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Asian fashion e-commerce platform “60%” secures $3M for Hong Kong, Taiwan expansion

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Tokyo-based Sixty Percent (60%), the Japanese startup running a cross-border e-commerce platform focused on Asian fashion brands under the same name, announced on Wednesday that it has secured 460 million yen (about $3 million US) in a Series A round. Participating investors are KURONEKO Innovation Fund (managed by Yamato Holdings and Global Brain), Mitsubishi UFJ Capital, PE&HR, Hakobune, Frontier International, Japanese hip-hop music producer Verbal as well as unnamed individual investors. The amount includes debt from financial institutions. This follows the startup’s pre-series A round revealed in May of 2021 when KURONEKO Innovation Fund and Mitsubishi UFJ Capital participated. The latest round brought the startup’s funding sum up to date to about 650 million yen (about $4.4 million US). Since its launch back in July of 2018, Sixty Percent has been running a marketplace-styled online select store for Asian street fashion brands. Five years passed since its launch, and the platform has now 100,000 items from more than 1,500 brands. Compared to the previous funding round back in April of 2021, their monthly gross merchandise value was over quintupled while the number of brands was over tripled. Many of the brands dealt on the platform are niche indie ones that…

Image credit: Sixty Percent

Tokyo-based Sixty Percent (60%), the Japanese startup running a cross-border e-commerce platform focused on Asian fashion brands under the same name, announced on Wednesday that it has secured 460 million yen (about $3 million US) in a Series A round.

Participating investors are KURONEKO Innovation Fund (managed by Yamato Holdings and Global Brain), Mitsubishi UFJ Capital, PE&HR, Hakobune, Frontier International, Japanese hip-hop music producer Verbal as well as unnamed individual investors. The amount includes debt from financial institutions.

This follows the startup’s pre-series A round revealed in May of 2021 when KURONEKO Innovation Fund and Mitsubishi UFJ Capital participated. The latest round brought the startup’s funding sum up to date to about 650 million yen (about $4.4 million US).

Since its launch back in July of 2018, Sixty Percent has been running a marketplace-styled online select store for Asian street fashion brands. Five years passed since its launch, and the platform has now 100,000 items from more than 1,500 brands.

Compared to the previous funding round back in April of 2021, their monthly gross merchandise value was over quintupled while the number of brands was over tripled. Many of the brands dealt on the platform are niche indie ones that have been launched in Japan for the first time, while 90% of users are in their teens to 20s (Gen Z) with an average age of about 21 years old.

Since the platform is a marketplace where brands sell directly to consumers, but if their items were transported directly from their countries in Asia, they would have to go through customs procedures and shipping costs would be high. In order to eliminate these problems, The platform offers fulfillment, aggregation, logistics, and payment services based on technology, acting as an intermediary between brands and users as well.

According to founder and CEO Taiga Manabe, while the previous pre-series A round funding was intended to help the company mature e-commerce experience, it will now more focus more on strengthening marketing effort with the latest funding. The platform is designed for domestic sales in Japan but has confirmed purchases from users in about 50 countries.

Starting with Hong Kong, Taiwan, and other Greater China countries, the platform is rolling out global expansion by making its mobile app multilingual, supporting multi-currency payments, and improving logistics. To optimize logistics, customs and shipping procedures, the company may collaborate with Yamato Holdings, one of the investors.

By joining the company as a individual investor and advisor, Japanese hip-hop music producer Verbal will assist the company in branding and business development. In addition, the company will strengthen its hiring effort for all positions including CxO candidates, engineers, product managers, marketing, and content planning.

Japan VC Radar – A glance of the most active lead VCs in 2023 (Infographic)

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This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). He is the Managing Partner of Shizen Capital (formerly known as Tachi.ai Ventures) in Japan. You can read more on his blog at http://rude.vc or follow him on Nostr @reggae. The Japanese translation of this article is available here. As is customary, we are publishing once again our annual VC Radar for Japan. The 2023 edition of the VC Radar reflects Japan’s most active Lead VCs in 2023. Specifically, this infographic depicts the number of new investments led by Japan’s independent venture capital funds into domestic startups last year. Only investments in which the VC firm served as Lead investor for a startup that was not already in their portfolio are counted here. We believe this is an important tool for Japan’s growing startup ecosystem. You can read more about our rationale here (special thanks to Mayumi for compiling this data !). (One additional note: we strive for full accuracy on this infographic and apologize for any…

mark-bivens_portraitThis guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.”

