New Joint Venture: Keio Rail Fund Marks a Milestone in CVC Innovation

Introduction

On February 1, 2026, Spiral Innovation Partners (SIP), a subsidiary of the independent VC firm Spiral Capital based in Minato, Tokyo, announced a significant milestone by establishing a new CVC fund called the Keio Rail Fund, in collaboration with Keio Corporation. This fund, valued at ¥8 billion, represents their seventh venture in the CVC realm, bringing the total assets under management (AUM) of the Spiral Capital group to approximately ¥83 billion.

Purpose and Background

SIP has long been at the forefront of fostering collaboration between large enterprises and startups through its diverse CVC funds. Keio Corporation, known for its comprehensive services that extend beyond rail transport—covering areas like urban development, real estate, and leisure—has been engaged in open innovation initiatives since 2022. These initiatives include the launch of collaborative programs such as “JISOU,” which focus on partnerships stemming from various company departments.

The new fund is intended to solidify ongoing open innovation efforts and create long-term business relationships that support strategic investments in startups. With the rise of successful collaborative projects, there is an evident need for investment to ensure sustained collaboration and value creation.

Investment Focus

The Keio Rail Fund primarily targets early to mid-stage startups, investing in fields closely related to existing business areas while also venturing into innovative new domains. Investment considerations include not just short-term collaboration but also the long-term potential for co-creation in partnership with the Keio Group. The fund has identified four key investment domains:
1. Content/Tourism: Emphasizing AR/VR technologies and gaming, particularly esports.
2. Lifestyle: Focusing on health tech, fintech, edtech, direct-to-consumer initiatives, and well-being programs.
3. Digital Transformation/AI: Supporting operational efficiencies and back-office solutions.
4. Environment: Investing in sustainability and energy-related ventures.