup leadership camp held in Karuizawa, Nagano, combining active learning activities, campfire dialogues with industry leaders, and networking for entrepreneurs, investors, and corporate innovators. Co-organized with Rising Field Inc. and supported by 31 VC/CVC partners plus Nagano Prefecture and Karuizawa Town as endorsers.
• SWISH! Mountain Founders' Climb High-altitude pitch competition held as part of SWISH! Startup Camp where selected seed and early-stage startups present to over 400 top-tier investors, VCs, CVCs, and CxOs in Japan's startup ecosystem.
• SO ONBOARDING KIT Free downloadable template for tax-qualified stock option agreements, co-created with ZeLo Law Firm, reflecting 2024 Japanese tax reform provisions. Includes practical SO contract drafting guidance and explanatory notes for startup use.
• ON&BOARD TIMES Weekly media platform (articles, podcasts, videos) covering startup management, business trends, and industry insights, written by ON&BOARD's own capitalists and distributed via email magazine, YouTube, Spotify, and corporate social channels (X, LinkedIn, TikTok, Facebook, LINE).

Quantifiable outcome

• Over 5 billion yen in cumulative funding raised by Out of BOUNDS program participants across batches 1-4
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Nagano Prefecture and Karuizawa TowncoreOthers · 11 April 2026Nagano Prefecture and Karuizawa Town are endorsers and supporters of the SWISH! Startup Camp 2026 event. The government bodies support the startup ecosystem development initiative as part of regional revitalization efforts. Also endorsed by IJIE, Karuizawa Tourist Association, and Karuizawa Rotary Club.
• Masanori Nishi (西 正典), Former Administrative Vice-Minister of DefensecoreOthers · 8 January 2026Masanori Nishi, former Administrative Vice-Minister of Defense, serves as Strategy Advisor to ON&BOARD. He provides strategic guidance based on national policy and international trends in defense, dual-use technology, and deep tech/AI areas related to national security. His appointment enhances ON&BOARD's investment decision-making and portfolio company support.
• ZeLo Law Firm (法律事務所ZeLo)coreStrategic or Co-development Partner · 2 May 2025ON&BOARD and ZeLo jointly released the 'SO ONBOARDING KIT', a standardized template for tax-qualified stock option agreements reflecting the 2024 tax reform. The template is freely downloadable from ON&BOARD's website and provides startups with practical SO contract drafting guidance with explanatory notes.
• Rising Field Inc. (株式会社ライジング・フィールド)coreStrategic or Co-development Partner · 11 April 2025Co-organizer of SWISH! Startup Camp events. Rising Field provides the Karuizawa campsite venue for the events and specializes in active learning experiences and team-building programs in nature settings.
• Japanese Society for Artificial Intelligence (JSAI)minorStrategic or Co-development Partner · 28 May 2024ON&BOARD served as a platinum sponsor of the 38th JSAI Annual Conference (2024). ON&BOARD Tech Executive Yuki Takeuchi presented at the industrial session. The sponsorship strengthened ON&BOARD's connections with top AI researchers in Japan.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• World Innovation Lab (WiL): Cross-border VC with Japan and Silicon Valley presence investing in enterprise and deep-tech. Comparable as a partner VC in ON&BOARD's relay mentoring network and as a deep-tech focused investor with Japan base.
• ANRI: Tokyo-based seed-stage VC with strong founder community and content platform (Anri Magazine, Slack community). Comparable as a Japanese seed VC that combines fund management with substantial community- and content-driven deal sourcing.
• Coral Capital: Tokyo-based early-stage VC investing in Japanese startups across seed and Series A, with strong founder-support programming. Directly comparable as a domestic seed-stage VC with an active community-building approach similar to ON&BOARD's Out of BOUNDS.
• Global Brain: Major Japanese VC with strong corporate partnership network and global footprint. Comparable as a VC partner in ON&BOARD's relay mentoring and SWISH! networks, and as a deep-tech investor with CVC-style relationships.
• Archetype Ventures: Early-stage Japanese VC focused on deep-tech and science-driven founders. Directly comparable given ON&BOARD's deep-tech and academic-researcher focus (Out of BOUNDS for Academia, Out of BOUNDS for DeepTech Entrepreneurs).
• Plug and Play Japan: Japan arm of global startup accelerator/venture platform running cohort-based programs and corporate-innovation partnerships. Comparable to ON&BOARD's studio + cohort + Demo Day operating model.
• Globis Capital Partners: Tokyo-based venture capital firm investing across seed to growth stages with deep involvement in Japan's startup ecosystem. Comparable in scope, ecosystem role, and cross-stage support philosophy to ON&BOARD.

Broad incumbents

• JAFCO Group: Largest publicly-listed Japanese VC/PE firm with broad stage coverage and AUM scale. Comparable as a co-investor in ON&BOARD's ecosystem and as the dominant incumbent in Japan's seed/early-stage VC market.
• Mitsubishi UFJ Capital: CVC arm of Mitsubishi UFJ Financial Group investing across stages. Comparable as a partner VC in ON&BOARD's SWISH! and relay mentoring networks and as a deep-tech oriented strategic investor.

Emerging players

• 01Booster: Tokyo-based accelerator and seed investor with structured cohort programs. Comparable in operating model (cohort-driven programming + seed investment) though at smaller scale than ON&BOARD's current network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/on_board_vc
• YouTubeyoutube.com/@on_board_vc
• Facebookfacebook.com/ONBOARDVC
• LinkedInlinkedin.com/company/on-board-vc
• TikToktiktok.com/@onboardvc

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

Investments9 records

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

Frequently asked questions about ON & BOARD