Japanese VC Firm Incubate Fund Asia Elevates Two Principals To Partners

Nao, Rajeev & Dave (Incubate Fund Asia)

Incubate Fund Asia, a sector-agnostic Japanese Venture Capital Fund specialising in seed-stage investment, has promoted two of its Principals, Rajeev Ranka and Dave Kwong, to Partners in the fund. The move comes as the fund aims to build a portfolio of around 20 startups with its third fund, which has a target corpus of USD 50 million.

Incubate Fund Asia’s India-focused entity, rebranded itself to enhance focus on pre-seed and Seed-stage startups in India and South East Asia. As per the company, in their new roles as Partners, Rajeev and Dave will continue to work closely with the founders and entrepreneurs in shaping the future of their startups. They will also play a key role in the fund’s investment strategy and portfolio management.

Rajeev Ranka joined Incubate Fund Asia in early 2020 as a Principal for India investments. He is an IIT Bombay graduate and has been leading India investments for the fund. Dave Kwong is a Partner at the fund and has been with the fund for several years. He has been instrumental in the investment and development of early-stage startups in South East Asia.

Commenting on the promotion, Rajeev Ranka, Partner at Incubate Fund Asia said, “I am excited to take on this new role and continue to work with the experienced team at Incubate Fund Japan and Asia to support the growth of early-stage startups in India. We have a strong track record of identifying and investing in promising startups, and I look forward to building on that success in my new role as Partner.”

Dave Kwong added, “I am honoured to be part of this team as always and looking forward to continue to work with our team at Incubate Fund Asia to identify and invest in the most promising early-stage startups in the region. We have a unique opportunity to support the growth of the entrepreneurial ecosystem in India and Southeast Asia, and I am excited to be a part of that effort.”

Mr Nao Murakami, Founder and General Partner of Incubate Fund Asia, said, “We are thrilled to promote Rajeev Ranka and Dave Kwong to Partners in the fund. They have been instrumental in the success of our India-focused entity and have a deep understanding of the startup ecosystem in the region. We are confident that they will continue to play a key role in identifying and nurturing promising startups in India and Southeast Asia.”

The fund claims that it has backed 27 Indian companies across B2B, B2C, supply chain, and consumer tech segments across both Tier 1 and Tier 2 markets with USD 500k to USD 1.5 million average deal size. It expanded to India in 2016 and started Incubate Fund India, which was recently rebranded as Incubate Fund Asia.

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