The Coral Capital Podcast: Recent Episodes
Coral Capital
Welcome to the Coral Capital podcast, where we discuss startups, technology, and the future through the lens of Japan and Asia broadly. This is your typical VC podcast, with an atypical cross-cultural and multilingual flair. よろしくお願いします！
Devon Zuegel, founder and CEO of the Esmeralda Institute, joins us on the latest episode of The Coral Capital Podcast.
After building online communities, scaling open-source programs at GitHub, and hosting Notion’s Pioneers series, Devon Zuegel is now bringing her expertise offline to create a family focused village north of San Francisco.
In this episode, she shares the challenges of shaping a people centered village, from navigating complex land use regulations to balancing environmental realities.
Topics explored:
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How San Francisco’s housing shortages inspired Devon to create Esmeralda
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Why California’s CEQA further fueled Devon’s passion for urban planning
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Designing multi-generational, walkable communities with a balance of density and nature
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The concept of “traveling neighborhoods” and fostering connection through shared experiences
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The hardware and software of building a physical community
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Integrating seniors, families, and diverse age groups into a cohesive community
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Creating lasting culture and connection through deliberate programming and shared experiences
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Get in touch with us here: bit.ly/contactcoral
Connect with Devon:
X: https://x.com/devonzuegel
LinkedIn: https://www.linkedin.com/in/devonzuegel/
Connect with Tiffany:
X: https://x.com/tiffanykayo
LinkedIn: https://www.linkedin.com/in/tiffanykayo/
Connect with Alexandra Silverman:
X: https://x.com/AlexandraFayeS
LinkedIn: https://www.linkedin.com/in/afsilverman/
00:00 Intro
00:46 Meet Devin
08:19 Placemaking and Traveling Neighborhoods
16:51 Building Esmeralda
31:12 Supporting Families in Northern California
33:23 Incorporating the Elderly in Community Planning
38:17 Learning from Other Towns and Cities
47:09 Building a New Town
Koichi Narasaki, former Chief Digital Officer of SOMPO and the architect behind Palantir Japan, joins us on the latest episode of The Coral Capital Podcast.
From his early days at Mitsubishi Corporation investing in Silicon Valley startups during the dotcom boom, to leading one of Japan’s most successful joint ventures with Palantir, Narasaki has been at the intersection of global tech and Japanese enterprise for decades.
He shares stories from passing on PayPal in 1998, to convincing SOMPO’s leadership to invest $500M into Palantir, and lessons on how foreign companies can succeed in Japan.
Topics explored:
• Why Mitsubishi’s early CVC efforts in Silicon Valley clashed with Tokyo HQ
• Meeting Peter Thiel, Elon Musk, and Marc Benioff in the 1990s
• The cultural gap between fast-moving Silicon Valley and conservative Japan
• Why he left Mitsubishi after nearly 20 years to join startups on the other side of the table
• How he became SOMPO’s first Chief Digital Officer and redefined “DX” in insurance
• The story of Palantir’s failed solo Japan entry, and how the SOMPO JV turned it around
• What convinced SOMPO’s CEO to greenlight a 50/50 joint venture with Palantir
• How “dogfooding” Foundry inside SOMPO unlocked trust with Japanese clients
• The legendary $500M Palantir investment during the pandemic, and the debates behind it
• What global B2B software founders need to know before entering Japan
• His perspective on culture, trust, and speed inside a 135-year-old Japanese giant
Connect with Narasaki:
LinkedIn: https://www.linkedin.com/in/koichi-narasaki-5969b/
Connect with James:
X: https://x.com/james_riney
LinkedIn: https://www.linkedin.com/in/jamesriney
Connect with Tiffany:
X: https://x.com/tiffanykayo
LinkedIn: https://www.linkedin.com/in/tiffanykayo/
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Get in touch with us here: https://bit.ly/contactcoral
(00:00) Trailer(01:00) Intro(05:16) Leaving Mitsubishi & the dot-com crash
(14:34) Early startup journey (Allyno → Access)
(17:02) Becoming Chief Digital Officer at SOMPO
(20:20) Discovering Palantir & messy data realities
(26:18) The meeting with Alex Karp that changed everything
(35:00) Why the SOMPO–Palantir JV happened
(43:56) Growing in Japan: revenue, culture, challenges
(55:42) Advice for foreign SaaS entering Japan
Ayao Komatsu, the team principal of Haas F1, joins us on the latest episode of The Coral Capital Podcast.
As the first Japanese team principal (leading a non-Japanese F1 team), Komatsu offers a unique perspective on leadership in Formula 1.
Ayao shares insights on Haas F1's new technical partnership with Toyota and the challenges of competing with limited resources as the team looks ahead to the 2026 rule changes.
Topics explored:
• How Ayao navigated an unconventional route into Formula One
• Lessons from growing up in a politically and culturally unique household
• What it’s like managing a lean, global team across continents
• The mindset shifts required to lead in high-performance environments
• How Haas F1 is approaching its partnership with Toyota
• Insights into the upcoming 2026 regulation overhaul—and why it matters
• Why communication and culture are now top priorities at Haas
• What Japanese teams can learn from international motorsport organizations
• Ayao’s take on long-term strategy vs. short-term pressure in F1
• How he defines success beyond the podium
Connect with Ayao:
LinkedIn: https://www.linkedin.com/in/ayao-komatsu-828a8587/
X: https://x.com/AyaoKomatsu
Connect with Tiffany:
X: https://x.com/tiffanykayo
LinkedIn: https://www.linkedin.com/in/tiffanykayo/
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Get in touch with us here: https://bit.ly/contactcoral
00:00 Trailer
00:54 Introduction
01:17 Fascinating upbringing
05:58 Unique parenting style
11:09 “…Until I met F1”
13:59 Being Japanese in the industry
20:25 Different environments
25:51 The technical partnership
32:07 Life as an engineer
39:33 Improving team capability
43:26 Starting from scratch
47:53 Engineering at the heart of management
51:39 Alignment gaps
58:23 What’s new in Formula One
1:01:09 The ideal goal
1:03:53 Reasonably determined
1:08:12 Outro
At Coral Capital’s Tokyo HQ, artist–entrepreneur VERBAL (m-flo rapper and producer, AMBUSH® Co-Founder, and SŌMATŌ sake founder) sits down with James Riney and Tiffany Kayo to unpack how Japan’s next cultural wave is being built at the intersection of streetwear, music, and frontier tech.
