mark bivens
Yesterday my partner Matt published an article entitled, Who Will Own Japan’s Future? It’s an excellent piece, and I encourage you to read it here. In it, he posed a fundamental question that has haunted Tokyo’s startup ecosystem for a decade: Why are foreign investors usually the ultimate buyers...
mark bivens
This post is addressed to a niche group of individuals working in venture capital in Japan, though the story may resonate beyond borders. You are talented, smart, and ambitious. The job of venture capital appeals to you: imagining the future, allocating capital to promising startups, enabling...
mark bivens
With yesterday’s announcement of Mistral AI’s acquisition of Emmi AI, the French decacorn’s second acquisition in three months, I am reminded of the unspoken, structural inertia holding back Japan’s venture ecosystem. Walk through the sleek tech hubs of Toranomon Hills or listen to the conference...
mark bivens
Are you a master of the “warm intro” who is not afraid to step inside Tokyo’s luxury hotels while also meandering the hidden ateliers of Kanazawa ? Do you thrive in the high-octane environment of a California startup but appreciate the unparalleled quality of life in Japan ? One of our investments...
mark bivens
According to Reuters, private equity firm Thoma Bravo plans to hand over SaaS company Medallia to its lenders after months of restructuring talks. The agreement wipes out $5.1 billion in equity for Thoma Bravo and its investors, having acquired the SaaS business for $6.4 billion in 2021. This...
mark bivens
Fuminori-san from the good folks over at ZooKeep decided to interview me on a slow news day. Here’s an excerpt with link to the full article. [Incidentally, if you manage an enterprise that values human talent, I recommend considering ZooKeep‘s portfolio of products and services.] From Reggae DJ...
mark bivens
As is customary, we are publishing once again our annual VC Radar™ for Japan. This 2025 edition of the VC Radar reflects Japan’s most active Lead VCs in 2025. Specifically, this infographic depicts the number of new investments led by Japan’s independent venture capital funds into domestic...
mark bivens
これを正確に予見していた、と言い切るつもりはない。ただ、振り返れば数年前から、私たちはSaaSスタートアップへの投資をかなり強いトーンで絞ってきた。理由のひとつは明快で、日本、とりわけシリーズB以降のバリュエーションが明らかに過熱しすぎていたからだ。もうひとつ、当時はまだ遠い懸念にすぎなかったが、AIがいずれ大きなディスラプションの震源になるのではないか、という感覚もあった。しかし、その変化がこれほど急激かつスピーディーに進行するとは、さすがに想像の外だった。...
mark bivens
In the vernacular of risk and uncertainty, we often throw around the term black swan, that rare, unforeseeable event that upends markets and narratives. VCs love the myth. If we could only spot the next black swan early enough, we’d be heroes. But here’s the rub: most of what really shapes our...
mark bivens
Happy 2026 ! May this new year of the horse reach full gallop for my dear readers, and may you explore new pastures in an unbridled manner. Don’t hold back the reins on pursuing new challenges ! We like to dedicate a moment for reflection in early January on the prior year. Below is an […] The...
mark bivens
An intriguing phone call from Seven Bank over the summer offered a glimpse into the IT security vulnerabilities confronting Japan’s banks nowadays. First, however, let me clarify that I come not to bury Seven Bank, but to praise them. Opening a personal account with Seven Bank still to this day...
mark bivens
On this annual day of reflection, I am contemplating the multitude of blessings in my life. I am deeply grateful for our Shizen Capital family. We’re managing a total of 7 funds now, blessed with the confidence of nearly 200 LPs and invited to accompany over 55 portfolio companies on their...
mark bivens
This recent article in the Japan Times about sovereign AI reminded me of an exchange I had a year ago on this very topic. My advice was solicited on behalf of a senior official in the Japanese government who was preparing for an upcoming dinner with Sam Altman, the Co-founder and CEO of OpenAI. As...
mark bivens
We were recently solicited by a founder to invest in their startup. I held a brief email exchange with the individual, but then subsequently shifted my attention toward other topics. For kicks, my partner asked ChatGPT to theorize on why I hadn’t followed up with the founder for over a week. Below...
mark bivens
“It involved boring, internal administrative work without any visible impact on the market.“ — said no Shizen intern ever One of our summer rituals at Shizen Capital consists of a revolving door of vibrant student interns. Often, some of our Fund LPs will ask us if we can host their child at our...
