One Capital’s second VC fund reaches JPY 17bn

One Capital’s second fund has reached a total of 17 billion yen in committed capital after additional commitments from new domestic and international investors. Combined with the first fund, One Capital’s total AUM across both funds is 34 billion yen. The final target for Fund 2, which began raising in August 2023, is around 20 billion yen.

New domestic and international investors in Fund 2 include Toho Holdings, along with existing LPs from Fund 1 such as the Organization for Small & Medium Enterprises and Regional Innovation, Mizuho Bank, and Eisai. Around 20% of Fund 2’s capital comes from overseas investors like asset managers and family offices in the US and Singapore, reflecting growing global interest in Japan’s SaaS market.

While carrying over the core strategy from Fund 1, Fund 2 will increase its allocation to healthcare investments. To strengthen this focus, One Capital welcomed Yukako Yokota, formerly a Partner at McKinsey focused on healthcare consulting, as a new Partner.

One Capital is a unique VC providing capital to SaaS startups alongside advisory services to LPs on digital transformation, as well as developing its own SaaS products. Going forward, the firm will continue supporting Japan’s digital shift through investments and hands-on support to portfolio companies.

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