Venture Capital

Connecting the World, Shaping the Future Building a Co-Creation Ecosystem Through Global South Investment

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"Creating together". Creating co-creation opportunities between global next unicorn companies and Japanese companies.

The intellectual capital of Japanese companies that have supported social infrastructure, such as solid technology, human resources, customer bases and trusted brands, the outstanding venture spirit and future-oriented service development capabilities of up-and-coming venture entrepreneurs, and expert human resources with a high level of expertise and a wealth of experience and knowledge. These transcend organisational boundaries to provide timely and speedy funding and hands-on support globally for the co-creation of goods and services of value to society, thereby promoting the implementation of services of value to customers and society.

What “Investment” Means to ICMG Group

ICMG Group is a consulting firm that also operates its own venture capital (VC) funds—an uncommon combination. We believe that consulting firms should have investment capabilities. As we visualize intellectual capital, design strategies, and support their execution, external partnerships often become essential—and investment is a critical enabler of those partnerships.
However, when large Japanese corporations invest directly, governance requirements can slow decision-making. This can result in missed opportunities, limited investment scope, and an inability to invest where strategic intent truly lies. For this reason, ICMG Group places strong emphasis on investment, enabling us to provide end-to-end support—from strategy and design through to execution.
Since the 2010s, ICMG Group has focused on the Indian market. At a time when global players such as Goldman Sachs, Tencent, and KKR were actively investing in Indian startups, we were struck by the contrast with the prevailing view among Japanese companies that “India is still too early.” Despite this sentiment, we steadily built our track record and networks in the region.
Now that India is gaining widespread attention, we aim to leverage our accumulated experience and insights to support Japanese companies, helping them stay ahead of the next waves of growth over the coming 10 to 20 years. At the same time, we will continue to expand ICMG Group’s global network to ensure that Japanese companies do not miss emerging opportunities in regions such as the Middle East and Africa.
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Gen Funahashi

ICMG Group CEO, Group COO

Our Strategy

ICMG Ventures’ co-creation activities leverage the extensive network of major Japanese corporations within the ICMG Group to identify optimal synergies for our portfolio startups. By collaborating with our specialized consulting teams in Digital Transformation (DX) and Social Transformation (SX), we dedicate over 100 hours per month to each portfolio company. This hands-on approach allows us to serve as a vital bridge, accelerating value creation between established Japanese enterprises and innovative global startups.
This "bridge" function has already delivered diverse strategic returns across a wide spectrum, from FMCG to software products. For instance, by integrating Japanese products into the platforms of e-commerce startups in India and Indonesia, we have contributed to advanced consumer behavior analysis, SKU expansion, and new customer acquisition. Furthermore, we actively support business expansion into Japan and other markets by "re-importing" digital technologies and intellectual capital—such as digital platforms for smart cities developed in Southeast Asia—and facilitating proof-of-concept (PoC) projects at the Japanese prefectural level.

Identifying the Next Growth Opportunities in the Global South

Through its investment activities, ICMG Group has designated the Global South—including India, the Middle East, and Africa—as its next key focus areas. India, for example, has a population exceeding 1.4 billion and is projected to become the world’s third-largest economy by 2030. Against this backdrop, ICMG Group is pursuing a strategy to capture every “shelf” that reaches India’s vast consumer base.
In India, new business models such as B2B e-commerce for consumer goods, pharmaceuticals, and industrial products, as well as emerging forms of quick commerce, are rapidly transforming value chains, particularly in Tier 1 cities.
Globally renowned venture capital firms such as Sequoia Capital (now Peak XV) and Tiger Global Management are actively investing in these sectors, and ICMG Group is co-investing alongside them. By investing together with leading global VCs in fast-growing platform companies, and leveraging their value chains and networks, we believe it is possible to bring high-quality Japanese products and services into these markets. Furthermore, by advancing these initiatives in collaboration with regional Japanese banks—who possess deep knowledge of high-quality products and services across Japan—we aim to create meaningful value for the Japanese economy as a whole.
Looking ahead, we see growth opportunities expanding steadily westward. Leveraging ICMG Group’s bases in Bangalore (India), Abu Dhabi (UAE), and Nairobi (Kenya), we will continue to explore new opportunities. We have also begun building networks with leading African venture capital firms, deepening our market understanding through active investment while identifying growth opportunities for Japanese companies.
To offer our clients a broader range of growth options, we believe it is essential to invest in a diverse portfolio of startups and create an environment in which clients can select the most suitable partners for collaboration. Currently, the ICMG Co-Creation Fund manages approximately JPY 4.6 billion in assets, and we aim to further expand its scale. By doing so, we seek to provide more tailored proposals—such as suggesting startups that may be particularly well suited as co-creation partners given a client’s current strategic context.