They explore why a Tokyo mindset still captivates tastemakers from Pharrell to Prada, and what has to change for Japan’s creators to capture Silicon-Valley-level scale.
The conversation dives into:
• Streetwear’s original “soft-power” playbook — how Nigo, Pharrell, and a Harajuku network turned Japanese design into hip-hop currency and seeded brands like AMBUSH®.
• Two SKUs and a Paris runway — why VERBAL and Yoon Ahn sold a majority stake in AMBUSH®, what they learned inside New Guards Group / Farfetch, and why they just bought it all back.
• Craft sake, misunderstood luxury — the cold-chain, labeling, and pricing gaps keeping nihon-shu under-valued abroad, and how SŌMATŌ plans to rebrand the category for Michelin tables.
• AI, Web3, and VTubers — a realist’s take on Suno-generated melodies, token-gated superfans, and the virtual-idol economy Japan is quietly leading.
• Lessons from K-Pop’s public-private machine — what Japan can borrow (and what it shouldn’t) to export its own IP at scale.
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Get in touch with us here: bit.ly/contactcoral
Connect with VERBAL:
X: https://x.com/VERBAL_AMBUSH
Connect with James:
X: https://x.com/james_riney
LinkedIn: https://www.linkedin.com/in/jamesriney
Connect with Tiffany:
X: https://x.com/tiffanykayo
LinkedIn: https://www.linkedin.com/in/tiffanykayo/
In this episode of The Coral Capital Podcast former Financial Times editor and author of Gambling Man, joins Tiffany Kayo and James Riney for a conversation about one of Japan’s most enigmatic figures: Masayoshi Son.
Barber shares what it was like sitting across from Masa, why his story is more than a business saga, and how SoftBank’s founder became a symbol of Japan’s global ambitions and contradictions.
We get into:
• The early years: Pachinko, pseudonyms, and SoftBank before Silicon Valley
• Behind-the-scenes stories of his deal with Donald Trump
• The $500B Stargate Project with Sam Altman and Larry Ellison of OpenAI
• Personal stories from Lionel’s interviews with Masa, his family, and the unlikely figures who shaped his journey—including Steve Jobs
Lionel’s book: https://www.amazon.co.jp/-/en/Gambling-Man-Wild-Japan’s-Masayoshi/dp/0241582725
The Japanese edition of the book will be launched soon.
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Get in touch with us here: bit.ly/contactcoral
Connect with Lionel:
LinkedIn: https://www.linkedin.com/in/lionel-barber-473826135/
X: https://x.com/lionelbarber
Connect with James:
X: https://x.com/james_riney
LinkedIn: https://www.linkedin.com/in/jamesriney
Connect with Tiffany:
X: https://x.com/tiffanykayo
LinkedIn: https://www.linkedin.com/in/tiffanykayo/
On this episode of The Coral Capital Podcast, we were joined by the Chief Evangelist of Canva for a candid conversation about grit, growth, and the unfiltered story behind his remarkable career.
Also in the conversation:
- The Silicon Valley myth that keeps getting mistaken for strategy
- What Apple got right (and still gets wrong) about AI
- How Canva is spreading design literacy globally
- Why your ikigai doesn’t need to be world-changing to be real
Plus: Guy opens up about fainting on hospital rounds, quitting law school after two weeks, and how a ride in a Porsche 911 lit a fire under him to work hard and aim higher.
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Connect with Guy:
LinkedIn: https://www.linkedin.com/in/guykawasaki/
X: https://x.com/GuyKawasaki
Connect with Tiffany:
X: https://x.com/tiffanykayo
LinkedIn: https://www.linkedin.com/in/tiffanykayo/
Get in touch with us here: bit.ly/contactcoral
00:00 Trailer
00:58 Introduction
01:41 Hawaii
02:40 Childhood and upbringing
06:49 Ohana, aloha and motivation
10:41 Working at Apple
15:01 Bringing the good news
19:28 The ecosystem VC
21:26 Evangelism in marketing
27:13 Growth, grit, grace
36:38 Artificial intelligence
42:19 Cutting through the noise
44:09 Book updates
46:23 What is your ikigai?
47:42 Outro
Mentioned in this episode: Kalihi Elementary School, Apple, Standford Medical Center, University of California Los Angeles (UCLA), World War 2, Porsche 1911, OpenAI ChatGPT, Canva, Adobe Photoshop, Guy Kawasaki’s Remarkable People, Jane Goodall, Neil deGrasse Tyson, Stephen Wolfram, Mark Manson, Signal, Anthropic Claude, Perplexity, Apple Intelligence, TikTok
On this episode of The Coral Capital Podcast, Founding Partner James Riney and Investor Tiffany Kayo were joined by Phil Wickham, co-founder of Sozo Ventures—a globally-minded VC firm that’s backed breakout U.S. companies expanding into Japan, including the likes of Coinbase, Square & Palantir.