He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). He is the Managing Partner of Shizen Capital (formerly known as Tachi.ai Ventures) in Japan. You can read more on his blog at http://rude.vc or follow him on Nostr @reggae. The Japanese translation of this article is available here.


As is customary, we are publishing once again our annual VC Radar for Japan. The 2023 edition of the VC Radar reflects Japan’s most active Lead VCs in 2023.

Specifically, this infographic depicts the number of new investments led by Japan’s independent venture capital funds into domestic startups last year. Only investments in which the VC firm served as Lead investor for a startup that was not already in their portfolio are counted here.

We believe this is an important tool for Japan’s growing startup ecosystem. You can read more about our rationale here (special thanks to Mayumi for compiling this data !).

(One additional note: we strive for full accuracy on this infographic and apologize for any mistakes. Feel free to direct any requested corrections to infographic@shizen.vc).

(Click to enlarge)

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Japanese DX solution provider BeBit raises $8.2M, acquires Tsunago in Malaysia

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Tokyo-based BeBit, the Japanese startup offering companies with digital transformation (DX) solutions through improving user experience (UX), has secured 1.2 billion yen (about $8.2 million) in a series B round.. San-in Godo Bank (TSE: 8381), Benesse Holdings (TSE: 9783), Mitsubishi Estate (TSE: 8801), Rakuten Securities and Turn Cloud Technology Service participated in the latest round. This follows the company’s previous funding round back in July of 2020. San-in Godo Bank follows their previous investment. The latest round brought the company’s funding sum to date up to 3.7 billion yen ($25.4 million). The company will use the funds to invest in solidifying their team structure, including strengthening solutions and recruiting personnel. Since its foundation back in March of 2000, BeBit has been helping companies create business results through strategic planning, design, and UX improvement using digital technologies. Since 2022, the company has been offering OmniSegment, an e-commerce-focused growth marketing solution, to which the company recently added a generative AI function, aiming to adopt cutting edge technologies into UX improvement. BeBit announced on Tuesday that it has completed the acquisition of Tsunago, an Malaysian startup offering OMO (online merges with offline) solutions. In terms of BeBit’s startup acquisition, this follows the one…

Tokyo-based BeBit, the Japanese startup offering companies with digital transformation (DX) solutions through improving user experience (UX), has secured 1.2 billion yen (about $8.2 million) in a series B round.. San-in Godo Bank (TSE: 8381), Benesse Holdings (TSE: 9783), Mitsubishi Estate (TSE: 8801), Rakuten Securities and Turn Cloud Technology Service participated in the latest round.

This follows the company’s previous funding round back in July of 2020. San-in Godo Bank follows their previous investment. The latest round brought the company’s funding sum to date up to 3.7 billion yen ($25.4 million). The company will use the funds to invest in solidifying their team structure, including strengthening solutions and recruiting personnel.

Since its foundation back in March of 2000, BeBit has been helping companies create business results through strategic planning, design, and UX improvement using digital technologies. Since 2022, the company has been offering OmniSegment, an e-commerce-focused growth marketing solution, to which the company recently added a generative AI function, aiming to adopt cutting edge technologies into UX improvement.

BeBit announced on Tuesday that it has completed the acquisition of Tsunago, an Malaysian startup offering OMO (online merges with offline) solutions. In terms of BeBit’s startup acquisition, this follows the one of Taiwanese MarTech startup Omniscient Cloud Technologies (now known as BeBit Tech).

