SBI Holdings said on April 14 that it is moving ahead with a strategic alliance with Silicon Valley-based Across Ventures to support the creation of a U.S. fund of funds focused on specialized micro venture capital firms. The proposed vehicle, to be called Across Ventures Fund I, L.P., is targeting about $100 million and is designed to give Japanese companies broader exposure to early-stage American innovation. The announcement signals SBI’s intent to deepen its startup investment activity in the United States while creating a more structured path for Japanese corporates to engage with emerging technologies.
Strategic Alliance
Under the planned partnership, Across Ventures will lead the formation of the new fund, while SBI is expected to join as an anchor limited partner once the vehicle is established. SBI also said it plans to contribute more than capital, including investment know-how, corporate network access, and support in selected operational areas tied to the fund’s development. The companies aim to use the platform to connect promising U.S. startups and specialist investors with Japanese enterprises seeking earlier visibility into new markets and technologies.
Market Context
The strategy reflects broader shifts in the U.S. venture market, where capital is increasingly concentrated at opposite ends of the spectrum between very large funds and much smaller, highly specialized managers. SBI said micro VCs have become especially important in pre-seed and seed investing because they tend to bring deep domain knowledge and closer proximity to founders in fast-moving sectors. By backing these firms indirectly through a fund of funds model, the alliance is positioning itself to capture innovation earlier than many traditional corporate investment channels.
Fund Focus
The planned fund is expected to diversify its commitments across micro VCs specializing in areas such as artificial intelligence, physical AI, fintech, blockchain, climate technology, health technology, next-generation computing, space, and other deep-tech fields. That sector mix reflects the kinds of frontier industries where small specialist investors often gain access to startups before larger institutions enter the picture. For Japanese corporations, the structure could offer a more efficient way to monitor and engage with U.S. companies that have historically been difficult to reach at the earliest stages.
SBI’s Role
SBI said the alliance fits into its broader effort to expand its U.S. startup investment footprint over recent years. In addition to serving as an anchor investor, the company expects to assist with deal sourcing and investment review, which could help improve the flow of information between U.S. venture ecosystems and Japanese strategic investors. The group said these activities are intended to support Japanese companies in identifying technology and market trends, advancing open innovation, and exploring future commercial partnerships.
Across Ventures Background
Across Ventures was founded in 2025 and is building its business around a fund of funds approach aimed at linking cutting-edge U.S. innovation with Japanese enterprises. The firm is led by founder and managing partner Emi Yoshikawa, who brings more than two decades of experience across the technology and financial sectors in the United States. Before launching Across Ventures, Yoshikawa held a senior role at Ripple Labs, where she worked on strategy, global expansion, joint ventures, and the launch of an ecosystem fund.
Leadership and Industry Links
Yoshikawa’s background also gives the new venture a direct connection to SBI through her work involving SBI Ripple Asia, the joint venture between SBI Holdings and Ripple. SBI said that experience helped position her as a key figure in promoting blockchain-related financial innovation in Japan, adding a layer of familiarity between the two sides as they explore the partnership. That existing relationship may strengthen confidence around execution as the companies seek to build a cross-border investment platform with both strategic and financial relevance.
The proposed alliance between SBI Holdings and Across Ventures points to a more deliberate effort to bridge Japanese corporate demand for innovation with the fragmented but influential world of U.S. specialist micro VCs. Rather than investing directly into startups one by one, the planned fund would rely on sector-focused managers to build diversified exposure to some of the most competitive areas in early-stage technology. If completed as outlined, the initiative could become a notable example of how Japanese capital is being positioned to access the earliest layers of U.S. venture creation.