A team seeking deals like a private VC

A team investing in startups actively operating overseas

A specialist startup investment team known as “JBIC Ventures” was established within JBIC's Equity Investment Department. According to MATSUBARA Tatsunori, team leader and Startup Investment Committee member, JBIC Ventures is mindful of acting “like a private venture capital (VC) firm,” in terms of deal sourcing, decision-making, and due diligence process.

Recognizing that “JBIC’s usual decision-making process will not be fast enough and could hinder quality investments,” a special governance framework was established in October 2024. Its streamlined approach replaces the internal coordination process required for typical investments and loans, with the Startup Investment Committee making decisions following studies by MATSUBARA’s team. Committee members deliberate on candidate projects each week, and with about three months needed from identifying candidates to closing the deal, its speed is on a par with VC firms.

“We are conscientious about making decisions quickly and promptly informing the companies, including decisions not to invest. Our goal is ‘to help Japanese growth companies scale up their business overseas’ and that’s why we place importance on a company’s growth potential. The key points we consider aren’t so different from those of private VCs,” explains MATSUBARA.

One feature distinguishing JBIC's startup investment is that it mainly targets companies in the middle and late stages (rapid growth and more mature stage), rather than those in the seed and early stages (pre-launch and immediately after launch). “Private VCs invest heavily in startups up to the early stage, and so there is relatively smaller value for us to join in. However, companies require greater capital from the middle to later stage, but funding tends to dwindle. As a policy-based financial institution, JBIC has a valuable role there.”

Becoming a preferred investor for overseas support

With only a year since the team launched, it could still be called a VC newcomer. But its members are actively seeking investment opportunities by attending events and conferences, and receiving referrals from other investors. A case in point is the investment in startup Peach Cars, which provides a used car marketplace in Kenya. The team would never have found it without an existing investor’s introduction.

Beyond Japan, the team’s overseas activities include relationship-building visits to key ASEAN VC firms in Singapore.

“When the team was launched, we were able to differentiate ourselves through our position as a government-affiliated investor that provides overseas support. Next is achieving results: meeting expectations and gaining recognition as an investor, with JBIC hailed as the institution of choice for overseas business. We must visualize the value we provide to become an investor that not just provides funds, but is truly needed.”

Providing startup support that only JBIC can offer to create new global companies in Japan—MATSUBARA's team is at the vanguard of this mission.

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