1Q

2Q

3Q

4Q
VentureEnterprise Center,
Japan

Latest Quarterly Trend
December 13th,2022

The Third quarter of 2022
(July to September 2022)

Contact: Research & Business Development Division+81-3-3230-8902 / vcdoukou@vec.or.jp
https://www.vec.or.jp/en/

Venture Enterprise Center, Japan (VEC) reports on the results of our quarterly survey on
venture capital (VC) investments by Japanese VC firms for the third quarter of 2022 (July to
September 2022).

The total amount of VC investments in domestic
companies in the third quarter of 2022

¥51.3 billion

Down ¥19.6 billion q/q
Down ¥7.8 billion y/y

See Fig.3
in the Page 3* The data from 110 firms that responded to the survey between October 11th and November 22nd, 2022 areaggregated.
* [Period covered by the survey]: Current quarter:
Same quarter of last year:

Q3 2022(July to September 2022)
Q3 2021 (July to September 2021)* Unless otherwise noted, the 2nd place of decimal point below is rounded off.
Due to the rounding, the total may not be consistent with the sum of breakdown.
* For the survey results of both by Stage and by Industry, the total may not be consistent with the sum of
breakdown, since not all the answers provided the details.

Figure 1: VC Investments: Q3 2021 and Q3 2022 Comparison
108 firms that provided both figures of domestic and overseas are aggregated. ("0" is considered a valid response)

Q3 2021

Q3 2022
Number of VC

Domestic

Overseasfirms that

Total

answered the

Number of VC

Domestic

Overseasfirms that

Total

answered theamount "0"

Amount （\Bil）VC

y/y % change(excluding

Deal countCVC)

y/y % change

56.6

16.7

73.3

348

75

423

-13.1%

35

15.8

65.0

-5.3%

66

438

162.6

222.1

173.2

132.3

238.9

148.3

Amount （\Bil）

2.7

1.0

3.7

2.1

0.9

2.9

-23.9%-10.4%

38

13

51

6

y/y % change

227-42.1%-46.2%

29

Per deal （\Mil）

71.6

73.8

72.2

94.1

122.9

101.0

Amount （\Bil）

59.3

17.6

76.9

51.3

16.6

67.9

-13.6%

y/y % change

Deal count

386

88

474

394
2.1%

y/y % change

Per deal （\Mil）

41

153.7

200.2

162.3

130.1

27

-12.0%Per deal （\Mil）Deal count

VC+CVCTotal

372
6.9%

y/y % change

CVC

amount "0"

49.2

8

-5.6%

73

467

35

-17.0%

227.8

145.4

Note: Figures for Q3 2021 in Figure 1 are provided from VC firms which responded to the latest survey (Q3 2022), sothat the figures presented in the above Figure 1 may not be consistent with the figures of Q3 2021 in Figure 3 andFigure 12, which are calculated based on investment amount and number of deals of Q3 2021 survey.

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

1

Figure 2: Comparison of VC Investments in 2018-2022 between Calendar Yearand Fiscal Year Basis
Note: Fiscal Year covers from April 1 to March 31 of the following year.
Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

\249.5billion、1,535deals
CY2018■Domestic\135.8billion、1,283deals■Overseas\113.7billion、252deals\276.3billion、1,683deals■Domestic

CY\216.2billion、1,432deals

2019■Overseas\60.1billion、251deals\219.1billion、1,421deals■Domestic

CY\151.2billion、1,160deals

2020■Overseas\67.9billion、261deals\294.8billion、1,683deals■Domestic

CY\227.7billion、1,395deals

2021■Overseas\67.2billion、288deals\271.3billion、1,519deals■Domestic

CY\202.0billion、1,272deals

2022■Overseas\69.3billion、247deals\252.4billion、1,520deals
FY2018■Domestic\145.8billion、1,260deals■Overseas\106.6billion、260deals\272.8billion、1,691deals
FY2019■Domestic\206.3billion、1,423deals■Overseas\66.4billion、268deals\221.5billion、1,371deals
FY
2020■Domestic\158.2billion、1,124deals■Overseas\63.3billion、247deals\332.7billion、1,870deals
FY
2021■Domestic\261.8billion、1,559deals■Overseas\70.8billion、311deals\174.6billion、994deals
FY
2022■Domestic\122.1billion、825deals■Overseas\52.5billion、169deals

Note : Above figures may not be consistent with those of our annual survey results, since figures above are calculated basedon a simple aggregation of figures of quarterly reports.