Investment & Co-Creation by ICMG

Launch of the ICMG Co-Creation Fund II

In January 2025, ICMG Group established the ICMG Co-Creation Fund II together with OKI Electric Industry (OKI), The Hokuriku Bank, and The 77 Bank. In June, Japan Airport Terminal Co., Ltd. joined as an additional partner. Through this fund, we are advancing both investment in next-generation unicorn startups in India and Asia and co-creation initiatives with Japanese corporations as two core pillars.
India, with a population exceeding 1.4 billion and one of the world’s largest economies, offers an environment where startups can rapidly scale into major enterprises—driven by a strong demographic dividend and accelerating digitalization. At the same time, market entry and collaboration often face high barriers due to unique business practices, organizational cultures, language differences, and psychological hurdles toward overseas expansion.
Building on the experience of Fund I, ICMG Group has cultivated a robust ecosystem across Asia, working closely with startups, venture capital firms, research institutions, universities, and state governments. We have supported numerous co-creation discussions between Asian startups and Japanese companies, accumulating hands-on know-how in delivering tangible outcomes through global collaboration. With Fund II, we are scaling these efforts significantly.
Together with OKI, we are promoting the early implementation of next-generation technologies and cross-border business development to strengthen global competitiveness. In collaboration with The Hokuriku Bank and The 77 Bank, we are also building regional innovation platforms across the Hokuriku and Tohoku areas, engaging local companies, governments, and universities in industry–government–academia partnerships.
Fund II has already initiated multiple co-creation dialogues between Asian startups and large enterprises. These discussions range from understanding each party’s intellectual capital and business models to the ideation of concrete co-creation models. Regular visits to India—including hands-on reviews of startup products, technologies, and innovation hubs—are creating strong momentum for embedding global co-creation directly into corporate strategy execution.
By advancing investment and co-creation in tandem, ICMG Group will continue to leverage its consulting expertise, global VC networks, and facilitation capabilities to support the sustainable growth of Japanese companies.
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Challenges Our Clients Face

OPPORTUNITY

By integrating startup intellectual capital with corporate assets, we provide hands-on support to implement real-world business solutions and secure long-term strategic value.

CHALLENGE

Lack of channels to invest in emerging market startups

CHALLENGE

Our own investment activities narrow the industry in which we invest.

How did we help?

The ICMG Co-Creation Fund was launched in May 2021 with a dual focus on investing in high-growth startups and promoting co-creation initiatives with leading Japanese corporations.
By gaining a deep understanding of our investor clients’ strategies, as well as their specific products and services, we make strategic investments in startups and remain closely involved beyond the investment phase. We actively participate in co-creation discussions and provide hands-on, ongoing support to help turn collaboration into tangible outcomes.
While many venture capital firms limit their involvement to investment, synergy identification, and introductions, the ICMG Co-Creation Fund places strong emphasis on developing concrete co-creation concepts from the pre-investment stage. We work in close dialogue with our investor partners to refine these ideas and support their execution, ensuring that collaborations ultimately translate into real business opportunities for our clients.
I expect that we will be able to connect with others that we cannot connect with on our own, and create synergies that we cannot even imagine.

Domestic Financial Institutions

Our Portfolio

The Co-Creation Fund managed by ICMG invests in start-ups in various industries where co-creation synergies with Japanese companies are expected, and supports business creation and ecosystem building in the global market.

