Coral Capital Raises $45 Million Fund to Boost Japanese Startups
The former 500 Startups Japan team launches an independent $45 million fund called Coral Capital to back early-stage Japanese startups. The new fund closes quickly and continues the team's mission to shift Japan's risk-averse corporate culture.
The former 500 Startups Japan team officially breaks away to launch Coral Capital, an independent $45 million venture fund. Led by James Riney and Yohei Sawayama, the new fund continues the early-stage investment work the duo previously does in Japan, a market historically known for risk aversion and a lack of seed capital.
Coral Capital closes its fundraising in just two and a half months, even turning away interested investors. Limited partners include major Japanese financial institutions like Mizuho Bank and Shinsei Bank, as well as Mitsubishi Estate and Taizo Son, the founder of Mistletoe and brother of SoftBank CEO Masayoshi Son.
Riney notes that more experienced professionals in Japan are leaving stable corporate jobs to become entrepreneurs, signaling a positive shift in the country's startup ecosystem. While the team manages its previous 500 Startups Japan portfolio separately, Coral Capital focuses entirely on new early-stage deals to fundamentally change Japanese industries.