The Malaysian startup offers Tsunago Store (showcasing goods but not selling them), Tsunago AI (AI camera-based behavioural analysis service on shop visitors), OMO consulting, app developments as well as operations. Since its foundation back in 2017, the company serves to Isetan Mitsukoshi department store, major local telco Celcom (Axiata Group), and The Social restaurant chain, among others.

In addition, Alphas CEO Hajime Hirose, Cinnamon AI Co-CEO Hajime Hotta and Datack CTO Yosuke Kimoto have joined the company as advisors. The acquisition will allow BeBit to expand its consulting and SaaS-integrated UX business into the Southeast Asia region with a focus on Singapore and Malaysia towards the global market.

A massive opportunity still up for grabs in Tokyo’s real estate sector

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This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). He is the Managing Partner of Shizen Capital (formerly known as Tachi.ai Ventures) in Japan. You can read more on his blog at http://rude.vc or follow him on Nostr @reggae. The Japanese translation of this article is available here. The other day a large growth equity fund in Europe reached out to me. This firm has invested across Europe as well as into North America. They contacted me because they are considering to open an office in Tokyo. This is of course fantastic news and a testament to how some capital allocators globally are waking up to the opportunity of Japan’s digital renaissance for investment. One anecdote that came up in my discussions with this fund relates to their search for Tokyo office space. It is a story that made me realize how Tokyo’s real estate companies are blindly missing a massive opportunity. Apparently, the firm had submitted an inquiry via the contact form on one of…

This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.”

He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). He is the Managing Partner of Shizen Capital (formerly known as Tachi.ai Ventures) in Japan. You can read more on his blog at http://rude.vc or follow him on Nostr @reggae. The Japanese translation of this article is available here.


Azabudail Hills buildings seen from Kamiyacho Trust Tower
Image credit: Masaru Ikeda

The other day a large growth equity fund in Europe reached out to me. This firm has invested across Europe as well as into North America. They contacted me because they are considering to open an office in Tokyo.

This is of course fantastic news and a testament to how some capital allocators globally are waking up to the opportunity of Japan’s digital renaissance for investment.

One anecdote that came up in my discussions with this fund relates to their search for Tokyo office space. It is a story that made me realize how Tokyo’s real estate companies are blindly missing a massive opportunity.

Apparently, the firm had submitted an inquiry via the contact form on one of the websites of a well-known real estate developer. They expressed their inquiry in English, on an English version of the real estate company’s website. Unbeknownst to them, this may have been their first misstep.

Over two months have elapsed, and the fund manager still has not received a response of any kind from the real estate company.

Hello Tokyo, is anyone home ?

Now, this is a fund with over $2 billion in assets under management, and over 100 portfolio companies spanning 10 countries. They intend to use their future Tokyo office as a launch pad both for investing in APAC and for bringing European companies into the Japanese market. Needless to say, this fund’s first interaction with Japan at the operational level has not left a favorable impression.

I’ve been fortunate to meet members of the investment and innovation teams of several real estate firms in Japan. Nearly all of the individuals I have met strike me as incredibly intelligent, open-minded, and innovative. Yet there seems to be a disconnect between the strategies of Japan’s real estate firms on one hand, and with the government’s ambition to transform Japan into a startup nation on the other.

To their credit, the Japanese government has crafted policies which have fostered incredible progress in accelerating Japan’s venture ecosystem in a short time. I tip my cap to the forward-thinking champions in the government who are driving these reforms. True, Japan trails other successful venture ecosystems like North America and Europe, however the benefit of being late is that there are successful models available for Japan to emulate.

When it comes to allocating real estate toward building global innovation hubs, I submit that lessons from the fantastically successful experiences of France, the Netherlands, and the Nordic countries could prove relevant for Japan to consider.

As our friends in Europe discovered, the best innovations tend to arise when there is a density of entrepreneurs working on a diverse array of startups within close physical proximity. This is not only true in theory; there is also empirical evidence to back this up. When the density of founders surpasses a certain threshold, the probability of unique insights and groundbreaking innovations rises exponentially.

