Spiral Capital

Spiral Capital LLP is a venture capital firm based in Tokyo, Japan, focused on investing in startups across various stages, including seed, early, mid, and late-stage ventures. Established in 2015, the firm specializes in sectors such as healthcare, industrials, transportation, air freight, logistics, and emerging technologies like artificial intelligence, the Internet of Things, and blockchain. Spiral Capital primarily targets investment opportunities in East Asia and Japan. The firm was previously known as Spiral Ventures Japan LLP and has evolved to adapt its strategies, aligning its investments with the dynamic landscape of technology and innovation in the region.

Takashi Chiba

Principal

Ryusuke Hirota

Partner

Tomokazu Okuno

Representative Partner

Shota Takamoto

Associate

Miho Tateishi

Associate

Past deals in Indonesia

UangTeman

Series B in 2019
UangTeman is an online lending service that provides instant short-term microcredit to Indonesian consumers. It aims to provide online financing, anywhere and anytime as an alternative to conventional lending models of banks or other finance companies. Currently, UangTeman offers unsecured loans of a maximum of 3.5 million Rupiah for a maximum of 30 days. It serves the Greater Jakarta area, Yogyakarta, Solo, Magelang, Klaten, Bandung, Surabaya, Semarang, Bali, Makassar, Palembang, Lampung, Jambi, and Balikpapan. UangTeman was founded in 2014.

Carsome

Series B in 2017
Carsome Sdn Bhd operates an online platform that connects customers with used car dealers across Malaysia and has expanded its services to Indonesia, Thailand, and Singapore. Founded in 2015 and headquartered in Petaling Jaya, the company streamlines the car-selling process by offering services that encompass inspection, valuation, bidding, payment, and logistics. This comprehensive approach allows individuals and entities to efficiently sell their vehicles directly to dealers through an online bidding portal. By facilitating each step of the transaction, Carsome aims to enhance the overall experience for customers looking to sell their cars.

SwipeRx

Series A in 2017
mClinica develops mobile platforms that strengthen the pharmaceutical supply chain, generate data, improve patient adherence to medication, and build the capacity of the pharmacy workforce. Since 2017, mClinica has connected 150,000 pharmacy professionals and 40,000 pharmacies through a single digital channel. Their users reach approximately 150 million patients each month. mClinica currently operates across Indonesia, Philippines, Vietnam, Cambodia, Thailand, Malaysia, and Singapore with capacity for expansion. Their team is composed of over 120 team members including experts in public health, data science, and pharmacy. mClinica is supported by impact investors like the Global Innovation Fund (backed by USAID, UKAID, DFAT, Swedish Government, and the Omidyar Network) and Patamar Capital (formerly Unitus Impact) as well as other investors from the US, Europe, and Asia. mClinica implements projects both digitally and on the ground to connect the world’s pharmacies and transform global health. mClinica follows a social enterprise business model in which they seek double-bottom line returns – maximizing both financial returns and social impact. mClinica’s rapid growth and success is increasingly recognized. mClinica was the recipient of the Data Driven Apps Award of the World Government Summit in 2019, USAID-FHI360 Data for Resilience Award, Pierre Fabre Foundation Prize for eHealth Innovation, and Hack Osaka. The company has consistently been recognized as one of the most innovative startups in healthcare in Asia Pacific.

Kudo

Series B in 2016
KuDo Technology Indonesia, LLC develops a technology platform that bridges offline and online e-commerce and payment markets in Indonesia. It installs and operates kiosks at malls, universities, office buildings, and convenience stores for enabling customers to shop online for game vouchers, discount vouchers, cellphone balances, and others without having to use credit cards. The company was founded in 2014 and is based in Tangerang, Indonesia. As of July 24, 2017, Kudo Technology Indonesia, LLC was acquired by GP Network Asia Pte. Ltd.

ORORI

Series A in 2016
PT. Orori Indonesia operates a jewelry e-commerce platform that specializes in gold, diamonds, and various other jewelry items. Founded in 2004 and based in Jakarta Pusat, Indonesia, the company also provides customers with the option to invest in gold bars. ORORI emphasizes transparency by displaying detailed information about its products, including original dimensions, ensuring that customers receive exactly what they see online. The platform aims to simplify the jewelry shopping experience, making it accessible and convenient for individuals with busy lifestyles.

Coda Payments

Series A in 2016
Coda Payments Pte Ltd. is a Singapore-based company that provides mobile payment solutions for online digital content and services, primarily targeting emerging markets. Established in 2011, Coda enables digital content providers to monetize their offerings through a variety of payment channels. The company is known for its integration with popular gaming titles such as PUBG Mobile and Call of Duty: Mobile, as well as streaming services like beIN and Bigo Live. Users can make payments through its platform Codapay, which offers direct carrier billing and access to a wide network of alternative payment options. Additionally, Coda operates Codashop, a platform frequented by over 11 million users monthly for topping up games and services. The company collaborates with various e-commerce, telecommunications, and super app partners to enhance access to premium digital content. Coda Payments serves clients across numerous countries, including Indonesia, India, Brazil, and Egypt, and maintains a presence in Singapore, Jakarta, and Bangkok.

