[2014] VC returns on Tokyo Stock Exchange for IT related companies

This post continues to my previous post “IPO Exits in Japan (2014–2016)

My next 3 posts will be about how much return each venture capitals earned from their IPOed startups each year starting from 2014. Most information and data is taken from each company’s IPO filing which includes information about all the fundraising that happened in the last 2 years before IPO.

*Return multiple is calculated based on [initial pricing/invested pricing] 
**I left out some minor investors (under $200k) to make the chart simple

2014 IPO tech related companies

Colored companies are VC backed.

All in US$Mn. Market Cap as of July 11th, 2017. Data from SPEEDA. $1=¥115.
  • 65% are VC funded

Number of IPOed tech portfolios for each VC

JAFCO

The most famous VC in Japan that have been investing from 1973. JAFCO has invested in more than 30% of the IPOed tech related companies in 2014 (amazing)!

For Recruit and Gumi, JAFCO has invested before the IPO filing and holds stocks that is estimated to be cheaper than the disclosed stock price so their return should be much higher. *Blended the stock price when they have invested in multiple rounds. **US$=¥115

Mitsubishi UFJ Capital

Mitsubishi UFJ Capital, a venture capital arm of one of the largest bank in Japan, doesn’t invest big checks but appears in almost one fifth of the IPOed tech related companies in 2014.

*US$=¥115

More than 1 IPOed Corporate Venture Capitals

CVCs are Nissay Capital (Insurance), CyberAgent Ventures (tech), GMO Venture Partners (tech), YJ Capital (tech), DG Incubation (tech).

*Blended the stock price when they have invested in multiple rounds. **US$=¥115

More than 1 IPOed Independent Venture Capitals

Globis Capital Partners, investing in seed to pre IPO stage, and East Ventures and Incubate Fund, focusing on seed investing, are famous independent VCs in Japan.

*US$=¥115

Other IPOed Venture Capitals

*US$=¥115
  • Gumi was a large bet for B Dash Ventures and WiL, investing more than $5mn
  • Although the price or the investment amount is undisclosed, DCM invested in Scigineer in a very early stage and have already collected its investment amount in 2015 by selling part of its share to Softbank, decreasing the share to 12.08%.

…2015 version coming up next week