We Help You Achieve Milestones

Founder Friendly, Founder First

Our Evolution

Our Story Unfolds

Incubate Fund is a leading seed-focused venture capital firm from Japan, with a global track record of investing in over 700 startups.In 2016, we expanded our vision to India, launching Incubate Fund Asia with a dedicated focus on pre-seed and seed-stage startups. With offices in Tokyo, Singapore, Bangalore, Mumbai, San Francisco, and Sao Paulo, Incubate Fund is uniquely positioned to help startups in India and Southeast Asia scale globally.

At Incubate Fund Asia, we are committed to building trust-based relationships with entrepreneurs and fostering innovation that has a lasting impact. We believe in the power of collaboration and leverage our global network to help startups succeed in an increasingly connected world.

The People Behind Incubate Fund Asia

Nao Murakami

Founder & General Partner

Masahiko Honma

Co Founder & Partner

Rajeev Ranka

Partner

Dave Kwong

Partner

Surbhi Bhatia

Manager - Corporate Development & Investor Relations

Darren Jawara

Investment Associate

Mayank Agarwal

Investment Associate

Jasmin Yee

Senior Manager, Compliance and Operations

Kartikay

Investment Associate

Sandhya

Legal Counsel

Our Mission and Vision

Mission

To be the leading catalyst for transformative innovation in Asia, empowering entrepreneurs to create sustainable and impactful ventures that shape the future

Vision

Our vision is to invest in and support early-stage startups with hands-on mentorship, global networks, and strategic resources, fostering a culture of collaboration and trust to help entrepreneurs turn their visions into reality and scale their impact globally.

Our unwavering support

What Work Do we Do?

At Incubate Fund Asia, we are committed to building trust-based relationships with entrepreneurs and fostering innovation that has a lasting impact. We believe in the power of collaboration and leverage our global network to help startups succeed in an increasingly connected world.

Different Modes of Funding

Fund I (India)

Our inaugural fund focused on seed-stage investments, fueling the growth of innovative startups.

Fund II (India)

Launched its second fund, building on the success of Fund 1. Fund 2 focused on more diverse set of pre-seed and seed-stage startups.

Fund III (India & SEA)

Fund 3 is aimed at continuing to invest in pre-seed and seed-stage startups with a stronger focus around startups building for tier 2 cities and beyond as well as small and medium-sized enterprises enablers. Also, we will start investing in deep tech and space tech startups from Fund 3.

SMBC Asia Rising Fund (India & SEA)

Startups that contribute to the business growth of SMBC Group (including Asian financial institutions) through collaboration and business development in finance and related fields such as lending tech, payments, supply chain finance, banking-as-a-service, AI, and digital assets.

We Are Sector Agnostic

At Incubate Fund Asia, we are committed to building trust-based relationships with entrepreneurs and fostering innovation that has a lasting impact. We believe in the power of collaboration and leverage our global network to help startups succeed in an increasingly connected world.

Real Estate
Automobile
Healthtech
Fintech
Retail
Manufacturing
Energy
Agriculture
Biotechnology
Ed tech
Media

Do you have a brilliant idea to discuss?

Share your ideas with us, and let's work together to turn your vision into reality. Connect with us today and be part of a community that values collaboration and growth. Let's make something extraordinary happen!

LET’S CONNECT

Nao Murakami

Founder & General Partner

Work Experience and Background

Nao Murakami, Founder and General Partner of Incubate Fund Asia, brings a wealth of experience in the IT/Internet startup sector. He honed his expertise at the Tokyo and New York offices of Nomura Securities Group’s Investment Banking Division, successfully guiding numerous tech startups to IPOs. In 2014, he ventured to India, where he gained hands-on experience by launching his own startup. Recognizing India’s potential, he founded Incubate Fund Asia (previously Incubate Fund India) in 2016 and assumed the role of General Partner, further contributing to the growth and success of startups in the region.

Education

B.A. Political Science, University of Illinois at Urbana-Champaign

Location

Singapore/Bangalore

Masahiko Honma

Co Founder & Partner

Work Experience and Background

After graduating from university, carried out investment operations in IT companies in Silicon Valley at JAFCO’s overseas investment arm. After that, he worked for Accenture’s venture capital arm. In 2007, founded Core People Partners, a fund specializing in incubation of internet businesses. In 2010, founded Incubate Fund, appointed as joint partner.

Message

In our position as investors, rather than supervise and manage entrepreneurs, we stand firm in our support of companies we invested in, try to bring success to the business together with the entrepreneurs and be a flat partner to the entrepreneurs as much as possible. The industry of venture capitals is a new and immature industry, although its value expected from society is great. Incubate Fund itself continues to explore the shape of a stronger and new venture capital as an entrepreneur in Japan and Asia.

Education

Graduated Keio University Faculty of Business and Commerce

Location

Tokyo/Singapore

Rajeev Ranka

Partner

Work Experience and Background

Rajeev’s professional career started as a Business Analyst in BFSI space at Deloitte Consulting & Strategy practice where he assisted Bandhan Microfinance in charting out the roadmap for its banking foray. After that, he worked with SEA based Rocket Internet Portfolio Company, Lazada. Prior to joining Incubate Fund India, Rajeev was heading the Advisory, Investments and Portfolio Management at Lead Angels.

Message

Since college I have been working with emerging entrepreneurs, identifying investable opportunities and have assisted the Singapore Govt. and London Business School Alumni Venture fund (Susses Place Ventures) for Investments. Looking forward to partner with disrupting companies and resilient entrepreneurs in shaping future of India.