Philip shares rare, behind-the-scenes insights from decades spent bridging Silicon Valley and Tokyo, explaining why Japan is suddenly hot again for global startups—and how to navigate its famously complex corporate and cultural terrain.
Topics explored:
- The four pillars that make Japan a high-margin & high-loyalty market worth cracking
- Lessons from backing companies like Palantir, Square, Coinbase, and Need in Japan
- Why corporate money on your cap table can be more risk than reward—especially in Japan
- What founders consistently get wrong when entering Japan, and how to avoid wasting years
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Get in touch with us here
Phil's Book: https://www.amazon.co.jp/2032年、日本がスタートアップのハブになる：世界を動かす才能を解放せよ-フィル・ウィックハム/dp/4910487042?tag=googhydr-22&source=dsa&hvcampaign=books&gad_source=1
00:00 Trailer
00:48 Introduction
03:06 Selling Japan to Startups
06:21 The Challenges of Entering Japan
09:01 First Steps for Expanding into Japan
13:02 Case Studies: Coinbase & NEED
16:06 Palantir’s Unique Approach to Japan
20:03 The Role of Corporates in Startup Growth
23:42 Targeting the Right Partners in Japan
28:06 Joint Ventures vs Independent Expansion
39:12 Keeping Options Open in Japan
51:05 Japan’s Global Competitive Edge
Connect with Phil: https://www.linkedin.com/in/pwickham/
Connect with James:
X: https://x.com/james_riney
LinkedIn: https://www.linkedin.com/in/jamesriney
Connect with Tiffany:
X: https://x.com/tiffanykayo
LinkedIn: https://www.linkedin.com/in/tiffanykayo/
Learn more about Coral Capital
This episode was produced & distributed with the help of our friends at Atomik Growth.
At Coral Capital’s Tokyo HQ, economist and writer Noah Smith joins James Riney, Founding Partner and CEO of Coral Capital, to explore how Japan is uniquely positioned for a global resurgence.
They discuss how the country can convert its global fascination into a strategic advantage, and why Japan is increasingly on the radar of institutional capital and high-net-worth investors.
The conversation dives into:
• The rise of the “weeb” economy” (think anime, fashion, subculture, and Japan’s growing soft power on the global stage)
• Why Japan is primed for greenfield FDI in AI, semiconductors, and deep tech
• How Tokyo is rivaling Austin and Paris as a global tech & startup hub
• Japan’s untapped operational MOAT for builders and investors
If you're working on something ambitious, we’d love to hear from you at Coral Capital!
Get in touch with us here
Chapters:
00:00 Trailer
00:52 "Weebs" and Japanese tourism
05:48 Rule by law and economic factors
14:22 GDP and exports
17:19 Cultural mindshare and diasporas
24:51 Enterprise value creation
30:29 Small businesses
34:46 Financial policy
39:35 Immigration, fluency, zero-tolerance
47:54 Exports need improvement
49:35 Untapped demand
50:00 Plaza Accord
54:50 Book plug and outro
Mentioned in this episode: Battle Royale, Ruth Benedict, Sakana AI, Taiwan Semiconductor Manufacturing Company Limited (TSMC), Apple iPhone, Taro Kono, Mijoté San Francisco, The Boeing Company, Christopher Poole a.k.a. moot, Jack Ma, Silicon Valley, Dell Inc., Donald Trump, WeChat (Weixin)
Connect with Noah: https://x.com/Noahpinion
Noah’s Substack: https://www.noahpinion.blog/
Connect with James:
- X: https://x.com/james_riney
- LinkedIn: https://www.linkedin.com/in/jamesriney
Learn more about Coral Capital
This episode was produced & distributed with the help of our friends at Atomik Growth.
Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.
In this episode, economist and long-time Japan optimist Jesper Koll breaks down how Japan is faring amid rising global protectionism, demographic shifts, and geopolitical uncertainty. A resident of Japan since 1986, Jesper has spent decades at the forefront of Japan analysis and investment, having served as chief strategist and head of research for JP Morgan and Merrill Lynch. He currently advises Monex Group, sits on the Japan Catalyst Fund’s investment committee, and serves on multiple high-level advisory boards, including Governor Yuriko Koike’s.
Jesper warns that a Trump 2.0 presidency could trigger a double whammy for Japan: a weaker dollar slashing Japanese corporate profits and an aggressive U.S. tariff regime pushing China to dump exports into Southeast Asia—hurting Japan’s industrial giants in the process. But he's still bullish on Japan.
Why? Jesper sees Japan as “capitalism that works”—a system quietly modernizing under the radar. From record M&A and MBO activity to a younger generation of CEOs open to change, Japan is entering a new phase of productivity and openness. He highlights the ongoing shift to performance-based pay, increased immigration, and growing startup dynamism as key signs of this transformation.
- Why a weaker dollar is Japan’s silent earnings risk: With two-thirds of Japanese listed company profits coming from overseas, a 10-yen appreciation can slash earnings by 8%. If Trump 2.0 weakens the dollar, Japan takes a hit—fast.
- Japan isn’t insular—it’s hyper-globalized: Despite its reputation, Japan generates a higher percentage of corporate profits overseas than the U.S. or Germany. From Daichi Life to Toyota, Japan’s biggest firms are already global players.
- The real threat of Trump’s China policy is deflation via the Global South: U.S. tariffs could force China to dump excess goods into Southeast Asia, undercutting Japanese firms not just on price, but now on quality too.
- Made in Japan = 30~40% price premium: Companies like Shiseido are relocating production to Japan not for politics, but for branding. “Brand-shoring” is about value, not alliances.
- Why energy—not labor—is Japan’s factory hurdle: Labor can be automated. The real constraint on manufacturing in Japan may be uncertainty around energy costs and nuclear policy.
