AN0 Capital deploys capital into seed-stage founders who aim to build listed companies. Here's how we think about investing, what we look for, and how the process works.
AN0 Capital was born from the operating experience of its founder, Kunihisa Miyamoto — who built ネットマーケティング from zero to a TSE First Section listing and a ¥13.5 billion exit to Bain Capital. Our goal isn't just financial returns — it's to stand alongside founders building the next generation of listed companies, and to experience the journey with them.
Our investment style is "Hands-if" — always available when founders need us, without getting in the way. The founder should run the business freely. We step in when asked: capital strategy, IPO preparation, fundraising introductions, organizational challenges.
Primarily seed stage, with selective investments at pre-seed and Series A.
Even before MVP. If you have conviction about the market and a clear thesis, we're willing to listen. This is where firms like ours must step in — because most VCs won't.
Our sweet spot. You have early traction or a compelling prototype, and you're ready to raise your first meaningful round. This is where we write the majority of our checks.
We participate in Series A rounds when the company is a strong fit and we can co-invest alongside institutional VCs. Typically as a follow-on to an existing seed investment.
We deploy approximately ¥100M per year across 6 new investments plus follow-on capital for existing portfolio companies.
Two primary thesis areas — Compound SaaS (B2B) and New-Market Platforms (B2C) — plus broad interest across IT/web verticals.
Six core criteria we evaluate before making an investment decision.
We invest in large markets. If the total addressable market won't exceed ¥100 billion within five years, the ceiling is too low for a unicorn outcome.
We're looking for companies that could reach ¥100B+ valuation. This means aiming for IPO or a transformative outcome — not a modest lifestyle business.
Even at seed, we want to see that you've thought deeply about LTV, CAC, payback period, and the path to profitability at scale.
Can you become the dominant player in your category? We back founders who are building to win their market, not to survive in it.
Great products don't sell themselves. For B2B, we evaluate your sales motion. For B2C, we look at user acquisition and growth strategy.
Above all else — are you honest? Can we trust you? Investing is a long-term relationship, and character is the foundation of everything.
Beyond the business metrics, we evaluate the people behind the company.
Does this founder burn with conviction about the problem they're solving?
Can they see beyond today's challenges to the larger opportunity?
A unique insight into the market combined with deep domain knowledge.
Can they attract talent, investors, and partners?
Can they build and lead a team? Can they scale beyond themselves?
Can the team recognize when something isn't working and adapt quickly?
Speed of execution matters more than perfection at seed stage.
The teams that win keep pushing through setbacks with relentless determination.
Can the team produce results collectively? A culture of shared accountability.
We want to be upfront about what falls outside our investment scope.
Businesses built on selling time rather than building scalable products.
No path to national or global scale.
Competing for share in a shrinking or stagnant market.
Not yet ready to engage in substantive discussions about the business.
Submit your pitch through the website or reach out via Facebook Messenger. Include your company name, stage, and a brief description.
We review your submission against our investment criteria. We aim to respond within 2 weeks.
15 minutes for your pitch, 30 minutes of Q&A, 15 minutes for next steps.
Financial projections, cap table, detailed market analysis, or customer data as relevant.
We make decisions relatively quickly. As a focused early-stage firm, it's our capital and our conviction.
Terms agreed (typically J-KISS or preferred stock), agreement executed, funds wired.
"Hands-if" begins. Capital strategy, VC introductions, IPO preparation, and more.
If your startup fits the criteria above — a large market, unicorn ambition, strong unit economics thinking, and a founder with integrity — we want to hear from you.