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

2

1. Data on VC Investments in Domestic Companies
Figure 3: Quarterly Trend of VC and CVC Investments in Domestic Companies+11 deals-37 deals-¥19.6 billion-¥7.8 billion

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

3

2. VC Investments by Industry
Figure 4: Investment Amount by Industry in Q3 2022 : Domestic and Overseas

106 firms that provided figures for Q3 2022 are included in the calculation. ("0" is considered a valid response)

Industry(9 classifications plus 1)

Domestic
Amount(\Mil)Overseas

Percentage

Amount(\Mil)Total

Percentage

Amount(\Mil)

Percentage

300.0

0.6%

0.0

0.0%

300.0

0.4%

19,245.4

38.4%

8,002.4

48.1%

27,247.8

40.8%

1,683.1

3.4%

1,014.3

6.1%

2,697.4

4.0%

605.5

1.2%

47.8

0.3%

653.3

1.0%

5. Biotechnology/Pharmaceutical

4,745.0

9.5%

1,524.2

9.2%

6,269.3

9.4%

6. Medical Devices & Equipment/Healthcare-related Services

3,069.9

6.1%

461.4

2.8%

3,531.3

5.3%

1. Telecommunications/Networking and Equipment
2. Computers and Peripherals/IT Services
3. Software
4. Semi-conductors/Electrical Machinery & Equipment

11,258.3

22.4%

3,609.1

21.7%

14,867.4

22.3%

8. Media/Entertainment/Retailing/Consumer Goods

5,801.4

11.6%

1,295.5

7.8%

7,096.910.6%

9. Finance/Real Estate/Business Services

3,470.9

6.9%

676.9

4.1%

4,147.8

6.2%

7. Industrial/Energy/Others

Decarbonization-related (among the above)

Total

1,428.3

2.8%

123.2

0.7%

1,551.5

2.3%

50,179.5

100.0%

16,631.8

100.0%

66,811.2

100.0%

Figure 5: Domestic Investment Amount by Industry in Q3 2022
(Percentage of JPY value invested)*(Reference) Changes for the investment amount of top 7
industries (2022 Q3, 2022 Q2, 2021 Q3)（¥Billion）

3.6
2.1

60

50

40

1.9
2.1
2.6

7.6
5.1

30

11.0

6.1
5.3

6.0

1.7
3.1
3.5

4.7
5.8

9.7

11.3
20

10

24.5

32.4

19.2

0
（# of
responding
firms）

Q3 2021

Q2 2022Q3
Q3 2022
2022

(108)

(109)

(110)

Software
Medical Devices & Equipment/Healthcare-related Services
Finance/Real Estate/Business Services
Biotechnology/PharmaceuticalMedia/Entertainment/Retailing/Consumer Goods
Industrial/Energy/Others
Computers and Peripherals/IT Services

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

4

Figure 6: Domestic Investment Amount by Industry:
Q2 2022 and Q3 2022 Comparison
Q2 2022: 105 firms that provided both figures of industrial breakdown and the total are included in the calculation. ("0" is considered a valid response)
Q3 2022: 106 firms that provided both figures of industrial breakdown and the total are included in the calculation. ("0" is considered a valid response)

Q2 2022

Industry

Industry(4 classifications plus 1)(9 classifications plus 1)

Percentage

Amount(\Mil)

