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About

About AN0 Capital

A seed-stage venture capital firm built on 18 years of operating experience — backing founders who aim to build global listed companies.

The Firm

Our Mission

AN0 Capital is a seed-stage investment firm founded by Kunihisa Miyamoto after building Net Marketing Inc. from zero to a Tokyo Stock Exchange First Section listing and a ¥13.5 billion exit to Bain Capital. We invest in seed-stage founders building the next generation of listed companies — deploying patient capital, battle-tested judgment, and institutional networks at the earliest and most critical stages of company formation.

Headquartered in Tokyo, AN0 Capital is expanding its investment focus to Europe and Southeast Asia, seeking exceptional founders across borders who share our ambition of building category-defining public companies.

Our investment thesis is rooted in a conviction that the best early-stage investors are those who have walked the entire founder journey themselves — from founding to near-failure, from reinvention to IPO, from scaling to exit. That lived experience is what we bring to every relationship with the founders we back.

Our investment style is "Hands-if" — always available when founders need us, never in the way when they don't. We draw on 18+ years of operating experience to support founders on capital strategy, IPO preparation, fundraising introductions, and the organizational challenges that arise at each stage of growth.

Leadership

Founder & Managing Partner

Kunihisa Miyamoto

Founder & Managing Partner

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Kunihisa Miyamoto graduated from Keio University SFC (Faculty of Policy Management) and joined Nissho Iwai (now Sojitz Corporation), one of Japan's major trading companies. He transferred to ITX, a venture capital subsidiary, where — at the age of 25 — he resolved to become an investor who could deploy his own capital freely. He determined that founding and listing a company was the fastest route.

In 2004, he founded Net Marketing Inc. (株式会社ネットマーケティング), starting with a B2B advertising business. After surviving a revenue collapse in year three — when sales dropped from ¥300M to zero — he rebuilt the company and launched Omiai in 2012, which became one of Japan's leading matchmaking apps with millions of users.

Net Marketing achieved its JASDAQ IPO in 2017, upgraded to the TSE Second Section in 2018, and reached the TSE First Section in 2019 — ascending through all three tiers in just two years. In 2022, US-based Bain Capital conducted a tender offer for ¥13.5 billion, and Miyamoto resigned as CEO to found AN0 Capital.

Since beginning full-time investing, he has met 994 founders, made 30 investments totaling ¥4.37 billion deployed, and committed as LP in 12 VC funds. He holds the status of qualified institutional investor (適格機関投資家).

Our Founder's Journey

The complete journey

From trading company employee to seed-stage venture capital — every major chapter, including the failures that shaped the successes.

~1990

The Spark — Wall Street

As a middle school student, watched the film Wall Street and was captivated by Gordon Gekko's freedom. Dreamed of becoming an investor — someone who could move through the world on his own terms.

1998

Keio University SFC → Nissho Iwai (now Sojitz)

Graduated from Keio University's Faculty of Policy Management (SFC). Joined 日商岩井, a major Japanese trading company (later merged into Sojitz Corporation).

2000

Transferred to ITX (VC Division)

Moved to ITX, a venture capital subsidiary spun off from Nissho Iwai. Experienced both the investment side and operating side. At age 25, resolved to become an angel investor who could "invest freely with his own money" — and determined that founding and IPO was the fastest route.

2004
Founded Net Marketing Inc. (株式会社ネットマーケティング)
Started with a B2B advertising business. His mother was the first investor — a ¥2M loan plus ¥180,000 investment. Year 1 revenue: ¥300M. Year 2: ¥400M. The company was growing.

2006
Revenue Hits Zero — The First Crisis
Year 3 first half: ¥300M. Second half: ¥0. The first business model collapsed completely. One of the darkest periods of his life. But instead of giving up, Miyamoto rebuilt with a new advertising business model.

2012
Launched Omiai — Japan's Leading Matchmaking App
Applied the "time machine model" — saw the success of matchmaking apps overseas and brought the concept to Japan. Omiai scaled to millions of users and became a household name in the Japanese dating market.

2015
IPO Approval Withdrawn — A Devastating Setback
On the verge of going public, the IPO approval was withdrawn. A crushing blow after years of preparation. But Miyamoto regrouped and set his sights on trying again.

2017
JASDAQ IPO Achieved
Two years after the setback, Net Marketing successfully listed on JASDAQ. The beginning of a rapid ascent through the Tokyo Stock Exchange.