AsmaraKu

Seed Round in 2016
AsmaraKu.com really understand your goals as suppliers (suppliers). As a pioneer of unique E-commerce market in Indonesia, They can provide a great opportunity for you to use the services of online sales and distribution facilities to reach Their customers the most appropriate for you.

Fabelio

Series A in 2016
Fabelio is a design-centric e-tailer operating in Indonesia and soon in entire South East Asia. They partner with the best designers in Indonesia to create original designs and they work closely with the best factories to manufacture good-quality products at attractive prices. At fabelio they focus on furnishing happiness.

Kata.ai

Seed Round in 2015
Kata.ai is an Indonesian Conversational Artificial Intelligence company with a focus on enhancing the understanding of human conversations, improving the way humans collaborate with machines. Kata.ai’s Natural Language Processing (NLP) technology powers intelligent chatbots (virtual customer service / virtual friend) for major corporations in Indonesia across a different kind of industries such as Unilever (FMCG) and Telkomsel (Telco). The company’s proprietary Kata Bot Platform can be leveraged to create engaging chatbots on top of Kata.ai’s robust and scalable AI technology platform, ensuring company of any size can easily build their own chatbot on any messaging platform. Established in 2015, the company has become a trusted partner for major corporations such as Microsoft, Accenture, and Line. In 2017, the company also received Series-A funding led by Trans-Pacific Technology Fund.

Fabelio

Seed Round in 2015
Fabelio is a design-centric e-tailer operating in Indonesia and soon in entire South East Asia. They partner with the best designers in Indonesia to create original designs and they work closely with the best factories to manufacture good-quality products at attractive prices. At fabelio they focus on furnishing happiness.

Kudo

Series A in 2015
KuDo Technology Indonesia, LLC develops a technology platform that bridges offline and online e-commerce and payment markets in Indonesia. It installs and operates kiosks at malls, universities, office buildings, and convenience stores for enabling customers to shop online for game vouchers, discount vouchers, cellphone balances, and others without having to use credit cards. The company was founded in 2014 and is based in Tangerang, Indonesia. As of July 24, 2017, Kudo Technology Indonesia, LLC was acquired by GP Network Asia Pte. Ltd.

Pricebook

Series B in 2015
Pricebook Co., Ltd., a company offering shopping search engine for gadgets in Indonesia and SEA. The company aims to "adapt proven know-hows to the huge & fast growing market, offering a No.1 platform for online shoppers".

SwipeRx

Seed Round in 2014
mClinica develops mobile platforms that strengthen the pharmaceutical supply chain, generate data, improve patient adherence to medication, and build the capacity of the pharmacy workforce. Since 2017, mClinica has connected 150,000 pharmacy professionals and 40,000 pharmacies through a single digital channel. Their users reach approximately 150 million patients each month. mClinica currently operates across Indonesia, Philippines, Vietnam, Cambodia, Thailand, Malaysia, and Singapore with capacity for expansion. Their team is composed of over 120 team members including experts in public health, data science, and pharmacy. mClinica is supported by impact investors like the Global Innovation Fund (backed by USAID, UKAID, DFAT, Swedish Government, and the Omidyar Network) and Patamar Capital (formerly Unitus Impact) as well as other investors from the US, Europe, and Asia. mClinica implements projects both digitally and on the ground to connect the world’s pharmacies and transform global health. mClinica follows a social enterprise business model in which they seek double-bottom line returns – maximizing both financial returns and social impact. mClinica’s rapid growth and success is increasingly recognized. mClinica was the recipient of the Data Driven Apps Award of the World Government Summit in 2019, USAID-FHI360 Data for Resilience Award, Pierre Fabre Foundation Prize for eHealth Innovation, and Hack Osaka. The company has consistently been recognized as one of the most innovative startups in healthcare in Asia Pacific.

8villages

Convertible Note in 2013
8villages is a social network specifically designed to enable efficient marketing in rural, developing countries. It offers corporate clients and public partners mobile (SMS, voice) and web solutions to better engage and dialog wit rural consumers.

99.co

Series A in 2013
99.co operates an online real estate marketplace for buying and selling properties in Indonesia. It serves homeowners, buyers, sellers, and real-estate agents. The company was formerly known as UrbanIndo. 99.co was founded in 2011 and is based in Bandung, Indonesia. As of January 21, 2018, 99.co operates as a subsidiary of 99 Pte Ltd.