The Venture Codex

Participated · Series E · Apr 2026

Brave group is an IP production company centered on VTuber talent and related businesses, operating projects including ぶいすぽっ！, HIMEHINA, and Neo-Porte. The company has pursued international expansion into English-speaking markets, Korea, and China. Founded in October 2017, Brave group has raised cumulative funding of about ¥14 billion to date. Its business spans talent management, streaming activities, music production, live events, and merchandise production as part of broader IP commercialization. Following the Series E financing, GREE Holdings (via REALITY) became the company's largest shareholder, strengthening a strategic partnership. Brave group plans to use new proceeds to accelerate global expansion, diversify IP businesses, invest in technology, and pursue strategic M&A.

Led · Equity · Oct 2025

Founded in 2015, Bira 91 brews craft beers such as Bira Blonde and Boom IPA and commands about 70% of India’s premium beer market. Its products are distributed in more than 500 cities through 25,000 on-trade outlets and online platforms like Amazon and Swiggy. In FY25 the company generated ₹1,050 crore (≈$125 million) in revenue while reducing losses to ₹150 crore, and it currently produces roughly 8 million cases annually. Management plans to triple capacity to 24 million cases by 2027 by adding new breweries in Karnataka and Uttar Pradesh. International expansion is a priority, with planned launches in New York, California, Singapore, and Thailand. Bira 91 also leverages partnerships with Kirin Holdings and Amazon Pay to extend distribution and digital sales. The company is targeting breakeven and approximately ₹2,500 crore ($300 million) in revenue by 2027 ahead of a planned IPO.

Participated · Series A · Sep 2022

Neutral Foods is a Portland-based carbon neutral food company whose flagship line includes carbon-neutral dairy products sold to retail, food-service, and ingredient customers. The company debuted nationally in 2021 with organic milk and now places products in more than 2,000 grocery stores, including Whole Foods Market, Sprouts, and select Target locations on the U.S. West Coast, as well as regional chains such as Central Market, Earth Fare, Erewhon, Nugget Market, and Haggen. Distribution is handled nationally through United Natural Foods Inc. and KeHE. Management, led by CEO Marcus Lovell Smith, plans to leverage its climate-focused supply chain experience to introduce additional agricultural foods with net-zero greenhouse-gas footprints. To date, Neutral has raised roughly $20 million, including two prior seed rounds totaling about $8 million from Darco Capital and celebrity investors. The fresh Series A capital will support expanded retail penetration and product line extensions geared toward further emissions reductions in the food system.

Participated · Series A · Aug 2021

Flow Neuroscience makes Europe’s only medically approved transcranial direct current stimulation (tDCS) headset paired with a behavioural therapy app for treating depression. The device delivers gentle electrical impulses and is intended for at‑home, self‑managed use with no reported side effects. In UK and EU trials users reported a 30% recovery rate after six weeks and 85% reported improved mood. The company intends to further develop its existing depression treatments and accelerate expansion into the US via clinical trials and pursuit of FDA approval. Financially, Flow closed a $9 million Series A and has raised $11.6 million to date. Founded in 2016 by clinical psychologist Daniel Månsson and neuroscientist Erik Rehn, the startup positions its product as an adjunct or alternative to antidepressants and CBT. Flow develops a combined portable transcranial direct current stimulation (tDCS) headset and therapy app for at-home treatment of depression. The product pairs a Class IIa medical-device headset with an app that provides educational videos and expert-backed advice on sleep, nutrition, fitness and meditation. The headset delivers low direct current via electrodes to stimulate and rebalance neural activity and is used alongside the therapy app, which is free on iOS. Flow launched in June 2019 in the UK and Sweden and is led by Daniel Mansson. The headset retails at £399. The company intends to use recently raised funds to support a European rollout, introduction to healthcare clinics, and the conduction of clinical studies. Flow Neuroscience develops a wearable transcranial direct current stimulation (tDCS) device linked to a behavioral training mobile app to treat depression. The technology uses weak electrical currents to stimulate the brain and is paired with an app that teaches patients how to eat, sleep and exercise based on peer-reviewed literature. The company says tDCS can change neuronal activity and have effects on depressive symptoms similar to antidepressant medication, with fewer and less severe side effects. Led by CEO and clinical psychologist Daniel Månsson, Flow graduated from the Shenzhen-based HAX Accelerator and received an EU H2020 SME instrument grant. The $1.1M seed funding announced in January 2018 will enable the company to complete the regulatory process, obtain approval for its first product in the EU and grow its team. Backers in the round included Khosla Ventures, SOSV and a Swedish angel investor.

Participated · Series B · Apr 2021

DAIZ develops plant-based meats and fish built on its proprietary Ochiai high-pressure process that converts germinated soybeans into “miracle chips” for improved texture and flavor without additives. The company is positioning its product as part of a consumer “hybrid strategy,” supplying both domestic and international retail, distribution, food manufacturing, and restaurant customers. DAIZ has partnerships to expand its ingredient base, including a collaboration with France’s Roquette to produce a pea-based version and plans for a future “Miracle Egg” product. The company plans to use the Series C proceeds to build a new 40,000-square-foot plant in Kumamoto Rinku Techno Park, scheduled to launch in February 2025, with initial capacity of 8,000 tons in year one and eventual expansion to 20,000 tons per year. DAIZ has received backing from 33 companies, including 17 listed companies, and says the financing brought its total capital raised to ¥13.1 billion (about US$86.5 million), the largest amount in Japan’s domestic food tech industry. Management highlighted that ministry-backed loan programs enabled long-term, low-cost corporate loans that supplemented equity financing for this expansion. DAIZ develops MIRACLE MEAT, a plant-based meat substitute made from whole germinated soybeans using the Ochiai Germination Method (OGM) to boost taste, nutritional value, and nutrient absorbency while reducing beany off-flavors. MIRACLE MEAT aims to mimic the taste and texture of meat and has been adopted by multiple food manufacturers and restaurant chains, primarily in Japan. The company emphasizes sustainable protein production with lower greenhouse‑gas emissions compared with livestock, and positions its product as a solution for increasing global protein demand. DAIZ intends to expand domestic and overseas adoption of its plant-based meat and contribute to sustainable agricultural production and food supplies. Through a partnership with Mitsubishi Chemical Holdings, DAIZ expects technological synergies—particularly in food additives and emulsifiers—to further improve MIRACLE MEAT’s flavor. The company was established December 1, 2015 and is headquartered in Kumamoto‑shi, Kumamoto Prefecture. DAIZ Inc. announced a ¥1,850,000,000 Series B round on April 19, 2021. The capital was raised via a third-party capital increase (equity). The transaction included participation from a broad group of existing, new, and returning investors. Existing investors named include Ajinomoto Co., Kichiri & Co., and the Norinchukin Bank investment arm. New investors listed include Nippon Steel Trading Corporation, KANEMATSU FOODS CORPORATION, Kanematsu Corporation, ENEOS Innovation Partners LLC, Marubeni Corporation, Shinkin Capital Co., Kemuri Ventures LLC, Kirin Holdings Company, Mitsui Sumitomo Insurance Venture Capital Co., Global Brain Co., and Golden Asia Fund Venture Ltd. Returning and other participants included Mitsubishi UFJ Capital Co., Ltd., Marubeni Corporation, and QB Capital, LLC. Daiz is a Japanese startup developing plant-based substitutes for meat products. It produces plant-based meat alternatives. The company has raised ¥650 million in a Series A funding round. That amount is approximately $6 million. The round was backed by Mitsubishi UFJ Capital (Mucap). The financing was disclosed as a Series A round.