Our Presence

40+Number of Investments
$1.1B+Total Amount of Valuation
6Number of Investor Countries
$66M+Total Funds Under Management

Fund Investor

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Managed Funds

By not only accompanying but also becoming "practitioners" ourselves, we will innovate together with wilful leaders and confront social challenges.

ICMG Co-creation Fund No.1 Investment Limited Partnership

A fund managed by ICMG Partners, Inc. and funded by Japan Airport Building Corporation and Kiriboshi Bank, Ltd. as Limited Partners (LP), which encourages co-creation through partnership between entrepreneurs and large companies that support social infrastructure. The fund is certified by the Ministry of Economy, Trade and Industry as an investment business that promotes the use of external management resources based on the Industrial Competitiveness Enhancement Act.

2021/04/10

ICMG Co-creation Fund No.2 Limited Liability Partnership for Investment

Started fund management based in Singapore, investing in global startups that will become the next unicorns in India and Asia, and accelerating cross-border co-creation projects with Japanese companies.

2025/01/29

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TEPCO-iFrontiers K.K.

A joint venture between Tokyo Electric Power Energy Partners, Inc. and ICMG Group. Aiming to “create new products and services that bring security, convenience, and comfort to our customers' daily lives,” the company offers services such as “Moving Rengrakucho” and other services.

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CleanGrid Partners Pte. Ltd.

A joint venture between WEnergy Global Pte Ltd and ICMG Group. Manages renewable energy funds in collaboration with local partners.

Voices of Our Founders

Amit Koshal

TWID CEO, Co-Founder

Enabling growth through an open Rewards Network.  "Twid is a reward points payment network based in India that allows users to aggregate their reward points from point issuers and spend them across countless merchants as a form of payment. We at Twid are thrilled to partner with Gen-san and entire ICMG Partners team in this journey to build a large enduring company. The passion and conviction on the business and team was mutual, and we believe that together with Gen-san, the team and their LP's we can learn and build better together."

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Shruti Shruti

ApnaKlub CEO,Co-Founder

Revolutionising Kiranas in India, elevating livelihoods with innovation  “As a founder of ApnaKlub, I am proud to say that we have been able to revolutionize the way FMCG goods are supplied in semi-urban and rural areas in India.  Our mission is to empower and encourage small business owners to set up and expand their hyperlocal businesses by giving equitable access to a large assortment of brands and SKUs, fairer prices, and reliability in supply.

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Joseph Aditya

Ralali CEO, Founder

Empowering business growth via digital ecosystem and services  “Ralali is a B2B E-commerce marketplace focused on MSMEs. We have a strong ambition to accelerate positive changes in Indonesia's B2B e-commerce.  Since the beginning, ICMG's vision has aligned with Ralali's values in terms of a sustainable business and impact on society. We believe ICMG will act as a strong strategic partner and will help to strengthen the company's performance.”

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Ram N Kumar

NirogStreet CEO, Co-Founder

Transforming Alternative medicines with trust, integrating healthcare  “NirogStreet is an Ayurveda Platform in India that is transforming the entire Ayurveda market with a mission to bring forth a positive change towards affordable traditional healthcare for all households.  ICMG’s aim to build an ESG focussed company in healthcare is aligned with NirogStreet’s mission and together with ICMG’s deep operational expertise for Japan Go-to-market strategies, the partnership will enable the Company to enter into new markets like Japan.”

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Fund Management Licenses

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Licensed by the Monetary and Financial Authority of Singapore to manage venture capital funds.

2023/04/27

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Obtained approval from the Ministry of Economy, Trade and Industry for “Special Exception to Overseas Investment Regulations Concerning Limited Liability Partnerships for Investment Business”.

2023/04/04

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Registered as a Qualified Institutional Investors, etc. Special Business by the Kanto Local Finance Bureau of the Ministry of Finance for the establishment of fund business.

2021/04/23

Co-investment Partners

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Our Experts

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We are on a course for growth, together.

