Story — Kunihisa Miyamoto | From Founder to Angel Investor

Kunihisa Miyamoto judging at QWS Startup Award

QWS Startup Award — Judge

As a middle schooler in Japan, Kunihisa Miyamoto watched the film Wall Street and was captivated by a single image: Gordon Gekko, moving freely through the world, investing on his own terms. That image planted a seed — a dream of becoming an investor who could deploy his own capital, freely, in the companies he believed in.

But Miyamoto understood something early: to invest freely, you first need capital and credibility. At 25, working at a VC subsidiary, he mapped out the fastest route — found a company, take it public, then invest with your own money. What followed was an 18-year journey through founding, near-failure, reinvention, IPO, and a ¥13.5 billion exit — all leading to the life he'd envisioned since childhood.

「自分のお金で好きなように投資できるようになりたい！」

Timeline

The complete journey

From trading company employee to full-time angel investor — 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. Began full-time angel investing, having already met ~360 founders since 2018.

2022–
Full-Time Angel Investor
994 companies met. 29 investments. ¥4.37B total invested. LP in 12 VC funds. Qualified institutional investor. Living the dream he first had as a middle schooler watching Wall Street.

Philosophy

Why angel investing

After 18 years of building, Miyamoto didn't retire. He chose the one thing he'd been dreaming about since he was 25 — investing freely, on his own terms, with his own money.

「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。」

For Miyamoto, angel investing isn't a hobby or a side project — it's the culmination of a lifelong ambition. After navigating every phase of a company's lifecycle as a founder, he now brings that experience to the earliest-stage founders who need it most.

「24時間365日、自分で自分の時間を支配できる生活」

But it's not just about freedom. Miyamoto sees 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.

「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」

Framework

The three types of builder

Not every phase of a company requires the same leader. Miyamoto's 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 Miyamoto started, founding 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. Miyamoto believes someone else could better handle this phase — and that's exactly why he passed the baton via the Bain Capital exit.

The handoff

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

Reflections

Top 10 moments — sunny days and rainy ones

「毎日が晴れだといづれ砂漠になる。雨の日も必要。」

#1
IPO on JASDAQ (2017)
The culmination of 13 years of building. The single most defining moment — proving that the dream was possible.

#2
Bain Capital TOB — ¥13.5B (2022)
The exit that unlocked the next chapter. A validation of everything built, and the beginning of full-time angel investing.

#3
Founding Net Marketing (2004)
The leap of faith. Leaving a stable career to start from zero with a B2B advertising business and his mother's investment.

#4

Omiai Security Incident (2021)

One of the most painful chapters. An information security incident that tested leadership under the harshest conditions.

#5

Revenue Drops to Zero (2006)

Year 3 — the first business model collapsed. Revenue went from ¥300M to ¥0. The ultimate test of resilience and the beginning of reinvention.

#6

IPO Approval Withdrawn (2015)

On the verge of going public, the approval was pulled. A devastating setback that could have ended the IPO dream entirely — but didn't.

#7

Launching Omiai (2012)

Applying the "time machine model" to bring matchmaking apps to Japan. A pivot that would define the company's trajectory.

#8

TSE First Section Listing (2019)

The highest tier of the Tokyo Stock Exchange. An extraordinary ascent through all three tiers in just two years.

#9

Mother's 1,000x Return

His mother's ¥180,000 investment at founding — when the company was valued at ¥10M — multiplied 1,000x at the ¥13.5B exit valuation. The loan was repaid quickly; the investment became legacy.

#10

First 29 Investments as Angel

From meeting 994 founders to investing in 29 companies. Building a portfolio that proves the model: listed-company founders can become world-class angel investors.

Vision

Creating a new career path for Japan

In the US, it's common for successful founders to become angel investors. In Japan, it's still rare. Miyamoto wants to change that.

Miyamoto's vision extends beyond his own portfolio. He wants to demonstrate a new career model for Japan: listed-company CEOs transitioning into full-time angel 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」

His 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.

By publicly sharing his journey, investment numbers, and philosophy, Miyamoto aims to show other CEOs that angel investing isn't just viable — it's deeply fulfilling. His goal: prove that the transition from operator to investor can be the most rewarding chapter of a founder's career.

"My mother was the first to invest — ¥2M loan plus ¥180,000 investment. I returned the loan quickly. The investment multiplied 1,000x."

Building something that matters?

I've walked the path from zero revenue to TSE First Section to ¥13.5B exit. Now I back founders with the same conviction I had when I started. If you're building the next listed company — let's talk.

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