[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news:startup-shikin":3},{"meta":4,"markdown":60},{"type":5,"articleId":6,"slug":7,"title":8,"titleEn":9,"category":10,"summary":11,"publishedAt":12,"image":13,"vocabulary":14},"news","news-startup-shikin","startup-shikin","2025年スタートアップ資金調達トレンド","2025 Startup Fundraising Trends","tech-business","How the Japanese startup fundraising landscape has shifted: government-backed funds (JIC, INCJ legacy), the emergence of mega-rounds in AI and biotech, the 2024 SaaS down-round wave, the IPO market on the Tokyo Growth Market, and renewed interest from overseas VCs.\n","2026-04-15T00:00:00Z","https:\u002F\u002Fimages.yamiyomi.com\u002Fnews-startup-shikin.png",[15,20,25,29,33,37,41,44,48,52,56],{"word":16,"reading":17,"meaning":18,"level":19},"資金","しきん","funds","N2",{"word":21,"reading":22,"meaning":23,"level":24},"調達","ちょうたつ","procurement","N1",{"word":26,"reading":27,"meaning":28,"level":24},"出資","しゅっし","investment",{"word":30,"reading":31,"meaning":32,"level":24},"評価額","ひょうかがく","valuation",{"word":34,"reading":35,"meaning":36,"level":24},"上場","じょうじょう","listing (on a stock exchange)",{"word":38,"reading":39,"meaning":40,"level":19},"大型","おおがた","large-scale",{"word":42,"reading":43,"meaning":28,"level":19},"投資","とうし",{"word":45,"reading":46,"meaning":47,"level":24},"動向","どうこう","trends",{"word":49,"reading":50,"meaning":51,"level":24},"後退","こうたい","retreat",{"word":53,"reading":54,"meaning":55,"level":19},"公的","こうてき","public",{"word":57,"reading":58,"meaning":59,"level":19},"拡大","かくだい","expansion","\n::para\n[日本]{にほん:Japan:N5}の[スタートアップ]{すたーとあっぷ:startup}[市場]{しじょう:market:N3}は、2010[年代]{ねんだい:decade:N4}[後半]{こうはん:latter half:N5}から[着実]{ちゃくじつ:steadily:N3}に[拡大]{かくだい:expanding:N1}してきましたが、2024[年]{ねん:year:N5}から2025[年]{ねん:year:N5}にかけては[新たな]{あらたな:new:N4}[局面]{きょくめん:phase:N3}に[入った]{はいった:entered:N5}と[見られて]{みられて:are seen:N5}います。[本記事]{ほんきじ:this article:N3}では、[公開]{こうかい:publicly disclosed:N4}[情報]{じょうほう:information:N3}を[基に]{もとに:based on:N1}、[資金]{しきん:funds:N3}[調達]{ちょうたつ:raising:N3}[環境]{かんきょう:environment:N1}の[変化]{へんか:changes:N3}を[整理]{せいり:organize:N1}します。\n\n#en\nJapan's startup market has been expanding steadily since the second half of the 2010s, but it is seen as having entered a new phase from 2024 into 2025. Based on publicly disclosed information, this article organizes the changes in the fundraising environment.\n::\n\n::heading\n[公的]{こうてき:public:N4}ファンドの[役割]{やくわり:role:N3}\n\n#en\nThe Role of Public-Sector Funds\n::\n\n::para\n[産業]{さんぎょう:industry:N3}[革新]{かくしん:innovation:N2}[投資]{とうし:investment:N3}[機構]{きこう:agency:N3}（JIC）や、[産業]{さんぎょう:industry:N3}[革新]{かくしん:innovation:N2}[機構]{きこう:agency:N3}（INCJ、[現]{げん:current:N3}：[役割]{やくわり:role:N3}を[終了]{しゅうりょう:concluded:N2}）といった[公的]{こうてき:public:N4}ファンドは、[長年]{ながねん:many years:N5}[日本]{にほん:Japan:N5}の[ベンチャー]{べんちゃー:venture}[資金]{しきん:fund:N3}[市場]{しじょう:market:N3}に[大きな]{おおきな:large:N5}[影響]{えいきょう:influence:N1}を[与えて]{あたえて:giving:N3}きました。