Incubate Fund
Incubate Fund is the largest independent early-stage venture capital firm in Japan, focusing on seed-stage investments for technology startups. Founded in 2010 by Masahiko Homma and Kazuki Notsu, the firm manages approximately 150 billion yen ($1.5 billion) and has an active portfolio of over 280 companies. With offices in Tokyo, Singapore, Bangalore, and Mountain View, Incubate Fund targets opportunities in Japan, Southeast Asia, India, and the US. The firm specializes in various sectors, including business and consumer services, fintech, gaming, healthcare, and emerging technologies like AI
Investing activity
Incubate Fund appears in 3 AI deals tracked by the AI Lounge deals desk, rounds totalling $15M, and led 1 of them. The rounds are mostly Seed, with a median round size of $3M and the largest at $15M. The most recent are ACIMUS Co., Ltd. (Seed, ¥65M, Oct 2026), ReFiBuy (Seed, $15.3M, May 2026) and LENZO (Seed, $3.2M (JPY 500.0M), Mar 2026).
Incubate Fund most often invests alongside Link Ventures, JR East Startup, NewRoad Capital Partners and Silicon Road Ventures, and the companies it backs on AI Lounge are mostly in AI.
Deals
Frequently asked questions about Incubate Fund
What AI companies has Incubate Fund invested in?
Incubate Fund's AI investments include ACIMUS Co., Ltd., ReFiBuy and LENZO. The 3 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Incubate Fund based?
Incubate Fund is based in Tokyo, Japan.
What stage does Incubate Fund invest at?
In the rounds tracked on AI Lounge, Incubate Fund has invested at Seed, with a median round of $3M. Incubate Fund led 1 of those rounds.
Who does Incubate Fund co-invest with?
Incubate Fund's most frequent co-investors on AI Lounge are Link Ventures (1 deal), JR East Startup (1 deal), NewRoad Capital Partners (1 deal), Silicon Road Ventures (1 deal) and Commerce Ventures (1 deal).
How can founders reach Incubate Fund?
Founders on AI Lounge can see Incubate Fund's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Incubate Fund to their Investor Pipeline to track the conversation.