Percentage

432.8

0.6%

300.0

0.6%

32,411.2

47.6%

19,245.4

38.4%

3,594.7

5.3%

1,683.1

3.4%

Semi-conductors/Electrical Machinery & Equipment

1,164.8

1.7%

605.5

1.2%

Telecommunications/Networking and Equipment

43.5%

1. IT-related

2. Biotech/Medical Services/
Health Care

15.6%

Computers and Peripherals/IT Services-¥13.2 billion

Software

Biotechnology/Pharmaceutical

6,094.3

9.0%

4,745.0

9.5%

Medical Devices & Equipment/Healthcare-related Services

2,068.2

3.0%

3,069.9

6.1%

Industrial/Energy/Others

5,998.8

8.8%

11,258.3

22.4%

5,251.0

7.7%

5,801.4

11.6%

11,026.3

16.2%

3,470.9

6.9%

1,829.7

2.7%

1,428.3

2.8%

68,042.0

100.0%

50,179.5

100.0%+¥1.0 billion

3. Industrial/Energy/Other Industries

22.4%
18.5%

4. Products/Services

Q3 2022Amount(\Mil)+¥5.3 billion

Media/Entertainment/Retailing/Consumer Goods+¥0.6 billion

Finance/Real Estate/Business Services-¥7.6 billion

Decarbonization-related （Among the above）

Total

Figure 7: Domestic Investment Deal Count by Industry:
Q2 2022 and Q3 2022 Comparison
Q2 2022: 105 firms that provided both figures of industrial breakdown and the total are included in the calculation. ("0" is considered a valid response)
Q3 2022: 106 firms that provided both figures of industrial breakdown and the total are included in the calculation. ("0" is considered a valid response)

Industry

Industry(4 classifications plus 1)(9 classifications plus 1)

Q2 2022
Deal countTelecommunications/Networking and Equipment

43.7%

1. IT-related

2. Biotech/Medical Services/
Health Care
3. Industrial/Energy/Other Industries
4. Products/Services

16.9%
16.6%
22.8%

Decarbonization-related （Among the above）

Total

Computers and Peripherals/IT Services-23 deals

Q3 2022

Percentage

Deal count

Percentage

7

1.7%

1

0.3%

153

38.2%

130

34.9%

36

9.0%

22

5.9%

Semi-conductors/Electrical Machinery & Equipment

11

2.7%

10

2.7%

Biotechnology/Pharmaceutical

35

8.7%

34

9.1%

Medical Devices & Equipment/Healthcare-related Services

28

7.0%

29

7.8%

Industrial/Energy/Others

Software-14 deals+1 deals

44

11.0%

62

16.6%

Media/Entertainment/Retailing/Consumer Goods

49

12.2%

48

12.9%

Finance/Real Estate/Business Services

38

9.5%

37

9.9%

6

1.5%

17

4.6%

401

100.0%

373

100.0%+18 deals

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

5

3. VC Investments by Stage (Domestic)
Figure 8: Domestic Investment Amount by StageQ3 2021 : 103 firms that provided figures are included in the calculation. ("0" is considered a valid response)
Q2 2022 : 103 firms that provided figures are included in the calculation. ("0" is considered a valid response)(\ Millions)Q3 2022 : 104 firms that provided figures are included in the calculation. ("0" is considered a valid response)Stage

Q3 2021

Q2 2022

Q3 2022

y/y

q/q

Seed

7,005.9

17.6%

6,935.7

13.9%

8,499.8

22.7%+5.1 points

Early

19,155.7

48.1%

21,484.1

43.1%

13,681.7

36.5%-11.6 points-6.7 points

Expansion

10,285.9

25.8%

9,764.8

19.6%

10,444.4

27.8%+2.0 points+8.2 points

Later3,395.2

8.5%

11,637.6

23.4%

4,899.0

13.1%+4.5 points-10.3 points

39,842.7

100.0%

49,822.3

100.0%

37,524.9

100.0%

Total+8.7 points

Figure 9: Domestic Investment Deal Count by StageQ3 2021 : 103 firms that provided figures are included in the calculation. ("0" is considered a valid response)
Q2 2022 : 103 firms that provided figures are included in the calculation. ("0" is considered a valid response)(Deal count)Q3 2022 : 104 firms that provided figures are included in the calculation. ("0" is considered a valid response)Stage