Twenty years ago, the aforementioned European countries set out to replicate Silicon Valley in their own geographies. However, they lacked many of the fertile conditions that the San Francisco Bay Area possessed for becoming startup hubs. Following a couple false starts and failed attempts, they eventually cracked the code in creating the necessary critical density of entrepreneurs.

How to cultivate an international startup hub

So how did they do it in Europe ? One key factor is that they found a way to give free office space to startups. Some governments funded initiatives directly, whereas others nudged private sector actors, such as banks and real estate companies, to offer free office space themselves.

From the perspective of a startup founder, every 1€ spent on rent is 1€ deprived from working on innovation. So naturally, startup founders flocked to these free office space offerings: Over a short time; the critical density thresholds were surpassed and the virtuous cycle kicked in.

Moreover, these startup office hubs became some of the most sought after locations in which large enterprises desired to join as tenants. Even from the most narrow financial perspective of the property owner, offering free office space to startups more than paid for itself from the increased appeal of the property.

With Japan increasingly rising onto the radar of international investors, there is a compelling opportunity here for a real estate company to step outside of their conventional business model and become a Tokyo hub for global startups and fund managers.

Forecasts for 2024 from six visionary VCs

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This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). He is the Managing Partner of Shizen Capital (formerly known as Tachi.ai Ventures) in Japan. You can read more on his blog at http://rude.vc or follow him on Nostr @reggae. The Japanese translation of this article is available here. Years ago I began publishing an annual list of technology predictions in order to provoke constructive dialogue and highlight insightful female VCs globally. In continuity and upon popular demand, here are forecasts from six professionals who are poised to make an outsized positive impact on the venture ecosystem in 2024. Happy year-end festivities to all ! Kathy Matsui – General Partner, MPower Partners 1. Return of ESG: While 2023 saw criticisms such as ‘greenwashing’ negatively impact ESG sentiment around the world, we actually interpret this as a positive development, as greater investor and regulatory scrutiny on ESG substance is likely to result in better-quality disclosures and enhanced value creation over the long-run. 2. Japan’s IPO and M&A market…

This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.”

He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). He is the Managing Partner of Shizen Capital (formerly known as Tachi.ai Ventures) in Japan. You can read more on his blog at http://rude.vc or follow him on Nostr @reggae. The Japanese translation of this article is available here.


Years ago I began publishing an annual list of technology predictions in order to provoke constructive dialogue and highlight insightful female VCs globally.

In continuity and upon popular demand, here are forecasts from six professionals who are poised to make an outsized positive impact on the venture ecosystem in 2024.

Happy year-end festivities to all !

Kathy Matsui – General Partner, MPower Partners

1. Return of ESG: While 2023 saw criticisms such as ‘greenwashing’ negatively impact ESG sentiment around the world, we actually interpret this as a positive development, as greater investor and regulatory scrutiny on ESG substance is likely to result in better-quality disclosures and enhanced value creation over the long-run.

2. Japan’s IPO and M&A market comeback: Similar to other markets, Japan’s IPO market cooled off in 2023, but assuming a global recession can be avoided and inflation/interest rates are under control, the domestic IPO market is well-positioned to recover during 2024. Moreover, with recent acquisitions of Japanese startups, we also see the potential for M&A to become an increasingly popular exit option.

Maria Gutierrez Peñaloza – Co-Founding Partner, Nido Ventures

Nearshoring in Mexico, especially in manufacturing and technology, is set for significant growth. This shift, driven by geographic proximity, cultural ties, time zone alignment, and cost benefits, positions Mexico as an ideal destination for U.S. companies looking to relocate operations nearby.

The technology gap for manufacturing, once seen as a hurdle, now presents a unique opportunity for Mexican companies to develop technologies that enhance quality, efficiency, and innovation. This progress is attracting, and will continue to attract, considerable venture capital investment, with a steady rise in foreign direct investment in Mexico, reflecting confidence in its growth potential.

We expect the impact of nearshoring to be substantial. As local companies bridge the technological gap, they draw more venture capital, spurring innovation and growth. This creates a dynamic ecosystem where technology and manufacturing merge, potentially establishing Mexico as a high-tech manufacturing hub in the Americas.