Adam Nash
Figma’s first conference, Config 2020. Note: On September 16, 2022, I wrote a post about Figma after the announcement of a $20B acquisition offer from Adobe. As it turns out, that acquisition didn’t happen, but this story deserves to live. So this post has been updated to reflect the journey to...
mark bivens
Back by popular demand, here are the Rude VC summer reading recommendations. For reading lists from prior years, see 2023, 2022, 2021, 2020, 2020p, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012. I wish you all good meditative vibes for the summer ! The post Rude VC Summer reading list 2025...
mark bivens
Today is a truly great day. We are thrilled to welcome Sophie Meralli as Shizen Capital’s newest Partner. Experienced and multi-talented, Sophie is integrally involved in Japan’s startup community through Tokyo Women in VC, as an advisor to Shibuya Startup Support, and as a boardmember of La...
mark bivens
これまでに日本で6本のベンチャーキャピタルファンドを組成し、現在7本目の立ち上げを控えています（詳細は近日中にお知らせします）。私たちのファンドは、すべて意図的に小規模に設計されてきました。実際、これまでのファンドはいずれも、1本あたり5,000万ドル未満のサイズに抑えています。 昨年も述べましたが、今もその信念は変わりません。世界中のあらゆる資産クラスの中で、日本のアーリーステージへのベンチャー投資は、現在最もリターンを期待できる魅力的な投資機会だと考えています。これは、まさに特別なタイミングです。...
mark bivens
We’ve raised six venture capital funds in Japan now, with our seventh on the way (please stay tuned), and we’ve kept them all small. In fact, each of our funds have been under $50 million in size so far. This has been by design. I’ve declared this last year and I still believe it to […] The post...
mark bivens
Late last month we held our Shizen Capital Cross-pollination event. This is an annual ritual when we bring together the majority of our 55 portfolio company founders alongside our 160 LPs. We call it the cross-pollination event because magic happens, organically. It represents a unique moment full...
mark bivens
The Venn diagram of the traditional audience here with the circle of folks who would appreciate this reference might not overlap, but regardless I submit that the metaphor is relevant. One of the storied feuds in the reggae dancehall world over the recent decade and a half personified itself in...
mark bivens
Eighteen months ago, Mayumi Wakebe joined Shizen Capital as the inaugural candidate of our Sprout initiative, a GP-in-Training program for ambitious women in Japan who aspire to become Partner in a VC fund or manage their own. Our rationale in launching the Sprout program was driven by our...
mark bivens
As is customary, we are publishing once again our annual VC Radar™ for Japan. The 2024 edition of the VC Radar™ reflects Japan’s most active Lead VCs in 2024. Specifically, this infographic depicts the number of new investments led by Japan’s independent venture capital funds into domestic...
mark bivens
恒例となっているように、シリコンバレーのよく知られた企業以外のVCの声を取り上げ、今シーズンも女性ベンチャーキャピタリストの英知を読者の皆様と分かち合えることを光栄に思います。 そして2025年は、宇宙が私たちに宇宙レベルの明晰さと洞察をもたらしてくれますように。 頼 嘉満： General Partner, ファーストライト・キャピタル1. 海外資金や海外人材の流入:...
markbivens
As is customary, I am honoured to be able to feature the voices of venture capitalists beyond the usual Silicon Valley household names and once again publish the wisdom of a fully-female cast of VCs for this season’s set of predictions. May the universe bring us cosmic clarity and enlightenment in...
mark bivens
Every year-end at Shizen Capital, we craft a letter to the investors in our Funds. People tell us we should share this letter publicly. So, in a nod to some of this generation’s great fund managers, here is an excerpt of Shizen Capital’s 2024 investor letter. We have removed the confidential bits,...
mark bivens
I consider Tim Romero to be the OG of podcasting on Japan’s digital renaissance and have personally benefited from the wisdom of his Disrupting Japan series since the day I arrived in Tokyo. Naturally, I leapt at the opportunity for Matt and I to join Tim for a winding audio journey together. It...
mark bivens
I think the last time I celebrated Thanksgiving was in the 1990s (it’s just not the same without college football); however, I still make this an annual day of reflection and gratitude. This past year has proven tumultuous for the world. Things have never felt this non-linear ever before during my...
mark bivens
Today’s Shizen Capital founder workshop covered an important topic: Startup M&A. Sam Inohara, Registered Foreign Lawyer, State Bar of California, led an introductory session on the basics of mergers and acquisitions for startups, the contrast between IPO and M&A exits, and how Japan’s...
mark bivens
Today represents a significant milestone for Japan’s investment world. Eurazeo, France’s largest asset manager specializing in private equity, private debt, and venture capital, has announced the establishment of its presence in Japan. This represents an endorsement of Japan from a global fund...
mark bivens
I have to confess that I find this phenomenon of crypto-enabled decentralized prediction markets for the U.S. election intellectually fascinating. I recall watching an episode of a science fiction show as a kid in which citizens of some dystopian nation state would vote online in real-time to...
mark bivens
Last week Ecovadis announced its acquisition of Ulula, a human rights analytics platform. Ecovadis is an admirable company, one of France’s pioneering startups in sustainability analytics solutions, and now rapidly emerging as the gold standard for business ESG ratings. Ecovadis is also one of...
mark bivens
One year ago we announced the Sprout initiative at Shizen Capital. Sprout is a GP-in-Training program for ambitious women in Japan who aspire to manage their own VC fund. The Sprout participant is first employed by Shizen Capital as Investment Director, during which she is exposed to all aspects...
