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KIBOW Social Investment Fund Releases Impact Report 2023 in English


Chiyoda-ku, Tokyo—On January 24, 2024, the KIBOW Social Investment Fund, managed by the KIBOW General Incorporated Foundation (Chiyoda-ku, Tokyo; President: Yoshito Hori; hereinafter referred to as “KIBOW”), published the “Impact Report 2023”, featuring its fund and portfolio companies’ social impact in Japanese language. This report has now been made available in English.

The report can be downloaded from the following link: Impact Report 2023

KIBOW Social Investment Fund Impact Report 2023

The Impact Report 2023 was compiled to demonstrate KIBOW’s contributions to a more sustainable society, as well as the knowledge gained from these contributions to date.

The report presents KIBOW’s vision for an ideal society that the fund and its portfolio companies jointly aspire to. It also outlines the roadmap and specific initiatives that are underway to realise this vision through social impact investment*, as well as the progress of those initiatives.
*Social impact investment seeks to solve social issues such as poverty, discrimination, environment, education, and welfare, while at the same time pursuing economic profit.

This report describes the fund’s vision and mission, referred to as ‘The Theory of Change,’ and highlights key details of their investment process and criteria, as well as information on its portfolio companies.

The chapter on portfolio companies includes an overview of each business and the social issues they are facing, as well as their plans to achieve positive social impact and the key performance indicators (KPIs) they use to measure their progress.

The feature article focuses on the impact due diligence conducted prior to investment, interviews with entrepreneurs, exit strategies, and five key lessons that have led to learning and growth among the portfolio companies.

About KIBOW Social Investment Fund

KIBOW was established to support reconstruction efforts following the Great Tohoku Earthquake in March 2011. In September of 2015, KIBOW established the KIBOW Social Investment Fund with the mission “Together with entrepreneurs who tackle social challenges and generate hope, we create businesses and transform society.’’

Since its founding, the KIBOW Social Investment Fund has consistently made social impact investments targeting social entrepreneurs.

In its first eight years, KIBOW has invested in a total of 21 startups, and currently manages the “KIBOW Social Investment Fund No. 3” (committed size: 1 billion yen). Through the Social Investment Fund, KIBOW is proudly taking on unknown and unresolved social issues and accelerating the resolution of social issues through social impact investment.

KIBOW will continue to lead business creation and social change together in partnership with innovative entrepreneurs who strive to solve social issues and create hope for society.

Message from Reiji Yamanaka, Managing Partner, KIBOW Social Investment Fund

’Until now, KIBOW has only shared its social impact reporting to fund investors and the Advisory Board. We have decided to release the Impact Report publicly starting this fiscal year in the hope that a wider range of people will learn about the social impact created by KIBOW’s investee partners. Leaders in various fields are making breakthroughs and creating new hope in the face of serious social issues. We hope you will take a look at the numbers that convey the sense of hope that they are building as well as the ongoing stories behind those numbers. We welcome your comments and suggestions.’’

KIBOW-GLOBIS 2024 Noto Peninsula Earthquake Support Fund

Following the Noto Peninsula Earthquake at the start of 2024, KIBOW and GLOBIS Corporation (headquartered in Chiyoda-ku, Tokyo; Yoshito Hori, CEO) teamed up to collect donations to support relief operations and aid in the swift recovery of the affected areas. Donations can be made through the congrant platform, a donation settlement system for NPOs and social sectors. We sincerely hope that the victims will be able to overcome the difficulties they are facing as soon as possible and find a ray of hope for recovery.

Donation website:

About KIBOW (

Project KIBOW was launched three days after the Great East Japan Earthquake to support disaster relief and reconstruction efforts. It was named after “kibou,” the Japanese word for hope, and rainbow. As a result of the desire to provide long-term support to the disaster-affected areas, KIBOW became a general incorporated foundation in February 2012. Today, the KIBOW foundation is engaged in activities based on the following three pillars.

1) Providing a forum (events)
KIBOW provides a forum in disaster-affected areas for people who want to rebuild their communities. Events are regularly held where various leaders from both inside and outside the community gather and exchange ideas.

2) Donations
To date, over 1,400 individuals helped raise around 100 million yen, which KIBOW donated to NPOs and local leaders active in disaster-affected areas.

3) Social impact investment (KIBOW Social Investment)
Not limited to disaster-stricken areas, KIBOW invests in social entrepreneurs who have the ambition to change society and supports them in scaling up their ventures.


Since its foundation in 1992, GLOBIS has fostered a vision to create and innovate societies by fostering management ecosystems of people, capital, and knowledge. Today, the company is involved in a range of activities, from higher education and corporate training to venture capital. GLOBIS also operates the G1 Institute and the KIBOW Foundation, both non-profit organizations to promote creativity and innovation in society. The GLOBIS MBA and corporate training programs are offered both online and in person across Japan, China, Singapore, Thailand, the USA, Belgium, and the Philippines. GLOBIS University is the proud home of Japan’s largest MBA and is rapidly growing to claim this title for all of Asia.


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