Q3 2021

Q2 2022

Q3 2022

Seed

90

27.1%

71

19.7%

90

27.3%

Early

156

47.0%

183

50.8%

150

45.5%

Expansion

55

16.6%

72

20.0%

57

17.3%

Later

31

9.3%

34

9.4%

33

10.0%

332

100.0%

360

100.0%

330

100.0%

Total

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

6

Figure 10: Domestic Investment Amount Comparison by Stage(¥ Millions）
25,00021,484.1
19,155.7

20,00015,00013,681.7
11,637.6
10,285.9

10,444.4

9,764.8

10,0008,499.8
7,005.9

6,935.7
4,899.0

5,000

3,395.20

Q3 2021

Q2 2022

Seed

Early

Q3 20222022
Q3

Expansion

Later

4. Investment Amount by Industry and Stage (Domestic)
Figure 11: Domestic Investment Amount by Industry and Stage(\ Millions)104 firms that provided figures for Q3 2022 are included in the calculation. ("0" is considered a valid response)

Seed

Early

Expansion

Later

Total

0.0

0.0

0.0

300.0

300.0

3,639.7

5,554.3

3,299.1

1,132.2

13,625.3

Software

473.0

453.7

756.4

0.0

1,683.1

Semi-conductors/Electrical Machinery & Equipment

299.6

121.9

184.0

0.0

605.5

1,258.2

830.2

469.0

202.0

2,759.3

420.2

1,210.6

539.1

900.0

3,069.9

1,522.0

3,290.7

3,258.0

324.6

8,395.4

Media/Entertainment/Retailing/Consumer Goods

776.2

1,180.1

1,014.5

1,444.6

4,415.4

Finance/Real Estate/Business Services

111.0

1,040.1

924.4

595.5

2,671.0

8,499.8

13,681.7

10,444.4

4,899.0

37,524.9

Telecommunications/Networking and Equipment
Computers and Peripherals/IT Services

Biotechnology/Pharmaceutical
Medical Devices & Equipment/Healthcare-related Services
Industrial/Energy/Others

Total

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

7

5. Summary of VC Investments in Overseas Companies
Figure 12: Quarterly Trend of VC and CVC Investments

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

8

Figure 13: Investment Amount by Region : Domestic and Overseas(Percentage of JPY value invested)

EuropeChina
Other Asia
Southeast Asia

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

96. VC Funds Newly Launched in Q3 2021
Figure 14: VC Funds Newly Launched and Follow-on Funds in Q3 2022
(Limited to the investment fund to startups)
15 firms that provided both figures of amount and number of deals for domestic and overseas are included in the calculation.
("0" is considered a valid response)

Q3 2022
VC funds newly launched
Number of funds launched
For overseas investments

11

among the left0

Follow-on

Amount (\Bil)

Per fund (\Bil)

For overseas investments

57.9

among the left

0.0

Amount (\Bil)

For overseas investments

5.3

among the left

0.0

For overseas investments

33.5

among the left

0.6

Figure 15: Total Fund Value and Number of Funds Newly Launched

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

10

Figure 16: Breakdown of Investment Amount by Investor Type for Funds Newly
Launched in Q3 2022
Note 1 : 8 firms that provided both figures of investment amount and number of investors are included in the calculation.
(*) Among 8 firms of Note 1, 4 firms that received investment from non-group companies are included in the calculation.

