Key Takeaways
- • B Capital has been selected as a registered venture capital firm under Japan's Agency for Medical Research and Development (AMED) Strengthening Program for Pharmaceutical Startup Ecosystem, according to a Business Wire announcement dated April 7, 2026.
- • The designation allows B Capital to invest in and serve as a commercialization partner to pharmaceutical and biotech startups in Japan, spanning pre-clinical R&D through clinical-stage drug development.
- • B Capital, which manages more than $11 billion in assets across multiple funds, has invested in over 50 healthcare-focused startups globally since its 2015 founding.
- • Co-CEO Raj Ganguly described the selection as a meaningful milestone for accelerating the firm's healthcare investment strategy in Japan.
- • The firm is targeting biotech, medtech and data-enabled healthcare at the earliest stages of drug discovery in Japan and the broader Asia-Pacific region.
Summary
B Capital, a multi-stage global investment firm, has been selected as a registered venture capital firm under the Strengthening Program for Pharmaceutical Startup Ecosystem run by Japan's Agency for Medical Research and Development (AMED), the firm announced. The designation enables B Capital to invest in and serve as a commercialization partner to pharmaceutical and biotech startups in Japan.
AMED provides subsidies to startups focused on drug discovery under the program, with the aim of strengthening the foundation of Japan's pharmaceutical startup ecosystem. The agency also maintains a registry of venture capital firms with established track records of investing in and providing hands-on support to companies in pharmaceutical discovery and development, from pre-clinical research through clinical-stage work. Inclusion in that registry is the basis of B Capital's new status.
In the announcement, B Capital framed Japan as one of the world's most dynamic markets for pharmaceutical innovation, citing its deep scientific talent base and a growing cohort of drug discovery startups. Co-Founder and Co-CEO Raj Ganguly said the selection will position the team to accelerate its healthcare investment strategy in Japan. Robert Mittendorff, MD, General Partner and Global Head of Healthcare, pointed to the firm's track record with pharmaceutical and AI-enabled drug discovery companies. Kelly Qiao, PhD, Senior Principal, said the firm sees momentum at the intersection of biotech, medtech and data-enabled healthcare, with strong research increasingly paired with translational and clinical focus.
Since inception, B Capital has invested in more than 50 healthcare-focused startups globally across health-tech, digital health, biotech and medtech. The firm says it intends to use the certification to expand engagement with Japan's pharmaceutical startup community, partnering with founders at the earliest stages of drug discovery and supporting their path to global commercialization. The release does not disclose specific investment amounts, fund commitments or target deal counts.
AMED provides subsidies to startups focused on drug discovery under the program, with the aim of strengthening the foundation of Japan's pharmaceutical startup ecosystem. The agency also maintains a registry of venture capital firms with established track records of investing in and providing hands-on support to companies in pharmaceutical discovery and development, from pre-clinical research through clinical-stage work. Inclusion in that registry is the basis of B Capital's new status.
In the announcement, B Capital framed Japan as one of the world's most dynamic markets for pharmaceutical innovation, citing its deep scientific talent base and a growing cohort of drug discovery startups. Co-Founder and Co-CEO Raj Ganguly said the selection will position the team to accelerate its healthcare investment strategy in Japan. Robert Mittendorff, MD, General Partner and Global Head of Healthcare, pointed to the firm's track record with pharmaceutical and AI-enabled drug discovery companies. Kelly Qiao, PhD, Senior Principal, said the firm sees momentum at the intersection of biotech, medtech and data-enabled healthcare, with strong research increasingly paired with translational and clinical focus.
Since inception, B Capital has invested in more than 50 healthcare-focused startups globally across health-tech, digital health, biotech and medtech. The firm says it intends to use the certification to expand engagement with Japan's pharmaceutical startup community, partnering with founders at the earliest stages of drug discovery and supporting their path to global commercialization. The release does not disclose specific investment amounts, fund commitments or target deal counts.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.