The Venture Codex

Led · Series A · Feb 2026

Founded in 2021 and headquartered in Tokyo, InsightX develops an AI-powered Customer Experience (CX) transformation platform built around its proprietary Shelf-Based Recommendation® engine. The software allows B2C companies to provide individualized, context-aware shopping journeys that were previously the domain of large tech players. More than 10 e-commerce operators, including Onward, Pal, Urban Research, and Lumine, have already adopted the product to enhance CX and boost business results. InsightX plans to channel new capital into deepening its personalization technologies, advancing overall product development, and recruiting additional AI-native engineers. The company will also expand its organizational structure to support growth across multiple B2C verticals. To date, the startup has secured a total of JPY 800 million in Series A funding, underscoring investor confidence in its technology and market traction.

Participated · Series C · Jan 2026

Founded in April 2021, Tokyo-based Manpuku Holdings specializes in inheriting and scaling small and mid-sized food businesses facing succession issues, pledging not to resell the acquired companies but to grow them within its group. In roughly four and a half years the company has rolled up 14 firms (13 domestic, 1 U.S.) across the meat, fish, bento and restaurant value chain, organizing them into four regional "Area Republics" to share procurement, logistics and know-how. This model has lifted consolidated annual sales to about ¥11 billion (≈US$110 million) and expanded headcount to roughly 1,800 employees, while improving inherited companies’ operating cash flow and productivity. Future plans include deeper reinvestment in the 14 existing subsidiaries, accelerated domestic roll-ups (including “small roll-ups” led by portfolio firms), and overseas expansion through newly formed Manpuku USA. The firm will also bolster back-office, data, and HR systems to support long-term growth. Manpuku’s mission is to preserve Japan’s food culture and regional employment under the banner “『うまい』でこの星をしあわせ一杯に.”

Participated · Series B · May 2024

mov operates AI store-support SaaS "Kutikomi" and the inbound business/media "訪日ラボ" (Honichi), offering review aggregation, MEO and multilingual listing management. Kutikomi connects with 19 domestic and international review sites, provides AI-powered review analysis and reply support, and supports multilingual/inbound MEO. The company also offers inbound-focused consulting and publishes industry-leading inbound data and content via Honichi. mov reports a churn rate below 0.1% and says ARR is growing at a T2D3-style pace. The business plans to accelerate product development (including additional AI features), strengthen its organization, and ramp up sales and marketing to capture returning inbound demand. mov has grown to over 80 employees and will mark its 10th anniversary in August 2025.

Led · Series B · Jan 2024

Leal is a SaaS retail-tech company that enables B2C brands, e-commerce sites and financial institutions to build customer databases and offer cashback, rewards and targeted campaign management. The platform integrates with 160 point-of-sale systems and provides campaign tools and customer-behavior tracking, including for cash-paying customers. Leal works with more than 1,000 brands across 15 industries in eight countries; its client list includes Subway, Verifone and Chevron. The company reports more than 6 million users (up from 1.5 million in 2020), with 3.5 million active users joining in the last 12 months. Founded in 2016 by Camilo Martinez and Florence Frech and based in Bogotá, Leal nearly lost 85% of its merchants during the pandemic and rebuilt its business from 2021 onward. With the new funding it plans to reach $10 million in annual recurring revenue and to invest in Mexico penetration, omnichannel communications, smarter data collection, automation of benefits and AI-driven personalization including generative-AI chatbots and strengthened WhatsApp and Facebook Messenger channels. Leal is a Bogota, Colombia-based fintech operating across Latin America that provides cashback and rewards products enabling consumers to earn money back on everyday purchases. Led by CEO Camilo Martinez and COO Florence Frech, Leal launched in 2021 functionality that lets grocery shoppers scan paper receipts to earn Leal Coins redeemable for goods and services including gas, cell phone top-ups and Rappi deliveries. The company positions its digital wallet as an ecosystem that offers additional services beyond cashback, including a broader payment ecosystem and merchant network. Leal plans to expand its rewards program, digital wallet, payment ecosystem, user base, merchant network and Leal Coins throughout Mexico, Colombia and Central America in 2022. It intends to use new funding to launch a co-branded credit card, scale operations in Mexico and invest in technology development over the next year. Leal is a loyalty startup based in Bogota that aggregates reward programs into a single app used by more than 1 million registered users and over 450 affiliated brands. The platform integrates with point-of-sale payment terminals to capture transactional data and convert it into analytics for merchants. Businesses can use Leal's analytics to identify customers, visit frequency, average purchase tickets and brand perception. The system also enables brands to send customized, automated messages via SMS or email. Leal intends to use the new funding to accelerate expansion into Central America, starting with El Salvador and Panama. Co-founded by Florence Frech and Camilo Martinez, the company has raised more than US$5m to date.

Participated · Series A · Dec 2023

Baaz Bikes provides subscription-based scooters to gig workers, covering several battery changes per month as part of its service. The platform serves more than 30 swapping stations and over 500 drivers in the South Delhi area. Its customers include delivery workers at companies such as Zomato, Zepto, Swiggy, and Amazon. The company plans to expand its presence across Delhi and the NCR over the next 12 months. Baaz intends to use new funding to improve and expand product offerings with a primary focus on safety and scalability in the gig economy. Competitors named in the article include eBikeGo, Bounce, Fae Bikes, Yulu, and Zypp Electric. Baaz Bikes (ElecTorq Technologies) designs and operates a cost-efficient electric vehicle ecosystem for gig delivery workers. Its core products include Baaz Bikes and the Baaz Swap Network. The company aims to address gig workers' long range requirements, rising petrol costs, lack of capex to buy bikes, and heavy downtime due to maintenance. Baaz's stated focus is to become a mobility platform that provides gig delivery workers access to its in-house designed EV ecosystem. Financially, Baaz announced a $2 million Pre-Series A round led by Kalaari Capital, with participation from AdvantEdge, 9Unicorns and Sumant Sinha. The announcement emphasizes the company's aim of assisting gig workers through its EV offerings.