Gen Funahashi

ICMG Group CEO, Group COO

ICMG Ventures CEO

ICMG Co-Creation Fund General Partner

Keizai Doyukai

Singapore FSA Certified Fund Manager

B.A. in Economics, Waseda University

Boston University Economics

At Deloitte, he was involved in cross-border M&A of manufacturing clients in the US and UK. He has also managed aerospace and healthcare funds at ACA Investments, a private equity fund in Singapore. He then launched CleanGrid Partners and Greenway Grid Global, joint ventures with Tokyo Electric Power Company and Chubu Electric Power Company to invest in renewable energy and next-generation infrastructure to supply electricity to un-electrified areas in Southeast Asia. He also managed the ICMG Co-Creation Fund No. 1, a venture capital fund started with Haneda Airport and Kiriboshi Bank as LPs, and led the Fund No. 2 as the representative partner.In 2016, he moved to Singapore to oversee investments across Asia, including India, and has co-invested with top Asian VC firms such as Sequoia Capital, Google, Tiger Global Management, and Jungle Ventures. In 2023, he joined Keizai Doyukai (Japan Association of Corporate Executives).

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Creating and Expanding the Co-Creation Ecosystem through International Finance

Yu Aruga

Director, CFO and Global Investment Executive, ICMG Group

Director, ICMG Ventures

Fund manager accredited by the Monetary Authority of Singapore

Member of the Securities Analysts Association of Japan

Certified Management Accountant

University College London M.A. in Urban Economic Development

He was in charge of fund raising, investment and liquidity management in Morgan Stanley's finance division. Later, as a founding member of the Singapore subsidiary of a boutique investment bank, he developed the corporate finance business model for Japanese, Indian, and Southeast Asian companies. He was involved in VC investments in India and advisory services for capital tie-ups to APAC companies.He was also in charge of sourcing and DD for the establishment of a global fund of funds. After that, he worked at Nomura Research Institute Singapore as a consultant in the smart city and agriculture fields, and as an advisor for investment in energy business, before joining ICMG Ventures. He is currently engaged in sourcing and DD of investment targets in Asia and networking with VC firms. He lives in Singapore.

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We will think and act to realize the society as it should be, a new society.

Yoshihiko Shimizu

ICMG Group Advisor

Former Vice President and Representative Director, Sumitomo Mitsui Banking Corporation Former President and Representative Director, SMBC Nikko Securities Former Chairman, Yamanashi Prefectural Federation of People's Associations Director, United Nations Association for UNHCR

Bachelor of Commerce, Waseda University

In 1978, he joined Sumitomo Bank (currently Sumitomo Mitsui Banking Corporation). After achieving a number of successes in corporate sales, he held several important positions, including Managing Executive Officer, General Manager of Corporate Banking Division, Director and Senior Managing Executive Officer, and was appointed Representative Director and Vice President of the bank in 2012. He joined SMBC Nikko Securities in 2015 after retiring from the bank, and was appointed President and Representative Director of SMBC Nikko Securities in 2016, and Chairman and Representative Director in April 2020, leading the company's development.He was appointed to the Board of Directors of Sumitomo Mitsui Financial Group from June 2020 to June 2021. He is currently serving as an advisor to several domestic and foreign funds as well as an advisor to industrial companies. He helps each company realize its mission of contributing to environmental, social, and corporate governance in Japan and beyond. He also serves as President of the Yamanashi Prefectural Association of People's Associations and as a board member of the United Nations Association for UNHCR, promoting local economic development and Japan's cooperation with the international community.

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We will continue to be a challenger toward realizing the richness of a diverse and inclusive society.

Makoto Kigawa

External Director, ICMG Special Advisor

Yamato Holdings, Inc. External Director

Oki Electric Industry External Director

Seven Bank, Ltd. External Director

Higo Bank, Ltd. External Director

Author of "Creating Future Markets" (Nikkei BP, Inc.)

