The Coral Capital Podcast

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.In this episode, we’re joined by Gen Isayama, General Partner & CEO of WiL—a venture capital firm that’s redefining how innovation happens in Japan. Unlike traditional VCs, WiL doesn’t just invest—they educate, incubate, and leverage the power of their corporate-based LP network to accelerate the growth of their companies as they expand globally, with a particular focus on Japan.Before launching WiL in 2013, Gen spent a decade investing at DCM. But when he looked at Japan, he saw a broken system—where startups struggled to scale, corporates hesitated to embrace change, and innovation lagged behind. Instead of copying the Silicon Valley model, he built something new: a VC firm designed to unlock Japan’s vast corporate resources—capital, talent, and technology—by pushing enterprises toward entrepreneurship.WiL has since backed startups in Japan like Mercari, Raksul, and Retty, as well as Wise, Asana, and Canva in the US, with a team operating across Tokyo and Silicon Valley.Below are highlights from this episode:WiL operates on three pillars:Business Creation: Helping large Japanese corporations spin out or incubate startups internally.Education: Training corporates to adopt a startup mindset and providing connectivity between startups and the corporate ecosystem.Investment: Backing startups at various stages, with a focus on Japanese startups and global startups expanding into the Japan market. Ten years ago, Japanese corporates were hesitant to engage with startups, but today they have become increasingly open to partnering with and acquiring them.Large corporations compete with one another in adopting new technologies, creating a domino effect in innovation.The success of a corporate spinout depends on its leadership, not just the technology.WiL leverages its U.S. investments for faster scaling and greater liquidity, while Japan is still evolving toward a more liquid market with larger, multi-billion-dollar exits.Instead of competing for early-stage deals, WiL co-invests with leading global firms at the mid- to growth-stage, offering support for expansion into Japan.WiL conducts market testing through corporate pitch events for global startups, identifying strong local demand before committing to an investment.Emerging Opportunities in Japan: The aging society is driving demand for healthtech and elderly care, while AI integration in manufacturing and robotics presents a major growth area. Additionally, Japan’s rich IP assets (anime, manga, food) offer untapped potential for global monetization beyond traditional licensing.-----For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.VTubing, or virtual YouTubing, is a form of digital content creation where anime-style avatars—powered by motion capture and voice acting—engage audiences through livestreams, gaming, and interactive entertainment. This industry has rapidly evolved from niche internet culture into a multi-billion-dollar market, blurring the lines between content creation, technology, and intellectual property (IP).In this episode, we are joined by Sasuke Shimomura, Chief Strategy Officer of Brave group, one of Japan’s leading VTuber production companies. Brave group is a global digital IP company which mainly consists of 3 business segments: IP Production which mainly focuses on VTuber production, IP Platform and IP Solution which focus on distribution and enhancing the monetization of digital IP. After graduating from Waseda University, Sasuke started his career in the Equity Research Division at Goldman Sachs Japan. He then played a key role in corporate planning, creator strategy, and M&A at UUUM Co., Ltd., Japan’s largest influencer management company. He was also CFO of SoVa Inc., where he oversaw fundraising efforts from the company’s founding. Sasuke later joined Eight Roads Ventures Japan, focusing on investments in Entertainment and Media, while also conducting M&A exits for several portfolio companies. In June 2024, he joined Brave group as CSO.In today’s episode we break down everything about the VTuber industryThe VTubing movement began in 2016 with the debut of Kizuna AI, widely considered the industry’s first VTuber.By 2018, major production companies like Anycolor (Nijisanji) and Cover (Hololive) emerged, professionalizing the space and scaling VTuber operations.Different styles of VTubing: 2D VTubing: An animated illustration that syncs with the talent’s real-time movements.3D VTubing: Uses motion capture technology to replicate full-body movement in a 3D virtual space.2.5D Hybrid: A mix of virtual and real-world performances, where VTubers also appear in person The VTuber industry operates much like traditional entertainment businesses, with diverse monetization strategies: live streaming revenue, merchandising, advertisement tie-ups, direct fan monetization (ex. fan clubs), and IP expansion (ex. anime adaptations).While similar to a typical talent agency like K-pop’s YG group, VTubing agencies like Brave group hold the rights to all of their IP, allowing for greater revenue diversification.VTubing is a rapidly growing market with the potential to reach anime’s $20B+ industry size.Emerging technologies like AI, Virtual Reality (VR), Augmented Reality (AR), and Blockchain will diversify and expand revenue opportunities.AI is already being leveraged in processes like illustration, but larger shifts such as 24/7 AI streaming or “AITuber” are likely coming in the near future.Being a globally successful IP powerhouse requires 1. A deep understanding of content 2. The right technology 3. A cultural understanding to bring the content to the global market 4. A strong financial strategy to execute.-----For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan. Today’s guest is Andrew Schoen, Partner at NEA (New Enterprise Associates) . Established in 1977, NEA has served as a partner to the founders and teams behind some of the most transformational innovations in healthcare and technology over the past five decades including Cloudflare, Databricks, Coursera, Perplexity, Plaid, and Robinhood. The firm manages over $25B in AUM and invests across the early to post IPO stages. Andrew joined NEA in 2014 and invests in founders innovating in AI/ML, fintech, frontier tech, infrastructure software, technically differentiated SaaS and security. Prior to NEA, he was a member of Blackstone’s M&A Group. Prior to Blackstone, he founded Flicstart. Andrew serves on the Cornell University Council, the Advisory Council for Entrepreneurship at Cornell, and is President Emeritus of the Cornell Venture Capital Club. He earned his master’s degree as a Schwarzman Scholar and his bachelor’s degree in economics and science of earth systems in engineering at Cornell. We’ve highlighted some insights from the conversation below: While NEA has had Japanese LPs for over 40 years, the firm only recently began actively investing in Japan. Talent is a leading indicator for the health of a startup ecosystem, and Japan has a high caliber of talent. Japan’s startup ecosystem has key ingredients for success: A large GDP, strong technology base, quality education, and increasing enterprise demand for software and tech solutions. How Japanese founders pitch differently from US founders: Some Japanese founders are more modest about their vision, but overall, there’s more similarity than difference in how founders pitch between Japan and the U.S. One major difference is that Japanese founders often set specific IPO dates early, whereas U.S. startups typically stay flexible based on market conditions. Japanese LPs often expect faster exits, but longer time horizons can lead to bigger and more successful outcomes. How to raise money from U.S. VCs: The first meeting is only about securing a second meeting — don’t disqualify yourself early by making common mistakes like overstating valuation. Japanese startups should leverage local investors to get warm introductions. What NEA looks for in Japan: Mid to growth-stage, high-velocity, high-margin, software-driven businesses. Growth benchmarks also matter: $10M–$20M ARR → 100% growth $20M–$30M ARR → 50~100% growth $100M ARR → 30~40% growth Key metrics such as LTV/CAC, net revenue retention, and burn multiples are important—but potential future growth trumps past numbers. Longer term sheets = fewer surprises. Short-term sheets can leave room for bad terms later. ----- For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/ If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan. In this episode we are joined by Brian Yun, Co-founder and CEO of Woodstock, a Coral portfolio company building a social trading app with the mission to empower the next generation to create a better financial future. Brian has a phenomenal career leading up to Woodstock. While in college, he  began working as a hardware design engineer at AMD. After graduation, he took on roles in equities trading at Barclays, Merrill Lynch, and Morgan Stanley. He later led the  sales finance and strategy at Twitter (now X) for Japan and Korea, then transitioned to Coinbase to drive their Japan expansion. A graduate of the University of Waterloo in Computer Engineering and an MBA honors graduate from the University of Chicago Booth School of Business, Brian combines deep expertise in technology and finance. We’re excited to share his insights on entrepreneurship, Woodstock’s journey, and the future of investing. Below are some of the highlights from the episode: Brian’s first investment experience was buying Nvidia stock back in 2003 Building an "Oceans Eight" team with co-founders Daisuke Kawamoto and Min Ju Brian’s experience at Twitter (now X) and Coinbase taught him about leveraging the internet and navigating complex regulatory markets Woodstock’s user base: half are under the age of 29, and over 70% are first-time investors The Woodstock Index, weighted by community ownership, has more than doubled since its inception in April 2023, outperforming both the S&P and NASDAQ by a large margin Social media has leveled the playing field for financial information, reducing reliance on traditional equity research reports Young Japanese are embracing risks instead of relying on pensions How Woodstock is complementing government efforts to raise investment awareness by promoting financial literacy Heavy Japanese users of X average 4–5 accounts, often under pseudonyms Woodstock’s vision: becoming the go-to platform for all things finance ----- For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/ If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