- Japan’s brain gain is real—and measurable: While the population shrinks, immigration is quietly surging. Every day, 1,200 people get 3-year work permits. Companies are adapting with performance-based pay, not seniority resulting in higher talent liquidity.
- Record M&A and MBOs aren’t a coincidence: As Japan’s CEOs get younger and legacy-heavy firms face succession issues, a wave of corporate transformation is underway. “Metabolism,” Jesper says, is up.
- What Japan needs most is inheritance tax reform: MacArthur’s anti-zaibatsu policies made sense post-WWII. But now, without reform, Japan risks losing its $4.5T+ generational wealth transfer to debt paydown instead of innovation.
- Japan ‘s “capitalism that works”: A system that’s democratic, fair, globally integrated, and quietly undergoing a transformation from within.
For founders building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/
If you're interested in joining a Coral startup, join our talent network here: https://coralcap.co/coral-careers/
Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.
In this episode, we’re joined by Claire Hughes Johnson, Corporate Officer and Advisor at Stripe, and the company’s former Chief Operating Officer. From 2014 to 2021, Claire played a pivotal role in scaling Stripe’s operations, growing the team from under 200 to over 7,000 employees while leading a wide range of functions including sales, marketing, customer support, HR, and risk. Prior to joining Stripe, Claire spent 10 years at Google, where she led several business teams, including Consumer Operations, AdWords Online Sales & Operations, Google Offers, and served as VP of Google’s self-driving car project.
Claire is also the author of Scaling People: Tactics for Management and Company Building, a Wall Street Journal bestseller that has quickly become a must-read for startup founders and operators. The book is now available in Japanese, and we cover key topics from it, including:
- Why title inflation is a ticking time bomb: Offering inflated titles early on might help close a hire—but it almost always backfires later.
- Self-awareness as a leadership foundation: The most effective leaders deeply understand their strengths and blind spots. Without that baseline, building a truly complementary team—or scaling yourself—is nearly impossible.
- Scaling culture across borders: Going global means more than just localization. Stripe built a culture understanding program that mapped national differences against company values—allowing local teams to adapt while staying aligned.
- How defensive processes kill velocity: Startups often overcorrect after mistakes by layering on rigid processes. The better approach is to build a process that creates repeatable excellence.
- Navigating team transitions with empathy: Not everyone grows at the same pace as the company. Having tough conversations early—framed as shared observations rather than judgments—can turn painful exits into respectful transitions.
- AI is reshaping company building: With AI amplifying productivity in roles like engineering and support, teams can stay smaller—but the talent bar rises. That makes hiring, management, and retention more critical than ever.
Get Claire's book: https://www.amazon.co.jp/Scaling-People-Tactics-Management-Building/dp/1953953212
Connect with Claire:
- X
Connect with James:
- X
For founders building Japan's next legendary companies, reach out to us here.
If you're interested in joining a Coral startup, join our talent network here.
0:00:00 Introduction
0:00:17 Didn’t want to write a book
0:02:26 Self-awareness
0:05:43 Before Loom
0:08:01 Hiring believers with no titles
0:12:08 Non-title titles
0:15:47 Supercharged COO
0:20:00 Trust and collaboration
0:24:02 Onboarding and a bunch of challenges
0:27:29 Organizing people, getting results
0:30:10 Defensive processes
0:34:16 Say the thing you can't say
0:37:29 Cultural differences
0:42:48 Managing out
0:49:21 What would you change about the book?
0:52:17 Q&A
1:05:42 Outro
Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.
In this episode, we’re joined by Gen Isayama, General Partner & CEO of WiL—a venture capital firm that’s redefining how innovation happens in Japan. Unlike traditional VCs, WiL doesn’t just invest—they educate, incubate, and leverage the power of their corporate-based LP network to accelerate the growth of their companies as they expand globally, with a particular focus on Japan.
Before launching WiL in 2013, Gen spent a decade investing at DCM. But when he looked at Japan, he saw a broken system—where startups struggled to scale, corporates hesitated to embrace change, and innovation lagged behind. Instead of copying the Silicon Valley model, he built something new: a VC firm designed to unlock Japan’s vast corporate resources—capital, talent, and technology—by pushing enterprises toward entrepreneurship.
WiL has since backed startups in Japan like Mercari, Raksul, and Retty, as well as Wise, Asana, and Canva in the US, with a team operating across Tokyo and Silicon Valley.
Below are highlights from this episode:
- WiL operates on three pillars:
- Business Creation: Helping large Japanese corporations spin out or incubate startups internally.
- Education: Training corporates to adopt a startup mindset and providing connectivity between startups and the corporate ecosystem.
- Investment: Backing startups at various stages, with a focus on Japanese startups and global startups expanding into the Japan market.
- Ten years ago, Japanese corporates were hesitant to engage with startups, but today they have become increasingly open to partnering with and acquiring them.
- Large corporations compete with one another in adopting new technologies, creating a domino effect in innovation.
- The success of a corporate spinout depends on its leadership, not just the technology.
- WiL leverages its U.S. investments for faster scaling and greater liquidity, while Japan is still evolving toward a more liquid market with larger, multi-billion-dollar exits.
- Instead of competing for early-stage deals, WiL co-invests with leading global firms at the mid- to growth-stage, offering support for expansion into Japan.
- WiL conducts market testing through corporate pitch events for global startups, identifying strong local demand before committing to an investment.
- Emerging Opportunities in Japan: The aging society is driving demand for healthtech and elderly care, while AI integration in manufacturing and robotics presents a major growth area. Additionally, Japan’s rich IP assets (anime, manga, food) offer untapped potential for global monetization beyond traditional licensing.
For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/
If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/
Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.