mark bivens
One of the phenomena I witness so frequently among founders in Japan that it warrants a dedicated blog post is the topic of agility in a potential venture investor. This topic reared its head again the other day in a discussion with a local startup founder who was grappling with his VC investor...
mark bivens
Many of you are undoubtedly aware of last week’s Viva Technology conference (VivaTech) in Paris. Japan was featured as country of the year for VivaTech 2024. Hats off to the Japanese government officials at JETRO and METI for securing this honour for Japan ! The Country-of-the-Year selection was...
mark bivens
It was an honour to host a delegation of investors and corporate executives from Japan at VivaTech this week. Japan was selected as the Country of the Year for VivaTech 2024. Part of the festivities included the Global50 event at Station F, a networking and pitch session with 16 European startups...
mark bivens
I couldn’t help but plow through Richard Katz’s latest book, The Contest for Japan’s Economic Future. For Japanophiles and generally anyone curious about business in Japan, or the dynamics of burgeoning innovation ecosystems globally, I highly recommend this book, and not just because Katz cites...
mark bivens
先日、ヨーロッパのある大手成長株ファンドから連絡があった。このファンドは北米だけでなくヨーロッパ全土に投資している。東京にオフィスを開設することを検討しているとのことで、私に連絡をくれた。 これはもちろん素晴らしいニュースであり、日本のデジタルルネッサンスという投資機会に、世界各地の資本配分担当者がいかに目覚めているかを示すものだ。 このファンドとの話し合いの中で出てきた逸話に、東京のオフィス探しに関するものがある。東京の不動産会社がいかに大きなチャンスを盲目的に見逃しているかを思い知らされた話だ。...
mark bivens
The other day a large growth equity fund in Europe reached out to me. This firm has invested across Europe as well as into North America. They contacted me because they are considering to open an office in Tokyo. This is of course fantastic news and a testament to how some capital allocators...
mark bivens
Beyond of course natural gratitude for the citation, I enjoyed Chris Newland’s article in today’s Financial Times. Global media is also awakening to Japan’s startup renaissance. The post Japan’s startup spirit awakens appeared first on Rude VC.
mark bivens
As General Partners of Shizen Capital, we consider ourselves very fortunate to work as venture capitalists. We each also happen to have founded tech startups in our prior careers before entering the VC world. Although we would love to believe that we are brilliant, the reality is that we’ve been...
mark bivens
Thank you to Dr. Stefanie Di Russo, Rebekah Cheng, and James Hollow MBE from Fabric for leading yesterday’s Shizen Capital Workshop on design thinking. Stefanie and Rebekah offered insights on design-oriented frameworks for startups to consider before embarking on a costly product development...
mark bivens
Before embarking on a fundraising journey from VC, every founder should first reflect on whether venture capital funding is appropriate for their company. Financial backing from a VC firm, especially if it’s a good one, can provide potentially heroic benefits to a startup. However, depending on a...
mark bivens
“Right now, early stage venture in Japan represents the most compelling opportunity for asymmetric upside of any asset class worldwide. It’s a unique moment in time.” The post Why Japan’s Startup ecosystem will likely be on every VC’s radar in 2024 appeared first on Rude VC.
mark bivens
A heartfelt thank you to Mihoko Manabe for leading today’s Shizen Capital Workshop. Mihoko counts an extensive career at Moody’s, first as financial analyst in New York and later as Head of Moody’s Japan Corporate Finance as well Board Director. She leveraged her expertise to advise the Shizen...
mark bivens
恒例となりました2023年度版のVC Radar™を発表いたします。2023年に最も活発であった日本のリードVCを反映しています。 具体的には、このインフォグラフィックは、日本の独立系ベンチャーキャピタルファンドが昨年国内スタートアップに対して行った新規投資案件の中でリード投資を行った件数を表しています。つまり、各VCにとってまだポートフォリオに含まれていない、新規のスタートアップのリード投資家を務めた投資のみがカウントされていることになります。...
mark bivens
As is customary, we are publishing once again our annual VC Radar™ for Japan. The 2023 edition of the VC Radar reflects Japan’s most active Lead VCs in 2023. Specifically, this infographic depicts the number of new investments led by Japan’s independent venture capital funds into domestic startups...
mark bivens
私は、読者の皆様にとって建設的な対話の機会となると同時に、洞察力のある女性VCの声が世界的な舞台で認知されるよう、テクノロジーやスタートアップ業界に関する予測記事を数年前から毎年発表し始めました。 そして今回は、下記の女性キャピタリストの方達からインサイトをご提供頂きました。彼女たちは、2024年のベンチャーエコシステムに大きな好影響を与えていくことでしょう。 皆さん、良い年末年始をお過ごしください！ . キャシー 松井 MPower Partners Fund L.P. ゼネラル・パートナー 1....
mark bivens
Years ago I began publishing an annual list of technology predictions in order to provoke constructive dialogue and highlight insightful female VCs globally. In continuity and upon popular demand, here are forecasts from six professionals who are poised to make an outsized positive impact on the...