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. Our guest today is Shinichi Takamiya, Managing Partner at Globis Capital Partners. Takamiya-san was ranked first in Forbes Japan’s Midas List in 2018, seventh in 2015, and tenth in 2020. He joined Globis Capital Partners after managing consulting projects at Arthur D. Little. His venture capital track record includes iStyle, Aucfan, Kayac, Pixta, Mercari, and Lancers; M&A Shimauma Print System, nanapi, and Coubic etc. He holds a BA in economics from the University of Tokyo, and an MBA from Harvard Business School. Here are some takeaways from today’s episode: The evolution of “Venture Businesses (VB)” into “Startups” and what it signifies for the ecosystem The next wave of startups is driven by global and serial entrepreneurs Building the Shohei Ohtani of startups Over 10 industries in Japan boast market sizes exceeding ¥10 trillion (~$100 billion). The three business models for global expansion: 1) Universal Fit: A single model that works across regions (e.g., Toyota) 2) Niche Subverticals: Specific segments adaptable across markets (e.g., pixiv) 3) Localized Approach: Tailored strategies for each region (e.g., Mercari) How Josys is tackling the global market from day one, leveraging Japan’s advantages like low cost, high-quality operation centers Globis’s ¥72.7 billion (~$500 million) fund aims for 1–3 investments in companies with $5B~$10B outcomes, maintaining 10–20% ownership Investing in consumer services that address critical needs, such as FastDoctor Exploring consumer businesses pursuing parallel strategies: co-pilot models alongside R&D and autonomous solutions Succession planning in the venture capital industry ----- For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

This episode features Richard Katz, NYC correspondent for the Weekly Toyo Keizai and author of "The Contest for Japan’s Economic Future." He discusses the essential role of firm mortality in driving economic growth and the barriers startups face in Japan. Katz debunks the myth of a risk-averse culture, highlighting generational shifts favoring startups over corporate jobs. He also explores the impact of political changes on economic reform and how Japan can learn from French startup policies to boost innovation and entrepreneurship.

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