VTubing, or virtual YouTubing, is a form of digital content creation where anime-style avatars—powered by motion capture and voice acting—engage audiences through livestreams, gaming, and interactive entertainment. This industry has rapidly evolved from niche internet culture into a multi-billion-dollar market, blurring the lines between content creation, technology, and intellectual property (IP).
In this episode, we are joined by Sasuke Shimomura, Chief Strategy Officer of Brave group, one of Japan’s leading VTuber production companies. Brave group is a global digital IP company which mainly consists of 3 business segments: IP Production which mainly focuses on VTuber production, IP Platform and IP Solution which focus on distribution and enhancing the monetization of digital IP.
After graduating from Waseda University, Sasuke started his career in the Equity Research Division at Goldman Sachs Japan. He then played a key role in corporate planning, creator strategy, and M&A at UUUM Co., Ltd., Japan’s largest influencer management company. He was also CFO of SoVa Inc., where he oversaw fundraising efforts from the company’s founding. Sasuke later joined Eight Roads Ventures Japan, focusing on investments in Entertainment and Media, while also conducting M&A exits for several portfolio companies. In June 2024, he joined Brave group as CSO.
In today’s episode we break down everything about the VTuber industry
- The VTubing movement began in 2016 with the debut of Kizuna AI, widely considered the industry’s first VTuber.
- By 2018, major production companies like Anycolor (Nijisanji) and Cover (Hololive) emerged, professionalizing the space and scaling VTuber operations.
- Different styles of VTubing:
- 2D VTubing: An animated illustration that syncs with the talent’s real-time movements.
- 3D VTubing: Uses motion capture technology to replicate full-body movement in a 3D virtual space.
- 2.5D Hybrid: A mix of virtual and real-world performances, where VTubers also appear in person
- The VTuber industry operates much like traditional entertainment businesses, with diverse monetization strategies: live streaming revenue, merchandising, advertisement tie-ups, direct fan monetization (ex. fan clubs), and IP expansion (ex. anime adaptations).
- While similar to a typical talent agency like K-pop’s YG group, VTubing agencies like Brave group hold the rights to all of their IP, allowing for greater revenue diversification.
- VTubing is a rapidly growing market with the potential to reach anime’s $20B+ industry size.
- Emerging technologies like AI, Virtual Reality (VR), Augmented Reality (AR), and Blockchain will diversify and expand revenue opportunities.
- AI is already being leveraged in processes like illustration, but larger shifts such as 24/7 AI streaming or “AITuber” are likely coming in the near future.
- Being a globally successful IP powerhouse requires 1. A deep understanding of content 2. The right technology 3. A cultural understanding to bring the content to the global market 4. A strong financial strategy to execute.
For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/
If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/
Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.
Today’s guest is Andrew Schoen, Partner at NEA (New Enterprise Associates) . Established in 1977, NEA has served as a partner to the founders and teams behind some of the most transformational innovations in healthcare and technology over the past five decades including Cloudflare, Databricks, Coursera, Perplexity, Plaid, and Robinhood. The firm manages over $25B in AUM and invests across the early to post IPO stages.
Andrew joined NEA in 2014 and invests in founders innovating in AI/ML, fintech, frontier tech, infrastructure software, technically differentiated SaaS and security. Prior to NEA, he was a member of Blackstone’s M&A Group. Prior to Blackstone, he founded Flicstart. Andrew serves on the Cornell University Council, the Advisory Council for Entrepreneurship at Cornell, and is President Emeritus of the Cornell Venture Capital Club. He earned his master’s degree as a Schwarzman Scholar and his bachelor’s degree in economics and science of earth systems in engineering at Cornell.
We’ve highlighted some insights from the conversation below:
- While NEA has had Japanese LPs for over 40 years, the firm only recently began actively investing in Japan.
- Talent is a leading indicator for the health of a startup ecosystem, and Japan has a high caliber of talent.
- Japan’s startup ecosystem has key ingredients for success: A large GDP, strong technology base, quality education, and increasing enterprise demand for software and tech solutions.
- How Japanese founders pitch differently from US founders:
- Some Japanese founders are more modest about their vision, but overall, there’s more similarity than difference in how founders pitch between Japan and the U.S.
- One major difference is that Japanese founders often set specific IPO dates early, whereas U.S. startups typically stay flexible based on market conditions.
- Japanese LPs often expect faster exits, but longer time horizons can lead to bigger and more successful outcomes.
- How to raise money from U.S. VCs:
- The first meeting is only about securing a second meeting — don’t disqualify yourself early by making common mistakes like overstating valuation.
- Japanese startups should leverage local investors to get warm introductions.
- What NEA looks for in Japan:
- Mid to growth-stage, high-velocity, high-margin, software-driven businesses.
- Growth benchmarks also matter:
- $10M–$20M ARR → 100% growth
- $20M–$30M ARR → 50~100% growth
- $100M ARR → 30~40% growth
- Key metrics such as LTV/CAC, net revenue retention, and burn multiples are important—but potential future growth trumps past numbers.
- Longer term sheets = fewer surprises. Short-term sheets can leave room for bad terms later.
For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/
If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/
Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.
In this episode we are joined by Brian Yun, Co-founder and CEO of Woodstock, a Coral portfolio company building a social trading app with the mission to empower the next generation to create a better financial future. Brian has a phenomenal career leading up to Woodstock. While in college, he began working as a hardware design engineer at AMD. After graduation, he took on roles in equities trading at Barclays, Merrill Lynch, and Morgan Stanley. He later led the sales finance and strategy at Twitter (now X) for Japan and Korea, then transitioned to Coinbase to drive their Japan expansion.
