AN0 Capital deploys patient capital into seed-stage founders who aim to build public companies. Founded by Kunihisa Miyamoto — who took a company from zero to TSE First Section and a ¥13.5 billion exit — we bring operator experience, institutional networks, and conviction capital to the earliest stages.
Primarily seed-stage, with tickets of ¥5M–¥20M. We deploy approximately ¥100M annually across 6 new companies, plus follow-on investments in existing portfolio.
AN0 Capital is built on the operating experience of its founder — who built, scaled, listed, and exited a company. That full lifecycle expertise is embedded in every investment decision and every founder relationship.
Our investment approach is "Hands-if" — always available when founders need us, without getting in the way. Here's where we add the most value.
18 years of operating experience across B2B advertising and B2C matching services. We help founders think through market timing, competitive moats, and go-to-market.
From seed valuation to IPO cap table — we help with fundraising structure, dilution planning, and JKISS vs. preferred stock decisions from day one.
Direct experience navigating JASDAQ → TSE First Section. We know audit firms, securities houses, and the governance requirements inside out.
Connected to 63 VCs and 20+ prominent angels. We actively bridge founders to the right investors through co-investment deals — the #1 request from portfolio companies.
Scaled from 1 to 200+ employees. We share frameworks on hiring, evaluation systems, management layers, and avoiding organizational breakdowns.
Firsthand experience with a ¥13.5B TOB process. We explain the real differences between private M&A and public-company TOB from direct experience.
30 companies backed across AI, SaaS, matching platforms, DX, and fintech — with a focus on unicorn-potential seed-stage startups.
Perspectives on startups, markets, and investing — from @an0gel0 and our research.
First, build a foundation so the company doesn't die. Step 0: Muster the courage to leave your current job and commit to founding. Step 1: Build a cash-cow business generating ¥5M gross profit per month...
Read on X →There are many investment styles — hands-on, hands-off, hands-if. We believe "hands-if" (we're here if you need us, just reach out) is the ideal style. The founder should be able to run the business freely...
Read on X →But they're not actually developing AI themselves — most are just piggybacking on it. Companies that simply bolt AI onto their keyword list face a reckoning. The real opportunity lies in companies where AI is the core engine...
Read on X →Our portfolio company, AI security firm KB-eye, appeared on the show and received the highest corporate valuation in the program's history — ¥100 billion. Initial investment was made in 2022...
Read on X →Monthly ARPU ¥100K (low end ¥10K). To IPO you need ~¥2B revenue. You need compound SaaS or enterprise pricing to raise ARPU — otherwise the math doesn't work at scale.
Read on X →Pre-seed ¥0–2B → common stock. Seed ¥2–10B → JKISS or deemed preferred stock. Series A+ → preferred stock. Understanding this framework is essential for founders navigating their first fundraise.
Read on X →AN0 Capital is actively investing in seed-stage founders with the resolve and preparation to build public companies. Whether you're at pre-seed or raising your seed round — we'd like to hear about your vision, capital strategy, and path to IPO.