NOW (Japan)

NOW is a Japanese venture capital firm dedicated to fostering innovation by partnering with visionary entrepreneurs. The firm provides strategic investment and deep operational support to early-stage and growth startups, aiming to co-create an unknown future alongside founders. Their approach emphasizes a hands-on, collaborative relationship that extends beyond mere capital provision, focusing on shared destiny towards success.

The firm was founded in 2017 by Kazuma Ieiri and Ryosuke Kajitani, driven by the insight that entrepreneurship is a journey into an unseen future. Ieiri, a serial entrepreneur, previously founded paperboy&co. and co-founded BASE Corporation, both achieving public listings, and boasts extensive angel investment experience. Kajitani brought a wealth of experience from investment banking at Mizuho Securities and venture capital at Shinsei Corporate Investment, having guided numerous IT ventures through IPOs and fundraising.

NOW's clientele consists of ambitious startup founders who are charting new territories. The firm's long-term vision is encapsulated by its motto, "Next one for the World," signifying its commitment to identifying and nurturing the next generation of companies that will create global impact. They strive to be indispensable allies, empowering entrepreneurs to realize ground-breaking innovations.

# NOW Inc.: Japan's Emerging Venture Capital Powerhouse

High-Level Overview

NOW Inc. is a venture capital firm that operates at the intersection of Japan's startup ecosystem and international markets, investing in early-stage technology companies across both Japan and the United States.[1][2] The firm's core mission centers on identifying and nurturing the next generation of startups while simultaneously contributing to the development of Japan's venture ecosystem and the creation of new industrial sectors.[1] Rather than pursuing late-stage or growth-focused investments, NOW Inc. deliberately positions itself as a seed and early-stage investor, recognizing that this stage of company development requires specialized expertise, patient capital, and hands-on operational support. This strategic focus reflects a broader conviction that the most transformative companies often emerge from the earliest stages of ideation and product-market fit exploration.

The firm's investment philosophy emphasizes continuous support for entrepreneurs, moving beyond the transactional nature of traditional venture capital to build lasting partnerships. By concentrating on innovative solutions and emerging technologies, NOW Inc. seeks to identify opportunities that can reshape industries and create entirely new market categories. This approach positions the firm not merely as a capital provider but as an active participant in Japan's ongoing transformation into a more dynamic innovation economy.

Origin Story

NOW Inc. was founded by two complementary entrepreneurs with deep roots in Japan's investment ecosystem.[1] Kazuma Ieiri, one of the co-founders, brings the perspective of a serial entrepreneur with a strong track record in angel investing—experience that provides intimate knowledge of what early-stage founders need and how to identify promising ventures before they become obvious to the broader market. His co-founder, Ryosuke Kajitani, contributes extensive experience in investments and IPO support gained through roles at venture capital firms and securities companies, offering institutional knowledge of how startups scale and navigate the path to public markets.

This founding combination reflects a deliberate design: pairing entrepreneurial intuition with institutional expertise. Ieiri's background as an angel investor means he understands the founder's perspective and the challenges of building from zero, while Kajitani's experience in venture capital and IPO support provides the operational and financial frameworks necessary to scale early-stage investments into meaningful exits. Together, they created a firm positioned to bridge the gap between raw startup potential and institutional-grade venture capital support.

Core Differentiators

Specialized Early-Stage Focus

Unlike generalist venture firms that span seed through growth stages, NOW Inc. has deliberately narrowed its aperture to seed and early-stage investments. This specialization allows the firm to develop deep expertise in the unique challenges of pre-product and early-product companies, where capital efficiency, founder psychology, and product-market fit validation are paramount.

Founder-Centric Operating Model

The firm's emphasis on "continuous support to entrepreneurs" suggests an operating philosophy that extends beyond quarterly check-ins and board meetings.[1] This likely includes hands-on assistance with product development, go-to-market strategy, and fundraising preparation—the kinds of operational support that can meaningfully accelerate early-stage companies.

Geographic Arbitrage and Dual-Market Expertise

By investing across both Japan and the United States, NOW Inc. positions itself to identify Japanese startups with global potential and potentially introduce US-based founders to the Japanese market.[2] This dual-market presence creates opportunities for cross-border syndication and knowledge transfer that single-market focused firms cannot replicate.

Ecosystem Integration

The firm operates within FIRST CVC's broader network of 400 corporate venture capital firms and participates in community-building initiatives like the JAPAN CVC SURVEY conducted with Hitotsubashi University.[1] This integration provides NOW Inc. with visibility into corporate innovation priorities and access to a network of potential strategic partners for portfolio companies.

Role in the Broader Tech Landscape

NOW Inc. emerges at a pivotal moment in Japan's venture capital evolution. Japan-focused funds raised $8.74 billion in 2024, approaching the record $9.3 billion raised in 2020, signaling that the country has entered what observers describe as a "golden age of private equity."[5] Within this context, early-stage venture capital firms like NOW Inc. play a critical role: they serve as the initial filter and incubator for the deal flow that later-stage funds and strategic acquirers will evaluate.

The firm's existence reflects a broader recognition that Japan's startup ecosystem requires specialized capital at the seed and early stages. Historically, Japanese venture capital concentrated on later-stage rounds where institutional investors could deploy larger checks and apply more predictable valuation methodologies. The emergence of firms like NOW Inc. suggests a maturation of the ecosystem—a recognition that sustainable venture activity requires a robust pipeline of well-supported early-stage companies.

Additionally, NOW Inc.'s dual focus on Japan and the United States positions it to capitalize on a significant trend: the increasing globalization of Japanese startups and the growing interest of US venture investors in Japanese technology. As Japanese founders become more comfortable with international expansion and US investors develop greater sophistication in evaluating Japanese market opportunities, firms with credibility in both markets become invaluable connectors and validators.

Quick Take & Future Outlook

NOW Inc. represents a maturing phase of Japan's venture capital market—the emergence of specialized, founder-friendly early-stage investors who can compete with international venture firms for the best emerging talent. The firm's founding team composition suggests a thoughtful approach to building institutional credibility while maintaining founder empathy, a balance that many venture firms struggle to achieve.

Looking forward, NOW Inc.'s trajectory will likely be shaped by several forces. First, the continued expansion of Japan's startup ecosystem will create more deal flow and increase the firm's visibility among founders. Second, the firm's ability to generate strong exits—whether through acquisitions or IPOs—will determine its ability to raise larger subsequent funds and attract institutional LPs. Third, the firm's role within the broader FIRST CVC ecosystem positions it to benefit from increased corporate venture activity, as strategic investors increasingly seek early-stage exposure to emerging technologies.

The most significant opportunity for NOW Inc. lies in becoming the canonical early-stage venture firm for founders who want to build globally significant companies from Japan. In a market where venture capital is becoming more abundant but founder-friendly early-stage expertise remains relatively scarce, firms that can combine patient capital, operational support, and international credibility will increasingly become the default choice for the best emerging founders.