A graduate of the University of Waterloo in Computer Engineering and an MBA honors graduate from the University of Chicago Booth School of Business, Brian combines deep expertise in technology and finance. We’re excited to share his insights on entrepreneurship, Woodstock’s journey, and the future of investing.
Below are some of the highlights from the episode:
- Brian’s first investment experience was buying Nvidia stock back in 2003
- Building an "Oceans Eight" team with co-founders Daisuke Kawamoto and Min Ju
- Brian’s experience at Twitter (now X) and Coinbase taught him about leveraging the internet and navigating complex regulatory markets
- Woodstock’s user base: half are under the age of 29, and over 70% are first-time investors
- The Woodstock Index, weighted by community ownership, has more than doubled since its inception in April 2023, outperforming both the S&P and NASDAQ by a large margin
- Social media has leveled the playing field for financial information, reducing reliance on traditional equity research reports
- Young Japanese are embracing risks instead of relying on pensions
- How Woodstock is complementing government efforts to raise investment awareness by promoting financial literacy
- Heavy Japanese users of X average 4–5 accounts, often under pseudonyms
- Woodstock’s vision: becoming the go-to platform for all things finance
For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/
If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
Our guest today is Shinichi Takamiya, Managing Partner at Globis Capital Partners. Takamiya-san was ranked first in Forbes Japan’s Midas List in 2018, seventh in 2015, and tenth in 2020. He joined Globis Capital Partners after managing consulting projects at Arthur D. Little. His venture capital track record includes iStyle, Aucfan, Kayac, Pixta, Mercari, and Lancers; M&A Shimauma Print System, nanapi, and Coubic etc. He holds a BA in economics from the University of Tokyo, and an MBA from Harvard Business School.
Here are some takeaways from today’s episode:
- The evolution of “Venture Businesses (VB)” into “Startups” and what it signifies for the ecosystem
- The next wave of startups is driven by global and serial entrepreneurs
- Building the Shohei Ohtani of startups
- Over 10 industries in Japan boast market sizes exceeding ¥10 trillion (~$100 billion).
- The three business models for global expansion: 1) Universal Fit: A single model that works across regions (e.g., Toyota) 2) Niche Subverticals: Specific segments adaptable across markets (e.g., pixiv) 3) Localized Approach: Tailored strategies for each region (e.g., Mercari)
- How Josys is tackling the global market from day one, leveraging Japan’s advantages like low cost, high-quality operation centers
- Globis’s ¥72.7 billion (~$500 million) fund aims for 1–3 investments in companies with $5B~$10B outcomes, maintaining 10–20% ownership
- Investing in consumer services that address critical needs, such as FastDoctor
- Exploring consumer businesses pursuing parallel strategies: co-pilot models alongside R&D and autonomous solutions
- Succession planning in the venture capital industry
For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
Today, we're joined by Richard Katz, NYC correspondent for the Weekly Toyo Keizai and the author of several books, including his latest, “The Contest for Japan’s Economic Future: Entrepreneurs vs. Corporate Giants”. In this episode, we'll take a step back to dive into the historical and macroeconomic context of Japan and examine the role of startups in this environment. We'll cover a range of topics including:
- The healthy and necessary role of firm mortality in economic growth
- The barriers to entry and exit in Japan
- Debunking the myth of Japan's risk-averse culture and uncovering the real issues in its risk vs. reward system
- Insights Japan can gain from french startup policies
- Japan’s strength and history in invention and re-invention
- How job mobility, women, and the new generation are reshaping the workforce
- How a change in the LDP's political dominance can open doors for change
Richard's book, "The Contest for Japan’s Economic Future: Entrepreneurs vs. Corporate Giants," is available for purchase here, and his Substack, Japan Economy Watch, can be subscribed to here.
For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/
Welcome to another episode of The Coral Capital Podcast, where we delve into the world of startups, technology, and venture capital with a focus on Japan and the broader Asia region.
Our guest today is Jonathan Shih, Managing Partner at Keyrock Capital Management, a Hong Kong-based investment management firm specializing in emerging growth companies in the Asia-Pacific region. Keyrock is an active investor in Japan, with portfolio companies such as LayerX, Zeroboard, Nealle, and Timee, alongside public investments in companies like MoneyForward. Jonathan brings a wealth of experience in finance, having started his career at Lehman Brothers before moving on to roles at TVG Capital Partners, McKinsey, Ward Ferry, and Tybourne Capital.
In this episode, we discuss:
- The history of Keyrock Capital Management
- Keyrock’s investment into Timee
- How Keyrock initially identified growth opportunity in the Japanese market
- Whether companies should raise in the private markets or IPO
- Best practices for managing investor expectations and IR for private vs. public companies
- Contrasts in management communication styles between Japan and the US
- Key questions startups should address before going global
- Keyrock’s investment thesis and strategy
- Japan’s overlooked growth potential
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For founders building Japan's next legendary companies, reach out to us here:
https://coralcap.co/contact-startups/
Coral Capital is also hiring on the investment team! Details can be found here:
https://coralcap.co/careers/
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Jumpei Yoshida, CFO at Kaminashi - one of Japan’s most closely watched startups. Kaminashi provides a one-stop, cloud-based solution to manage workflows for “deskless workers” in industries like manufacturing, food services, and retail. Despite 60% of Japan’s workforce being frontline employees, many still rely on outdated processes and lag behind in tech adoption.
Japan is known for its operational excellence, particularly the Kaizen philosophy, with Toyota’s production lines often cited as an example. However, many frontline workers still operate with pen and paper—imagine clipboards with messy handwriting and employees spending valuable time finding a manager just for sign-offs. These industries have missed out on advancements in tech and AI, but that also means the market is still ripe for change.