2018

TSE Second Section Listing

Upgraded to the Tokyo Stock Exchange Second Section just one year after JASDAQ listing. Also began meeting entrepreneurs — the first steps toward angel investing.

2019
TSE First Section Listing
Achieved TSE First Section listing — the highest tier of the Tokyo Stock Exchange. An extraordinary ascent through all three tiers in just two years.

2021

Omiai Security Incident

An information security incident with Omiai — one of the most painful moments of his career. A stark reminder that even at the top, crises can strike without warning.

2022
Bain Capital TOB — ¥13.5 Billion Exit
US-based Bain Capital conducted a tender offer for ¥13.5 billion. Miyamoto resigned as CEO. His mother's initial ¥180,000 investment — from a company valued at ¥10M at founding — returned 1,000x at the ¥13.5B exit valuation.

2022–
Founded AN0 Capital
994 companies met. 30 investments. ¥4.37B total deployed. LP in 12 VC funds. Qualified institutional investor. The culmination of a lifelong ambition — now deploying capital and experience into the next generation of founders.

Philosophy

Why we invest

After 18 years of building, our founder didn't retire. He chose the one thing he'd been dreaming about since he was 25 — investing freely, on his own terms, deploying capital and experience into the earliest-stage founders.

「それはもちろん最高です。人生の至福の時を迎えています。」

— Kunihisa Miyamoto

At AN0 Capital, investing isn't a side project — it's the culmination of a lifelong ambition. Having navigated every phase of a company's lifecycle as a founder, we now bring that experience to the earliest-stage founders who need it most.

「こういう案件こそ、個人でリスクをとれる私のようなエンジェルが投資しなきゃ誰が投資するんだ」

— Kunihisa Miyamoto

We see a specific gap in Japan's ecosystem — the kinds of early-stage, high-risk bets that VCs often pass on. Companies too early, too unconventional, or too risky for institutional capital. That's exactly where we step in.

Framework

The three types of builder

Not every phase of a company requires the same leader. Our philosophy is that different stages demand different strengths — and that's okay.

Phase 1

0 → 1

Creating something from nothing. The founder's unique territory — vision, conviction, and the ability to build in chaos. This is where our founder started, building Net Marketing from zero revenue.

The spark

Phase 2

1 → 10

Scaling what works. Product-market fit is proven — now it's about teams, systems, and execution. Miyamoto took Omiai from launch to millions of users and a TSE First Section listing.

The climb

Phase 3

10 → 100

Operating at massive scale. Different skills, different leadership. The deliberate choice to pass the baton via the Bain Capital exit reflects a belief that the right leader for each phase is what matters most.

The handoff

This framework isn't just theory — it's how our founder lived his career. He handled 0→1 and 1→10, then made the deliberate choice to let someone else take it to 100. Now we're back where we thrive most: helping founders navigate the hardest early stages.

Vision

From Tokyo to the world

In the US, it's common for successful founders to become angel investors. In Japan, it's still rare. Our founder wants to change that — and take the model global.

Our vision extends beyond our own portfolio. We want to demonstrate a new career model for Japan: listed-company CEOs transitioning into full-time seed-stage investors. In the United States, this path is well-worn — founders who've built and exited companies routinely become the most valuable early-stage investors. In Japan, the pipeline barely exists.

「必ずスタートアップエコシステムの成長が加速する」

— Kunihisa Miyamoto

Our thesis is straightforward: founders who've navigated the full journey — from founding to IPO to exit — possess knowledge that no amount of VC training can replicate. When those founders deploy their own capital into early-stage companies, they bring not just money but battle-tested judgment, relevant networks, and the credibility that comes from having walked the same path.

Looking ahead, AN0 Capital is expanding its geographic reach into Europe and Southeast Asia — regions where we see a rising generation of founders with global ambition and local market insight. By bridging networks across Tokyo, Europe, and Southeast Asia, we aim to connect exceptional founders with the capital and experience they need, regardless of where they build.

By publicly sharing this journey, investment numbers, and philosophy, we aim to show other CEOs that the transition from operator to investor can be the most rewarding chapter of a founder's career — and that it accelerates the growth of the entire startup ecosystem.

Learn more about how we work

AN0 Capital brings 18+ years of operating experience, institutional networks, and conviction capital to the earliest stages. Whether you want to understand our investment approach or you're a founder ready to pitch — we'd like to hear from you.

Our Strategy For Founders →