At Nido Ventures, we are actively investing in this nearshoring wave, targeting companies directly or indirectly enhancing nearshoring efficiency. The upcoming year is likely to witness significant strategic partnerships, increased venture funding, and a rise in tech-driven startups in the B2B realm, further consolidating Mexico’s global economic position.

Yuri Nakayama – Director, Animal Spirits

In 2024, I will continue to focus on the trend in the climate tech sector as in 2023. The Paris Agreement, adopted at COP21 in 2015, has led many countries/companies around the world to declare carbon-neutral objectives. In order to achieve the goals, technological breakthroughs are imperative, thereby founding new startups and investing in these startups is becoming an increasing priority. Moreover many venture capital funds specializing in climate tech have been established.

Following the global trend, attention and funding for the climate tech sector are growing also in Japan. Initially, the software domain was the first to gain momentum, but recently, the Deep Tech sector also seems to raise a lot of money from Japanese VC as well. Given the fact that Japan is one of the major emitters of greenhouse gases, taking measures for decarbonization is crucial, and I expect this trend will continue.

Yoko Gocho – Venture Capitalist / Manager, Capital Medica Ventures

In 2023, impact investment and impact startups attracted more attention than ever in Japan, with the birth of several new impact investment funds and the first impact IPO.

I expect this trend to accelerate in 2024, but as the number of players increases, the value of simply being an “impact investor” or “impact business practitioner” will relatively diminish, and the substance of one’s business will come under greater scrutiny. I believe that the question will be whether or not a company is implementing the PDCA cycle to improve the outcomes it creates through impact measurement and management (IMM), and whether or not it is making a contribution to the impact it creates (would it have been achieved without its own business?).

This applies not only to startups, but also to investors. As a practitioner of impact investing, I will be working even harder to ensure that the contribution of investors will be strongly questioned by both society and entrepreneurs.

Momoka Takahashi – Venture Capitalist, Hakobune

I believe that 2024 will be the year when the evolution and fusion of AI technology and immersive experiences, as well as IP (intellectual property) and UGC (user generated content), will be key to a major breakthroughs in entertainment and purchasing experiences. Immersive experiences where consumers are directly part of the content, be it movies, music, games, or culture, and the UGC that emerges from these experiences will influence each other, and personalization through AI will create more vivid and lively entertainment experiences.

The purchasing experience will also reflect consumer preferences, transforming the buying process itself into a personalized and entertaining experience. The evolution and democratization of AI will provide consumers with unprecedented levels of customization and immersion, and will also open up new dimensions of communication and creativity, leading to a new cultural paradigm that will shape the lifestyles of the future. I look forward to riding this wave of change without fear.

Mayumi Wakebe – Investment Director, Shizen Capital

By 2050, the population of the African continent is expected to reach approximately 2.5 billion (1/4 of the world’s population), which means that it is a large and young market as well as a treasure trove of human resources.

In addition, under the African Continental Free Trade Area concept, the liberalization of intra-regional movement of people and services and the move toward a single market have begun. With this potential, along with various global players, the African diaspora born in Europe and the U.S. are entering the African economy as startups and VCs with funds and networks. African governments are also paying attention to startups as a driver of economic growth, and regulatory reforms and collaborative projects are flourishing.

Compared to the $6.5B investment in Africa as a whole in 2022 (including $1.6B in Debt), venture investment in 2023 has declined considerably. In addition, while there were notable Exits, such as the InstaDeep acquisition ($682m), there were also down rounds and closures of startups that had been talked about in the media. In other words, it was an important year for raising awareness of DD , organizational management and changing economic conditions (e.g., supply cost spikes, currency, etc.), as well as for increasing the number of Exit examples.

In addition, the quantity of existing and new Africa-focused funds, both domestic and international (including some great funds from Japan), continues to increase in pursuit of financial returns and business synergies. Therefore, 2024 will be an active year in which more investments will be made than in 2022, and I would like to get involved in activities to encourage this trend.