In this episode, we explore:
- The current state of Kaizen in Japan
- How Kaminashi is empowering frontline operations through innovative software and hardware solutions
- A comparison between Kaminashi and Samsara
- How founder Hiroto Morooka’s firsthand experience on the frontlines inspired the creation of Kaminashi
- Forces pushing traditional frontline industries towards digitization
- How AI is transforming Kaminashi’s product offerings
- Kaminashi’s customer-centric approach to product development
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For founders building Japan's next legendary companies, reach out to us here:
https://coralcap.co/contact-startups/
Coral Capital is also hiring on the investment team! Details can be found here:
https://coralcap.co/careers/
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with Mark Suster, a Partner at Upfront Ventures. Upfront is one of LA’s most prominent venture capital firms, renowned for backing companies like Ring, GOAT, Overture, and even Starbucks back in the day. Mark was previously the founder & CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S.
In this episode we discuss:
- How Japanese startups can win globally
- Uncovering the truth about unicorn companies
- Top VC firms reducing the size of their funds
- 50% of seed funds disappearing
- Advice for startups considering fundraising
- Love decay - how entrepreneurs and investors can nurture "love"
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
This episode is a fireside chat with Ming Maa, the Group President of Grab. Initially established as a taxi-hailing app in Malaysia back in 2012, Grab has evolved into the leading super app in Southeast Asia and the region's first decacorn. It empowers the region's economy through a diverse range of services, including transportation, delivery, and finance. As President, Ming is responsible for corporate development activities, such as strategic partnerships and investment opportunities at Grab. Ming has over 12 years of experience in private equity investment at Softbank Group, Ancora Capital Management, and Goldman Sachs. During his tenure at Softbank, based in Tokyo, he oversaw investments in the ridesharing and e-commerce sectors, including Softbank’s Series D and Series F investments into Grab.
In this episode, we discuss:
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How Grab started as a for-profit, social enterprise
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What is a super app and how Grab approached its super app strategy
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What differentiated Grab from Kuaidi Dache and OlaCabs
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How hyper-localization wins customers and markets
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How Grab hyper localized to beat Uber
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Experimenting and measuring platform success
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Concentrating on the North Star
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Strategic investments through Grab Ventures
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode we chat with Andrew Chen, General Partner at Andreessen Horowitz, where he invests in games, AR/VR, metaverse, and consumer tech startups. He is on the boards of Clubhouse, Substack, Z League, Sleeper, Snackpass, All Day Kitchens, Sandbox VR, Reforge, Maven, Practice, and others.
He is a prolific writer on user growth, metrics, and network effects at andrewchen.com and has been cited on Wired, WSJ, and The New York Times.
In this episode we discuss a broad range of topics focused on his book, The Cold Start Problem: How to Start and Scale Network Effects, which was just published in Japanese. We cover:
- What motivated Andrew to write a book on “network effects”
- The power of network effects and and real-world examples
- Why it’s critical to identify the “hard side” of a network
- How Tinder solved the cold start problem
- Why Google+ didn’t take off despite enormous distribution channels
- What are the key metrics that signal network effects
- What was going on behind the scenes when Clubhouse went viral
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with Richard Pearson, Chief Innovator & UK Director and Shutaro Takeda, Chief Strategist at Kyoto Fusioneering (a Coral Capital portfolio company). Kyoto Fusioneering is a nuclear fusion startup founded in 2019.
Their business model is unique in that they develop and sell key components and technologies for fusion power plants to other companies focused on building the reactors themselves. Since they are selling the “picks & shovels” to those mining for fusion gold, they are able to generate revenue much earlier than other fusion startups.
Japan is uniquely positioned for this industry due to the fact that it has a wide-range of manufacturing and nuclear engineering expertise, as well as companies that can assemble equipment to cater to the needs of the global fusion industry.
In this episode we discuss:
- What is fusion is why it is the holy grail of clean energy
- Why nuclear fusion has yet to be commercialized
- How Kyoto Fusioneering is the Levi Strauss of the fusion industry
- The Japanese manufacturing companies that are behind the nuclear power industry
- Kyoto Fusioneering’s integrated testing facility for fusion power plants
- Advice for deep-tech founders aiming to build a global business
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with Sho Nakanose, founder and CEO of GITAI (a Coral Capital portfolio company). GITAI is a space robotics startup founded in 2016. Prior to founding GITAI, he successfully built and sold a tech company in India.
Since founding, GITAI has been able to recruit some of the best roboticists in Japan, including the key engineers from SCHAFT, the Japanese robotics company acquired by Google in 2013. In 2021, GITAI’s autonomous robot arm successfully demonstrated two tasks in the International Space Station (ISS): 1) assembling structures and panels for in-space assembly; and 2) operating switches & cables for intra-vehicular activity. GITAI aims to reduce human labor costs in space by more than 90%, similar to how SpaceX revolutionized the space industry by drastically reducing costs.
In this episode we discuss:
- GITAI’s three businesses: space stations, satellites and the moon
- Why it makes sense to send autonomous robots into space
- What are the space businesses that will take off in a short term and long term
- How agile development can reduce the cost of space robots
- Leveraging the talent pool in Japan
- Key ingredients to attract top talent
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with Sam Rosenblum, a Partner at Haun Ventures. Haun Ventures is a crypto focused venture capital firm founded by former a16z Partner Katie Haun in 2022 with a record $1.5 billion debut fund. Prior to Haun Ventures, Sam was a Partner at Polychain Capital, another leading crypto-focused investment firm. He was also an early team member at Coinbase, where he focused on business development, traveling across the globe to meet both government officials and crypto enthusiasts.