Education

 B.Tech, IIT Bombay

Location

Mumbai, India

Dave Kwong

Partner

Work Experience and Background

Co-founded a gaming media publication in Singapore which he ran for 10 years since he was 14. Left the gaming industry after receiving his diploma and served the Army for 2 years as an Infantry Platoon Commander. Was in LionGold as an M&A analyst in 2013 and went to join RSM Corporate Advisory where he was the fastest promoted junior staff. In 2016, he joined Incubate Fund as an associate.

Message

We always look forward to working together with founders as partners and friends. Founders and Venture Capitalists are 2 sides to the same coin, like strong founders, we always strive to be “strong hands” during down and up times. We seek to uncover opportunities in the market faster than anyone, so we can see from the same perspective as founders. We also want to help founders connect the dot as we leverage on Incubate Fund’s position on the ground in Japan and Asia.

Education

 Bsc(Hons), Banking and Finance, University of London

Location

Singapore

Surbhi Bhatia

Manager - Corporate Development & Investor Relations

Work Experience and Background

Prior to joining Incubate Fund Asia, Surbhi managed the India operations of a Japanese family office: DAS Capital, the Venture Capital arm and Harbourfront Capital, the Alternate Investment arm, focusing on investments in Fintech, Sharing Economy, Supply Chain, and Logistics.Surbhi began her career at PwC in Mergers and Acquisitions, after completing her articleship in Corporate Taxation with Sudit K. Parekh & Co.

She believes in re-investing the uninvested side of oneself. She has started various passion projects, with mental health being one of them and is on a journey to raise awareness of the importance of mental health in this fast-paced, growing startup ecosystem.

At Incubate Fund, she aspires to work with the exceptional team of founders, build long-lasting relationships, and blend business and purpose in an exciting and impactful manner.

Education

Chartered Accountant; MA Psychology;
B. Com, Symbiosis Pune

Location

Bangalore

Darren Jawara

Investment Associate

Work Experience and Background

Prior to joining IF as an investment associate, Darren worked at Asia Pulp & Paper Group’s family office , where he co-led the group’s first global bond issuance and data center investment. He also previously had worked for Lockton Insurance Broker in Los Angeles as a risk analyst.

Darren holds a double major B.A. in Economics and Political Science, with minor in Business Finance from University of California, San Diego. During his time in the college, he was the chapter president for multiple organizations such as UNICEF, Amnesty International, and San Diego Indonesian Association. Outside of work, he likes to spend his time golfing, low-stakes poker, and skipping.

Education

B.A. in Economics and Political Science, with minor in Business Finance from University of California, San Diego.

Location

Jakarta, Indonesia

Mayank Agarwal

Investment Associate

Work Experience and Background

Before Incubate Fund India, Mayank was associated with Saama Capital
where he focused on fintech investments. Earlier he was a founding team
member at an accounting tech startup leading business development. His
career commenced with the founding of a farm-to-business supply chain
startup that facilitated direct market linkages and offered low-cost
financing solutions for farmers.

Education

MSc in Management, London Business School; CFA
Charterholder

Location

Bangalore

Jasmin Yee

Senior Manager, Compliance and Operations

Work Experience and Background

Jasmin has more than a decade of experience in corporate finance advisory and investment banking. Before joining investment banking in OCBC Bank Singapore, she spent a total of 6 years in PwC Consulting and Deloitte & Touche Corporate Finance performing advisory, financial modelling, due diligence as well as mergers and acquisition deals. During her 10-year stint in OCBC Bank Singapore, she completed numerous cross border Real Estate Investment Trust transactions, large equity underwriting deals, secondary offerings and private placements.
She joined Incubate Fund in 2022 and is in charge of the compliance and operations team in Singapore.

Education

Bachelors of Business, Royal Melbourne Institute of Technology, Australia

Location

Singapore

Kartikay

Investment Associate

Work Experience and Background

Kartikay started his career as a business consultant at ZS Associates, assisting Fortune 500 pharmaceutical clients with their product development and launch strategies. He gained exposure to the venture ecosystem through a pre-MBA internship at Meraki Labs, a venture studio, which fueled his interest to join an early-stage VC. Prior to joining Incubate Fund Asia, Kartikay was working as a consultant with PwC Strategy&'s US Deals Strategy team, where he focused on commercial due diligence assignments for Private Equity clients.

Kartikay holds a Mechanical Engineering degree and completed his MBA from the Indian School of Business, where he graduated as a part of the Dean's Merit List.

Education

MBA, Indian School of Business (ISB)
B. Tech, Maharaja Agrasen Institute of Technology, Delhi

Location

Bangalore

Sandhya

Legal Counsel

Work Experience and Background

Sandhya is a corporate lawyer with over 8 years of experience across early-stage and private equity investing, and M&A exits. Before joining Incubate Fund Asia, she worked with Trilegal’s general corporate team, advising funds and companies on investment transactions, mergers, and acquisitions and other corporate commercial matters. Earlier in her career, she worked with boutique law firms, focusing on venture capital and commercial advisory. Her experience spans sectors such as technology, financial services, e-commerce, manufacturing, and pharmaceuticals.

At Incubate Fund, Sandhya aims to leverage her legal expertise to strengthen and streamline processes and frameworks within the fund and its portfolio companies.

Education

BA.LLB (Hons.), Hidayatullah National Law University, Raipur

Location

Bangalore