The Coral Capital Podcast

Welcome to another episode of The Coral Capital Podcast, where we delve into the world of startups, technology, and venture capital with a focus on Japan and the broader Asia region. Our guest today is Jonathan Shih, Managing Partner at Keyrock Capital Management, a Hong Kong-based investment management firm specializing in emerging growth companies in the Asia-Pacific region. Keyrock is an active investor in Japan, with portfolio companies such as LayerX, Zeroboard, Nealle, and Timee, alongside public investments in companies like MoneyForward. Jonathan brings a wealth of experience in finance, having started his career at Lehman Brothers before moving on to roles at TVG Capital Partners, McKinsey, Ward Ferry, and Tybourne Capital. In this episode, we discuss: The history of Keyrock Capital Management Keyrock’s investment into Timee How Keyrock initially identified growth opportunity in the Japanese market Whether companies should raise in the private markets or IPO Best practices for managing investor expectations and IR for private vs. public companies Contrasts in management communication styles between Japan and the US Key questions startups should address before going global Keyrock’s investment thesis and strategy Japan’s overlooked growth potential ----- For founders building Japan's next legendary companies, reach out to us here: ⁠https://coralcap.co/contact-startups/⁠ Coral Capital is also hiring on the investment team! Details can be found here: ⁠https://coralcap.co/careers/

Jumpei Yoshida, CFO of Kaminashi and former tech industry analyst, discusses the urgent need for digitization in Japan's frontline workforce, where 60% still rely on outdated methods. He explains how Kaminashi's innovative SaaS solutions are transforming traditional industries by moving away from pen-and-paper processes. The conversation dives into the impact of AI on their products and how founder Hiroto Morooka’s frontline experience inspired a customer-centric approach, emphasizing direct engagement for effective tech integration.

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia. In this episode, we chat with Mark Suster, a Partner at Upfront Ventures. Upfront is one of LA’s most prominent venture capital firms, renowned for backing companies like Ring, GOAT, Overture, and even Starbucks back in the day. Mark was previously the founder & CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S.  In this episode we discuss: How Japanese startups can win globally Uncovering the truth about unicorn companies Top VC firms reducing the size of their funds 50% of seed funds disappearing Advice for startups considering fundraising Love decay - how entrepreneurs and investors can nurture "love"

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia. This episode is a fireside chat with Ming Maa, the Group President of Grab. Initially established as a taxi-hailing app in Malaysia back in 2012, Grab has evolved into the leading super app in Southeast Asia and the region's first decacorn. It empowers the region's economy through a diverse range of services, including transportation, delivery, and finance. As President, Ming is responsible for corporate development activities, such as strategic partnerships and investment opportunities at Grab. Ming has over 12 years of experience in private equity investment at Softbank Group, Ancora Capital Management, and Goldman Sachs. During his tenure at Softbank, based in Tokyo, he oversaw investments in the ridesharing and e-commerce sectors, including Softbank’s Series D and Series F investments into Grab.  In this episode, we discuss: How Grab started as a for-profit, social enterprise What is a super app and how Grab approached its super app strategy What differentiated Grab from Kuaidi Dache and OlaCabs How hyper-localization wins customers and markets How Grab hyper localized to beat Uber Experimenting and measuring platform success Concentrating on the North Star Strategic investments through Grab Ventures

