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UPSIDER Capital provides venture debt, offering substantial loans to fuel the expansion of rapidly growing companies. As Japan's largest independent venture debt fund, it enables businesses to fund strategic initiatives without equity dilution. This allows companies to pursue growth while preserving ownership.
UPSIDER Capital originates from UPSIDER Inc., founded in May 2018 by Toru Miyagi and Tomonori Mizuno to address financial gaps for ambitious businesses. Led by Naoki Ishigami, UPSIDER Capital extends this commitment by providing flexible, non-equity-based funding for growth-stage Japanese companies.
It primarily serves fast-growing startups and enterprises seeking capital. Its mission is to cultivate innovation and enable entrepreneurial success through steadfast financial backing, positioning itself as a crucial partner in their scaling. UPSIDER Capital envisions a future where ambitious businesses thrive with robust financial support.
UPSIDER Capital has 2 tracked investments across 2 companies. The latest tracked deal is $233.7M Debt / Series D in Mujin in December 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Dec 2, 2025 | Mujin | $233.7M Debt / Series D | Akira Shimada, Qatar Investment Authority | Shoko Chukin Bank, Aozora Bank, Fukuoka Bank, Joyo Bank, Mitsubishi HC Capital Realty, Mizuho Bank, Nagoya Bank, Salesforce Ventures, Sumitomo Mitsui Trust Bank, Yokohama Capital |
| Apr 18, 2024 | Sales Marker | $3.9M Debt | Upsider Capital | — |