In this episode we discuss:
- Why Sam left Visa to join Coinbase, a fledgling startup with just 30 people
- Global crypto regulations, and how Japan compares
- Why Japanese authorities were so eager to learn about crypto early on
- Differences between Web 2 investments and Web 3 investments
- Will Ethereum ever surpass Bitcoin? Thoughts on “The flippening”
- When will the crypto winter end?
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with Kathy Matsui, General Partner of MPower Partners, Japan’s first ESG-focused VC founded in 2021. Most people will know her for coining the term "Womenomics" in her groundbreaking report published when she was at Goldman Sachs. Her research put gender diversity front and center of Japanese government policies in the years that followed.
She was chosen by The Wall Street Journal as one of the "10 Women to Watch in Asia" and was also named to Bloomberg Markets magazine’s “50 Most Influential” list in 2014.
In this episode we discuss:
- How and why Kathy came to Japan as a Japanese American
- Her experience working at financial institutions in Tokyo
- Why she loves Japanese office attire
- What drove Kathy to author her influential report on “womenomics”
- Changes Japan has seen in terms of women’s labor market participation
- Tailwinds to raise an ESG-focused fund in Japan
- Why startups should care about ESG
- Practical applications of ESG at startups
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Ernest M. Higa, Founder of Domino’s Japan, and essentially the godfather of pizza delivery in Japan.
In this episode we discuss:
- How and why Higa started Domino’s in Tokyo four decades ago.
- The assumptions people had about the Japan market.
- What was localized, and what was not.
- Online ordering in the early days of the internet.
- Future of food delivery and dining.
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Takafumi Kurahashi, COO at SmartHR. SmartHR is the leading HR SaaS company in Japan. In 2021 they closed a JPY 15.6 billion (~$142.5 million) Series D, most of which was committed from global investors including Light Street Capital, Sequoia Capital Global Equities, Whale Rock, and other global institutional investors. The round valued the company at JPY 170 billion (~$1.6 billion).
In this episode we discuss:
- What it was like to join small Japanese startup 5 years ago and scale at T2D3 speed
- What foreign investors don’t realize about the Japanese startup ecosystem
- The culture and management styles that got them here
- Why $1B ARR is on the horizon
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Disclaimer: The content of this podcast is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and opinions expressed are provided for general information purposes only.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Han Kim, the Managing Director and a co-founder of Altos Ventures. Altos Ventures was founded in 1996 with a $30M fund, and now manages more than $10B. Notable investments include Coupang, Woowa Brothers, Roblox and Toss. Coupang, a Korean e-commerce startup, was valued at over $100B at IPO last year.
In this episode we discuss:
- What it was like to invest in Coupang more than 10 years ago, and the evolution of the Korean startup ecosystem.
- What are the similarities between the Korean and Japanese startup ecosystems and societies?
- How Altos Ventures invested in Japanese startups Kyash and Soda.
- Advice to entrepreneurs in Japan.
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Michael Seibel, the Managing Director and CEO of Y Combinator (or, “YC”). YC, one of the top startup accelerators in the world, has invested in over 3,000 companies including Airbnb, Dropbox, Stripe, Reddit, Instacart, Docker and Gusto. The combined valuation of YC companies is over $400B.
Michael was the cofounder of two startups, Justin.tv and Socialcam. Socialcam sold to Autodesk in 2012 and Justin.tv became Twitch.tv and sold to Amazon in 2014. Michael graduated from Yale University with a BA in political science.
In this episode we discuss:
- What makes YC so special for founders
- How YC classes have become increasingly global in recent years
- Why there have only been 584 applications from Japan in YC’s 16 year history
- Why YC doesn’t (yet) invest in Japan domiciled companies (“Kabushiki Gaisha”)
- Why the domicile of the company may or may not matter!
- Why Japanese startups may struggle to compete globally
- How Japan’s startup environment is evolving
- Why software startups take the lion’s share of funding
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
More and more global investors are starting to invest in Japanese tech. In this episode we interview Gaurav Gupta, Partner at Light Street Capital, a firm that has invested in Japanese tech companies since 2011. Their track record includes investments in Start Today (ZOZO), Monotaro, BASE, and Freee on the public side, as well as SmartHR's most recent Series D on the private side.
This episode covers:
- How he became a Partner at Light Street Capital
- How Japan's E-Commerce and SaaS penetration is behind other developed countries (and why there's opportunity)
- Why studying trends in other markets can help you identify opportunities elsewhere
- The unique dynamics of the Japanese tech industry
- Perspectives on SmartHR and why Light Street wrote a check
*Note that the introduction is in Japanese, but the conversation with Gaurav is in English.
日本のスタートアップに海外投資家からの注目と投資が集まり始めています。2011年と早い時期からスタートトゥデイ（現ZOZO）やモノタロウに出資し、最近ではBASE、freee、SmartHRへのシリーズDでの出資などでも知られるLight Street CapitalパートナーのGaurav Guputa氏をゲストに、Coral Capitalではインタビューを行いました。
【ハイライト】
投資銀行のゴールドマンから投資ファームのLight Streetへ／EC・SaaS普及率から見て、日本にはまだ数十年にわたって追い風が吹く／特定地域のトレンドパターンを他地域に当てはめる／ECと統合したFintechでは物販より決済のほうが儲かる／地域個別の事情を知ること／「iPhoneは流行らない」と言われた日本も変化が起こると速い／創業メンバーの英語力は投資には関係がない／まず少額出資して信頼を築いたSmartHR経営チームとの関係性／数千億円のイグジットが海外投資家の目に留まり始めた／セールス・マーケへの投資をケチらないほうがいい
- ゲスト：Light Street Capitalパートナー Gaurav Gupta氏
- 聞き手：Coral Capital創業パートナーCEO James Riney、同パートナー兼編集長 西村賢
- 言語：英語