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia. In this episode we chat with Andrew Chen, General Partner at Andreessen Horowitz, where he invests in games, AR/VR, metaverse, and consumer tech startups. He is on the boards of Clubhouse, Substack, Z League, Sleeper, Snackpass, All Day Kitchens, Sandbox VR, Reforge, Maven, Practice, and others. He is a prolific writer on user growth, metrics, and network effects at andrewchen.com and has been cited on Wired, WSJ, and The New York Times. In this episode we discuss a broad range of topics focused on his book, The Cold Start Problem: How to Start and Scale Network Effects, which was just published in Japanese. We cover: What motivated Andrew to write a book on “network effects” The power of network effects and and real-world examples Why it’s critical to identify the “hard side” of a network How Tinder solved the cold start problem Why Google+ didn’t take off despite enormous distribution channels What are the key metrics that signal network effects What was going on behind the scenes when Clubhouse went viral If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia. In this episode, we chat with Richard Pearson, Chief Innovator & UK Director and Shutaro Takeda, Chief Strategist at Kyoto Fusioneering (a Coral Capital portfolio company). Kyoto Fusioneering is a nuclear fusion startup founded in 2019. Their business model is unique in that they develop and sell key components and technologies for fusion power plants to other companies focused on building the reactors themselves. Since they are selling the “picks & shovels” to those mining for fusion gold, they are able to generate revenue much earlier than other fusion startups. Japan is uniquely positioned for this industry due to the fact that it has a wide-range of manufacturing and nuclear engineering expertise, as well as companies that can assemble equipment to cater to the needs of the global fusion industry. In this episode we discuss: What is fusion is why it is the holy grail of clean energy Why nuclear fusion has yet to be commercialized How Kyoto Fusioneering is the Levi Strauss of the fusion industry The Japanese manufacturing companies that are behind the nuclear power industry Kyoto Fusioneering’s integrated testing facility for fusion power plants Advice for deep-tech founders aiming to build a global business If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia. In this episode, we chat with Sho Nakanose, founder and CEO of GITAI (a Coral Capital portfolio company). GITAI is a space robotics startup founded in 2016. Prior to founding GITAI, he successfully built and sold a tech company in India. Since founding, GITAI has been able to recruit some of the best roboticists in Japan, including the key engineers from SCHAFT, the Japanese robotics company acquired by Google in 2013. In 2021, GITAI’s autonomous robot arm successfully demonstrated two tasks in the International Space Station (ISS): 1) assembling structures and panels for in-space assembly; and 2) operating switches & cables for intra-vehicular activity. GITAI aims to reduce human labor costs in space by more than 90%, similar to how SpaceX revolutionized the space industry by drastically reducing costs. In this episode we discuss: GITAI’s three businesses: space stations, satellites and the moon Why it makes sense to send autonomous robots into space What are the space businesses that will take off in a short term and long term How agile development can reduce the cost of space robots Leveraging the talent pool in Japan Key ingredients to attract top talent If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia. In this episode, we chat with Sam Rosenblum, a Partner at Haun Ventures. Haun Ventures is a crypto focused venture capital firm founded by former a16z Partner Katie Haun in 2022 with a record $1.5 billion debut fund. Prior to Haun Ventures, Sam was a Partner at Polychain Capital, another leading crypto-focused investment firm. He was also an early team member at Coinbase, where he focused on business development, traveling across the globe to meet both government officials and crypto enthusiasts. In this episode we discuss: Why Sam left Visa to join Coinbase, a fledgling startup with just 30 people Global crypto regulations, and how Japan compares Why Japanese authorities were so eager to learn about crypto early on Differences between Web 2 investments and Web 3 investments Will Ethereum ever surpass Bitcoin? Thoughts on “The flippening” When will the crypto winter end? If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia. In this episode, we chat with Kathy Matsui, General Partner of MPower Partners, Japan’s first ESG-focused VC founded in 2021. Most people will know her for coining the term "Womenomics" in her groundbreaking report published when she was at Goldman Sachs. Her research put gender diversity front and center of Japanese government policies in the years that followed. She was chosen by The Wall Street Journal as one of the "10 Women to Watch in Asia" and was also named to Bloomberg Markets magazine’s “50 Most Influential” list in 2014. In this episode we discuss: How and why Kathy came to Japan as a Japanese American Her experience working at financial institutions in Tokyo Why she loves Japanese office attire What drove Kathy to author her influential report on “womenomics” Changes Japan has seen in terms of women’s labor market participation Tailwinds to raise an ESG-focused fund in Japan Why startups should care about ESG Practical applications of ESG at startups If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly. In this episode, we chat with Ernest M. Higa, Founder of Domino’s Japan, and essentially the godfather of pizza delivery in Japan. In this episode we discuss: How and why Higa started Domino’s in Tokyo four decades ago. The assumptions people had about the Japan market. What was localized, and what was not. Online ordering in the early days of the internet. Future of food delivery and dining. If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.