Bachelor of Commerce, Hitotsubashi University

After working for Fuji Bank and Mizuho Corporate Bank, he joined Yamato Transport Co., where he was in charge of structural reforms to make the company a holding company and to realize its growth strategy. He also served as President and Representative Director of Yamato Transport, President and Representative Director of Yamato HD, Chairman of Yamato Transport, and President of the Yamato Group Research Institute, Inc.He has also served as Vice President of the Keizai Doyukai (Japan Association of Corporate Executives) and as a member of the Hitotsubashi University Management Council. He currently serves as an outside director of Seven Bank, Oki Electric Industry, Higo Bank, and others.

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Creating a society in which each and every one of us can fulfill our potential.

Takehiko Ogi

External Director of ICMG

Professor, Kyushu University Business School

Author of "The Law of Decline: The Silent Killer Eroding Japanese Companies" (Toyo Keizai Inc.) Having graduated from the University of Tokyo, Faculty of Law, he holds a B.A. from the Woodrow Wilson School of International Relations, Princeton University, N.J., and an M.A. from the University of California, Berkeley, D. (Economics), Graduate School of Economics, The University of Tokyo

He has served in the Ministry of International Trade and Industry (now the Ministry of Economy, Trade and Industry), as the President and Representative Director of Tsutaya Online, Representative Director and Managing Director of Culture Convenience Club, President and Representative Executive Officer of Kanebo (seconded from the Industrial Revitalization Corporation of Japan), President and Representative Director of Maruzen (now Maruzen CHI Holdings),and President and Representative Director of Japan Human Resources Development Organization. He has always been involved in the forefront of corporate and social reform.

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We must say goodbye to greed and create a society where diversity is respected.

Ryoji Sato

ICMG Chief Strategic Development Officer

Former Executive Officer, Hitachi Capital Former President and Director, Hitachi Capital Securities

B.A. in Social Sciences, Waseda University M.A. in Law and Politics, University of Tokyo

In 1982, he joined Hitachi Credit Corporation (now Hitachi Capital Corporation), where he served as Deputy General Manager of the Accounting Department, Executive Manager of the President's Office, General Manager of Group Strategy Office of Hitachi Capital Corporation, President of Hitachi Capital Securities Corporation, Senior Executive Officer and General Manager of Legal Department of Hitachi Capital Corporation, President and Representative Director of Hitachi Capital General Insurance Corporation, Chairman of Hitachi Lease (China) Co. and Executive Officer and General Manager of Corporate Strategy Division of Hitachi Capital Corporation. He has also served in a number of public positions, including as an expert member of a government council. He is the author of numerous articles and publications.

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“RESULTS, NOT REPORTS”

SURI J

ICMG India CEO

SURI CONSULTANTS PVT LTD CEO

Member, All India Management Federation

Member, Federation of Indian Chambers of Commerce and Industry

Past Chairman, Finance, Capital Markets and Foreign Investment Committee, Bangalore Chamber of Commerce and Industry

M.A. Sydenham University

SURI is the founder and CEO of SURI CONSULTANTS PVT LTD, a Bangalore-based financial and corporate advisory firm with over 40 years of continuous service and success since its inception in 1980. 2005, he co-founded Bizworth India Pvt Ltd, a next-generation consulting firm specializing in the measurement and valuation of companies and assets including intangible assets and intellectual capital. In 2005, he co-founded Bizworth India Pvt Ltd, a next-generation consulting firm specializing in the measurement and valuation of companies and assets, including intangible assets and intellectual capital. He is a member of the All India Management Association, FICCI (Federation of Indian Chambers of Commerce and Industry) and is the past Chairman of the Finance, Capital Markets and Foreign Investment Committee of the Bangalore Chamber of Commerce. He is also currently a member of the Bangalore Chamber of Commerce's Banking, Finance and Corporate Legal Affairs Expert Committee and serves as an outside director of Indian-owned and multinational companies. He is a regular speaker and panelist at seminars and workshops in various countries.

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Imagine. Innovate. Interact. Connect to Co-Create.

Becoming innovation partners to co-create the future