HIRAC FUND Completes First Close for Fund No. 3

Money Forward Venture Partners Co., Ltd., a group company of Money Forward, Inc., has established its third fund and completed its first close with approximately 4.7 billion yen.

The investors participating in the first close include Aichi Bank, Ltd., The Bank of Kii, Ltd., Kyoshin Social Capital Co., Ltd., Keiyo Bank, Ltd., The Bank of San-in, Ltd., The Tokushima-daisho Bank, Ltd., The Chugoku Bank, Ltd., The Yamanashi Chuo Bank, Ltd., Money Forward, Inc., and others (in Japanese syllabary order / some company names not disclosed).

Recruitment activities will continue, aiming for a fund size exceeding 10 billion yen.

Background of the Establishment of Fund No. 3

Our company launched Fund No. 1 in 2020, followed by the establishment of Fund No. 2 in 2022 and Fund No. 1 Extension in 2025, managing a total fund of 13.4 billion yen. To date, we have invested in over 50 startups and supported their growth.

Amidst significant changes in the fundraising environment surrounding startups, our company has gone beyond mere financial provision to act as a bridge connecting stakeholders, including LP investors, and has provided multifaceted support by leveraging the following strengths:

1. Accompanied Support Tailored to the Needs of Invested Entrepreneurs

We have accompanied entrepreneurs in their business growth. In Fund No. 1 (25 invested companies), we have achieved 3 IPOs and 2 M&As. Most recently, Salowin Co., Ltd., an investment from the seed round, joined the Hulic Group through an M&A. Upon completion of the planned distributions to limited partners, DPI is expected to be approximately 126% as of the end of June 2026. We provide flexible hands-on support tailored to each company's phase and challenges, including venture debt support, CXO-level recruitment, and advice on public relations and back-office construction, by leveraging the network of HIRAC FUND.

<Reference>

"Salowin Co., Ltd. Joins Hulic Group as a Wholly Owned Subsidiary of Hulic Co., Ltd." (Published June 23, 2026)

URL: https://prtimes.jp/main/html/rd/p/000000023.000056125.html

2. Practical Support Utilizing the Money Forward Group's Assets, Including Expertise in AI

We provide our group's expertise in AI, AX (AI Transformation), SaaS x Fintech, IPO, and M&A to our invested companies and LP investors, contributing to the revitalization of the startup industry. Most recently, we have provided practical, business-directly-related support, such as assisting in increasing sales of products from invested companies through the household and asset management service 'Money Forward ME'.

3. Ecosystem Building Through "Co-creation" with Regional Financial Institutions and Corporations

Since Fund No. 2, many regional financial institutions and corporations have participated, promoting the nationwide expansion of our invested startups. We are co-creating an ecosystem that generates innovation beyond regional boundaries, such as jointly establishing startup support bases utilizing idle real estate in local areas (e.g., 'Key Site' in Wakayama City) and fostering human resources through the acceptance of trainees from LP investors.

With Fund No. 3, we will further strengthen the network cultivated with entrepreneurs, financial institutions, and corporations, and promote "further value-up of invested startups," "creation of business opportunities for LP investors," and "contribution to the development of Japan's startup ecosystem." Going forward, we aim to form a fund exceeding 10 billion yen in total.

Overview of Fund No. 3

Fund No. 3 will invest in unlisted companies, primarily at the seed and early stages, that aim to solve social issues and revitalize regions through domestic and international technology. We will further strengthen our cultivated network and focus on investment and value-up support in the following seven themes.

<Key Investment Themes>

toB (AX/DX for Businesses), Industry-Specific DX, Platforms, Japan Soft Power (Entertainment, Food, Tourism), Brand Business, Healthcare/Welfare, Emerging Technologies (AI, Robotics, Deep Tech, Space, etc.)

<About Fund No. 3>

Name: HIRAC FUND No. 3 Investment Limited Partnership

Total Fund Size: Over 10 billion yen (planned)

Investment Target: Unlisted companies, primarily at the seed and early stages, both domestic and international.

General Partner: Money Forward Venture Partners Co., Ltd.

URL: https://www.hirac.co.jp/

About Money Forward Venture Partners Co., Ltd.

Name: Money Forward Venture Partners Co., Ltd. (100% subsidiary of Money Forward, Inc.)

Location: msb Tamachi Station Tower S 21F, 3-1-21 Shibaura, Minato-ku, Tokyo

Representative: Naoya Kanesaka

Business Activities: Fund recruitment and operation

Established: May 25, 2020

URL: https://www.hirac.co.jp/

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