Participated · Series B · Apr 2026

Fogg runs RAFFLE, a guaranteed-win online lottery platform where users obtain original merchandise and digital content. The company provides end-to-end services covering planning, manufacturing, delivery, and customer support for its campaigns. RAFFLE’s clients include Yoshimoto Kogyo, Shufutoseikatsusha, and Shueisha. Fogg has raised a total of ¥600 million across Series A and B rounds, including approximately ¥300 million in the most recent Series B. The latest funding will be deployed to boost marketing for its online original merchandise business and to enhance AI-powered operations. Founded in June 2013, the company has stated goals toward pursuing an eventual IPO.

Participated · Series A · Jun 2024

GLORANG develops AI-driven psychological diagnostic tests to standardize educational indicators such as critical thinking, creativity, and mathematical ability for the AI era. Its diagnostic tools are used by over 6,600 schools and a growing number of corporations, education offices, hospitals, and universities. The company also operates Gguge, a platform offering real-time online classes for children aged 5 to 19 covering academic and extracurricular subjects. GLORANG will use the Series A2 proceeds to enhance its AI diagnostic software, expand operations, and launch a SaaS service for online test integration. It also plans to expand the Gguge platform to serve middle and high school students. The latest financing brought the company's total funding to KRW 25.0B. Glorang operates Gguge, an online marketplace offering more than 5,000 Zoom classes and extracurricular activities for students aged 3–18, with instructors using active learning methods. The company launched Gguge in 2020 after pivoting from an AI-powered study-abroad matching platform and was founded in 2017. Gguge claims more than 100,000 users in South Korea and the company has a team of 35 in Korea. Glorang says it differentiates by providing education services in local languages and plans to add Japanese soon. The startup aspires to become the ‘Outschool of Asia’ and will use new funding to expand its service across multiple Asian markets and to increase headcount. The education-tech surge from the COVID-19 pandemic and fast growth in Asia underpin Glorang’s expansion strategy.

Participated · Equity · Jan 2024

Fermenstation develops bio‑materials by upcycling unused biomass and food waste using its proprietary fermentation technology and an in‑house database of microbes and biomass. The company supplies materials for cosmetics and food ingredients, operates OEM/ODM and its own organic brand, and conducts co‑creation projects with manufacturers. It owns a commercial factory in Oshu, Iwate, enabling end‑to‑end development and manufacturing and a circular model that reuses fermentation byproducts. The firm has accumulated data on over 100 types of unused biomass and is advancing selection of enzymes, microbes and pathways to expand product variety. Fermenstation holds B Corp certification and has been selected for Japan’s J‑Startup and J‑Startup Impact programs. The company says it will accelerate R&D, strengthen manufacturing capacity, deepen joint development with cosmetics and food companies, and expand hiring following the recent fundraise.

Participated · Series A · Dec 2023

Inspire High provides an online, interactive EdTech program used in classrooms to expose middle and high school students to diverse creatives, careers, and social issues while prompting students to tackle open-ended questions. Since beginning operations in 2020, the program has been delivered to over 300 middle and high schools nationwide and is used in subjects such as integrated inquiry, special activities, moral education, and career/SDGs education. The curriculum emphasizes developing self-expression, empathy, and 21st-century non-cognitive skills through live, two-way sessions that are accessible regardless of students' economic or geographic background. Program examples include sessions with public figures and practitioners on topics like identity, language, peace, and social change. The company plans to use its recent funding to strengthen domestic school sales, build new products, and prepare for international expansion. Inspire High was established in November 2019 and is headquartered in Chiyoda-ku, Tokyo.