Investor type

Number of Investors

Per investor

Amount (\Mil)

Percentage

Percentage(\Mil)

Investment from the non-groupcompanies (*)
Number ofInvestors

Amount (\Mil)GP/Managing partners

10

33.3%

1,311.0

4.8%

131.1

1

100.0

Domestic total

20

66.7%

26,199.0

95.2%

1,310.00

0.0

Family/Individual relatives

1

3.3%

300.0

1.1%

300.0

0

0.0

Other VC/Fund of funds

0

0.0%

0.0

0.0%

-

0

0.0

Corporations

5

16.7%

7,650.0

27.8%

1,530.036,450.0

Banks/Shinkin banks/Credit unions

9

30.0%

8,749.0

31.8%

972.1

5

2,700.0

Insurance companies

1

3.3%

1,500.0

5.5%

1,500.011,500.0

Brokerage firms

2

6.7%

2,000.0

7.3%

1,000.022,000.0

Pension funds

0

0.0%

0.0

0.0%

-

0

0.0

Government/Local public bodies (non-pension)

2

6.7%

6,000.0

21.8%

3,000.026,000.0

Academic Institutes

0

0.0%

0.0

0.0%

-

0

0.0

Other domestic

0

0.0%

0.0

0.0%

-

0

0.0

0

0.0%

0.0

0.0%

-

0

0.0

30

100.0%

27,510.0

100.0%-

14

18,750.0

Overseas total
Total

Figure 17 :Percentage of Amount Invested in New Funds by Investor Type
(Domestic and Overseas)*(Reference) Changes in the amount composition ratio byinvestor (same period of the previous year / previous quarter)

Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

11

The Result of Survey on Venture Capital Investment
Trends in FY2021 (Final Report)[VEC YEARBOOK 2022] Japanese ver. Scheduled to be
published on December 14 !
The PDF ver. is available to purchase on BASE.
(https://vec.base.ec/items/)
The hardcopy ver. is available to purchase on Amazon.
(https://www.amazon.co.jp/)[VEC YEARBOOK 2022 DATA] (English ver.)Scheduled to be published in late February
2023 or later
Venture Enterprise Center, Japan (VEC) annually publishes the results of the investment
trend survey as " VEC YEARBOOK (Annual Report on Japanese Startup Businesses) ".
In the VEC YEARBOOK , we explain the data on venture investments in detail. We arealso presenting the latest issues.
VEC YEARBOOK has been quoted in various reports of the government and literatures ofacademic circles and mentioned by the media as our nation's only research tounderstand the venture capital investment trends in Japan.

Back numbers of VEC YEARBOOK are also available.
*For details, see the VEC's website.
http://www.vec.or.jp/ (Japanese website)
https://www.vec.or.jp/en/ (English website)

Venture Enterprise Center, Japan (VEC)
vcdoukou@vec.or.jp+81-3-3230-8902
https://www.vec.or.jp/en/
Copyright (C) 2022 Venture Enterprise Center, Japan. All Rights Reserved.

12ベンチャービジネスに関する年次報告

ベンチャー白書2022
発行 : 一般財団法人ベンチャーエンタープライズセンター

新刊のお知らせ2022年
12月14日発刊●BASE

電子版 （https://vec.base.ec）
冊子版●Amazonオンライン書店●紀伊国屋・丸善等大手書店

詳しくは下記へお問い合わせください
業務部：https://www.vec.or.jp/
03-3230-8902- 目 次 分析編
第 1章
日本のベンチャーキャピタルによる投資の動向
第 2章
ベンチャー企業向けアンケート調査
第 3章
スタートアップへの期待とオープンイノベーションの発展
第 4章
海外のベンチャーキャピタルによる投資の動向
資 料
政府・関連団体のベンチャー支援施策
データ編
ベンチャーキャピタル投資動向調査
ベンチャー白書は、我が国のベンチャーキャピタル、ベンチャー企業を幅広くカバーした
唯一の報告書です。本書に掲載のデータ・解説は政府・自治体、大学・研究機関にも利用されています。

✓✓✓✓✓

20年以上継続している投資動向を図表で解説
ベンチャー企業向けアンケート調査 ー ベンチャー企業の声
ベンチャーをめぐる省庁等の支援施策の紹介 ー 担当窓口一覧表
米国、欧州の投資動向を詳細に解説
2022年上半期の投資動向を詳細に紹介

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13