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GLOBIS Capital Partners publishes Japan Startup Ecosystem Report 2023, in cooperation with startup database INITIAL


Tokyo, Japan – GLOBIS Capital Partners published the Japan Startup Ecosystem Report 2023, in cooperation with the startup database INITIAL. The report covers macro stats, trends, insights, and exciting startups from Japan to provide a better view of the Japanese startup ecosystem for international audiences.

The Japanese startup ecosystem has been on a ten-year bull run. Startup investors who previously overlooked Japan should take this into consideration because the ecosystem is robust, offering plentiful opportunities for investment and healthy returns.

However, it is also true that little information on Japanese startups is available in English. This report is intended to shed light on macro stats, exciting trends, unique insights, and promising startups emerging from Japan. This is a joint report published by INITIAL, a leading startup database provider in Japan, and GLOBIS Capital Partners, a leading venture capital fund in Japan with an extensive background dating back to 1996—and managing over JPY 180 billion (USD 1.3 billion) in assets. With such a rich history and active involvement in Japan, GLOBIS Capital Partners brings an insider’s perspective to this report, offering a comprehensive overview and the latest developments within its startup ecosystem.


  • Investments in startups in Japan have grown 10x in the last decade, reaching JPY 850 billion (approximately USD 6 billion) in 2023, and are expected to grow even more.
  • The growth is fueled by larger Japanese VC funds, corporate trends towards open innovation, and the government’s five-year plan, which aims to create 100 unicorns.
  • Startups are becoming mainstream, with an increasing number of serial entrepreneurs and top talents from academia and corporations entering the startup field.
  • The emergence of Japanese unicorns is altering the startup valuation landscape, highlighted by Mercari’s IPO at JPY 676 billion (approximately USD 4.8 billion).
  • Investment themes are diverse, from B2B SaaS to consumer apps to deep tech, in a less crowded market compared to the US and China.
  • Growth-stage startups are attracting significant funding, offering opportunities for global investors.
  • Despite the global downturn in technology stocks, the Japanese startup ecosystem is demonstrating strong resilience in 2023, with investment, IPO, and M&A activities surpassing 2019-2020 levels.

The report is for:

  • Overseas venture capitalists and limited partners who aim to gain a comprehensive understanding of the Japanese startup ecosystem.
  • Entrepreneurs and startup-related stakeholders who are considering an expansion into Japan.
  • Domestic entrepreneurs, VCs, LPs, and other startup stakeholders who intend to provide a comprehensive overview of the Japanese startup ecosystem to international stakeholders.

The report can be downloaded from the INITIAL website.

About GLOBIS Capital Partners (GCP)

Established in 1996, GCP was Japan’s first full-scale hands-on venture capital company. It was created not merely to provide funding, but to offer comprehensive support in people (human resources), capital (funds), and knowledge (management expertise). Founder Yoshito Hori believes that these elements are essential to companies in both the foundation and growth phases. To date, GCP has established seven funds, invested in 212 companies, and aggregated assets under management of over 1.3 billion USD.


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.



Phone: 03-5275-3939
FAX: 03-5275-3825
To learn more about GLOBIS Capital Partners, please visit



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