Key Takeaways
- • SBI Holdings and Across Ventures establish strategic alliance to launch Across Ventures Fund I, L.P., targeting approximately USD $100 million (¥16 billion) in capital.
- • Fund operates as a Fund-of-Funds structure, investing in specialized micro VCs (typically $20–50 million funds) across AI, fintech, blockchain, climate tech, health tech, and deep tech sectors.
- • Partnership aims to provide Japanese enterprises systematic access to U.S. early-stage startups at pre-seed and seed stages, addressing traditionally fragmented deal flow.
- • Across Ventures founded in 2025 by Managing Partner Emi Yoshikawa; capitalizes on bifurcating U.S. venture landscape where mega funds concentrate on late-stage investments while micro VCs dominate early-stage capital allocation.
Summary
Across Ventures, a Silicon Valley-based venture capital firm founded by Managing Partner Emi Yoshikawa, has entered into a strategic alliance with SBI Holdings, Inc. (Tokyo: 8473) to establish a new fund-of-funds vehicle focused on specialized micro venture capital firms. The newly formed Across Ventures Fund I, L.P. is targeting approximately USD $100 million (approximately ¥16 billion) in committed capital, with the explicit objective of connecting leading-edge U.S. early-stage innovation with Japanese enterprises seeking exposure to high-potential startups.
The fund-of-funds structure represents a deliberate response to structural shifts in the U.S. venture capital landscape. Across Ventures identified a pronounced barbell dynamic emerging in American VC markets, where mega funds (ranging from several billion to tens of billions of dollars) have increasingly concentrated on later-stage, large-scale investments, leaving a significant gap in early-stage capital provision. Conversely, specialized micro VCs—typically managing funds of $20–50 million—have grown in prominence and now play a critical role in backing high-potential startups at the pre-seed and seed stages, often with deep sector expertise.
By deploying capital through a diversified portfolio of specialized micro VCs, the fund aims to provide Japanese corporations with systematic access to early-stage innovation opportunities that have historically been difficult to access through traditional venture capital channels. Investment focus areas include AI, physical AI, fintech, blockchain, climate tech, health tech, next-generation computing, space, and other deep tech sectors. This thematic concentration aligns with sectors identified as strategic growth opportunities for Japanese enterprises seeking to build exposure to emerging technologies.
The alliance leverages SBI Holdings' financial services infrastructure and capital strength alongside Across Ventures' Silicon Valley-based deal sourcing capabilities and micro VC network. For institutional investors and family offices with Japan-focused strategies or seeking diversified exposure to U.S. early-stage innovation, this structure provides a curated entry point into the micro VC segment without direct fund selection risk.
The fund-of-funds structure represents a deliberate response to structural shifts in the U.S. venture capital landscape. Across Ventures identified a pronounced barbell dynamic emerging in American VC markets, where mega funds (ranging from several billion to tens of billions of dollars) have increasingly concentrated on later-stage, large-scale investments, leaving a significant gap in early-stage capital provision. Conversely, specialized micro VCs—typically managing funds of $20–50 million—have grown in prominence and now play a critical role in backing high-potential startups at the pre-seed and seed stages, often with deep sector expertise.
By deploying capital through a diversified portfolio of specialized micro VCs, the fund aims to provide Japanese corporations with systematic access to early-stage innovation opportunities that have historically been difficult to access through traditional venture capital channels. Investment focus areas include AI, physical AI, fintech, blockchain, climate tech, health tech, next-generation computing, space, and other deep tech sectors. This thematic concentration aligns with sectors identified as strategic growth opportunities for Japanese enterprises seeking to build exposure to emerging technologies.
The alliance leverages SBI Holdings' financial services infrastructure and capital strength alongside Across Ventures' Silicon Valley-based deal sourcing capabilities and micro VC network. For institutional investors and family offices with Japan-focused strategies or seeking diversified exposure to U.S. early-stage innovation, this structure provides a curated entry point into the micro VC segment without direct fund selection risk.
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