The Venture Codex

Participated · Series C · Aug 2026

Founded in February 2019, X Mile started as a staffing platform matching workers with employers in non-desk industries and has since broadened into software, AI tools, M&A advisory, and vehicle sales for operators. The platform now reports more than 1.2 million registered job seekers and over 30,000 client business locations. X Mile’s digital transformation platform for transportation and logistics operators has grown annual recurring revenue by more than 90% year-on-year. The company plans to expand its vertical AI product line for logistics, construction, and manufacturing, grow its M&A and business-support capabilities, and deepen partnerships with major corporations. Its recent Series C increases total funding to JPY6.96 billion and is intended to support product expansion and acquisitions that add complementary products and teams.

Participated · Series A · Mar 2026

Recho builds an "AI-Native Contact Center" platform that uses its in-house speech recognition, speech synthesis, and dialogue control technologies to automate phone-based customer service. The company reports deployments with major financial institutions, government agencies, global manufacturers, and platform companies, and cites a case of an AI phone desk launched at SBI Shinsei Bank. Recho plans to deepen its engineering and R&D capabilities, expand platform development, and strengthen customer implementation teams using proceeds from the Series A and debt financing. Management emphasizes transferring frontline contact-center know-how into models that continuously learn in operation. SBI Investment noted the company is already approaching profitability and has IPO on the horizon. Recho is headquartered in Chuo-ku, Tokyo, and is led by CEO 邱 実.

Participated · Series B · Jan 2026

Founded in 2015, Applied EV (AEV) builds the Blanc Robot, a cab-less, flat-chassis autonomous electric vehicle platform that can be configured for multiple industrial and logistics use cases, including last-mile delivery and operations in hazardous or remote mining sites. The Generation 6 Blanc Robot, introduced a year ago, integrates proprietary electronics and software developed and installed in Australia while sourcing its chassis from Suzuki Motor Corporation. AEV’s mission is to commercialise and scale this platform globally, leveraging Australia’s engineering talent and on-shore manufacturing capabilities. The company currently employs 113 people after a 40 % workforce reduction over the past year but expects to add 25 skilled roles with new funding. To date, AEV has raised a total of roughly US$80 million, including a prior US$40.5 million round in 2022 backed by Suzuki. The latest capital infusion strengthens its balance sheet and supports large-scale production, deployment and commercial contracts for the Blanc Robot.

Participated · Series B · Oct 2025

Founded in July 2021, Forest operates a roll-up model that inherits and scales Japanese “monozukuri” (craftsmanship) brands through M&A, having completed 21 acquisitions in its first four years. The company differentiates itself from earlier global roll-ups by minimizing dependence on online marketplaces and instead leveraging in-house retail-tech and omni-channel expertise to re-structure and cross-sell its portfolio. Its cross-border EC site “Omakase” already carries about 14 brands and ships curated Japanese products to customers in 64 countries and regions. Recent tuck-ins include smartphone-accessory labels OVER’s and ガラスザムライ, leather-goods brand GRAV, outdoor line CREEB, shoe-care label ROSY LILY, retail-tech firm Tsuzucle, and 60-year-old RC-car maker YOKOMO. Forest keeps original founders involved in roughly 80 % of its acquired companies to preserve product DNA while unifying back-office, logistics and marketing under a centralized “backbone.” The firm seeks targets with strong craftsmanship, steady demand and clear upside once Forest optimizes marketing, logistics and cost structures. Capital from the new raise will be used to fund additional acquisitions and to expand its retail-tech capabilities.

Led · Series A · Sep 2025

Founded in 2023 by CEO Maro Gil, SAZO develops agentic AI infrastructure to automate key processes in cross-border shopping, including shipping fee and customs duty prediction, translation, local pricing, payment, and customs clearance. The company reports approximately 95% accuracy in predicting shipping fees, customs duties, and service charges. SAZO currently operates services connecting Korea, the United States, and Japan and has seen monthly transaction volume grow roughly sevenfold over the past six months on its Korea-Japan service. It has secured partnerships with platforms including Mercari, Rakuten, and Bungaejangter. In 2025 SAZO received a strategic investment from Japan Post Capital, and the company says it will expand into additional markets and deepen partnerships with brands and platforms while hiring to support growth. SAZO's aim is to provide a cross-border purchase experience comparable to domestic online shopping by connecting local platforms with logistics and payment infrastructure across countries.