JICは[最近]{さいきん:recent:N3}でもAI、[半導体]{はんどうたい:semiconductor:N2}、[ディープテック]{でぃーぷてっく:deep tech}[領域]{りょういき:area:N2}を[中心]{ちゅうしん:center:N4}に[出資]{しゅっし:investment:N3}を[行って]{おこなって:making:N5}おり、[民間]{みんかん:private:N3}VCの[呼び水]{よびみず:catalyst:N3}としての[機能]{きのう:function:N3}を[果たして]{はたして:fulfilling:N3}いるとされます。\n\n#en\nPublic-sector funds such as the Japan Investment Corporation (JIC) and the (now-concluded) Innovation Network Corporation of Japan (INCJ) have for many years exerted a large influence on Japan's venture capital market. JIC has continued investing recently, centered on areas such as AI, semiconductors, and deep tech, and is said to fulfill the function of catalyst for private VCs.\n::\n\n::heading\nAI・[バイオ]{ばいお:biotech}[領域]{りょういき:area:N2}での[大型]{おおがた:mega:N2}[ラウンド]{らうんど:round}\n\n#en\nMega-Rounds in AI and Biotech\n::\n\n::para\n2024[年]{ねん:year:N5}から2025[年]{ねん:year:N5}にかけて、[生成]{せいせい:generative:N3}AIや[創薬]{そうやく:drug discovery:N1}を[手がける]{てがける:engaged in:N4}[スタートアップ]{すたーとあっぷ:startup}による[大型]{おおがた:large:N2}[資金]{しきん:fund:N3}[調達]{ちょうたつ:raising:N3}が[相次ぎ]{あいつぎ:occurring one after another:N3}ました。1[ラウンド]{らうんど:round}で[約]{やく:approximately:N3}100[億円]{おくえん:hundred million yen:N2}[規模]{きぼ:scale:N1}の[調達]{ちょうたつ:raising:N3}も[珍しく]{めずらしく:unusual:N2}なくなりつつあると[伝えられて]{つたえられて:reported:N3}おり、これは[従来]{じゅうらい:conventional:N1}の[日本]{にほん:Japan:N5}[市場]{しじょう:market:N3}の[感覚]{かんかく:sense:N3}からは[大きな]{おおきな:large:N5}[変化]{へんか:change:N3}と[いえます]{いえます:can be said}。\n\n#en\nFrom 2024 into 2025, large-scale fundraising by startups working on generative AI and drug discovery occurred one after another. Reports indicate that a single round at the scale of about 10 billion yen is becoming less unusual, and from the conventional sense of the Japanese market, this can be said to be a large change.\n::\n\n::callout\n[海外]{かいがい:overseas:N4}VCの[参加]{さんか:participation:N3}も[増えて]{ふえて:increasing:N3}おり、[ソフトバンク]{そふとばんく:SoftBank}・[ビジョン]{びじょん:Vision}・[ファンド]{ふぁんど:Fund}や[米系]{べいけい:US-based:N1}[グロース]{ぐろーす:growth}[キャピタル]{きゃぴたる:capital}が[日本]{にほん:Japan:N5}の[案件]{あんけん:deals:N1}に[出資]{しゅっし:investing:N3}する[事例]{じれい:cases:N3}が[目立ち]{めだち:standing out:N4}ます。\n\n#en\nParticipation by overseas VCs is also increasing, and cases of SoftBank Vision Fund and US-based growth capital investing in Japanese deals are standing out.\n::\n\n::heading\nSaaS [評価額]{ひょうかがく:valuation:N1}の[後退]{こうたい:decline:N3}と[ダウンラウンド]{だうんらうんど:down round}\n\n#en\nSaaS Valuation Declines and Down Rounds\n::\n\n::para\n[一方]{いっぽう:on the other hand:N4}で、2021[年]{ねん:year:N5}[前後]{ぜんご:around:N5}に[高い]{たかい:high:N5}[評価額]{ひょうかがく:valuation:N1}で[資金]{しきん:funds:N3}を[調達]{ちょうたつ:raised:N3}したSaaS[系]{けい:category:N1}スタートアップの[一部]{いちぶ:some:N3}は、2024[年]{ねん:year:N5}に[評価額]{ひょうかがく:valuation:N1}を[下げる]{さげる:lowering:N5}いわゆる「[ダウンラウンド]{だうんらうんど:down round}」での[追加]{ついか:additional:N3}[調達]{ちょうたつ:raising:N3}を[行った]{おこなった:conducted:N5}と[報じられて]{ほうじられて:reported:N3}います。[金利]{きんり:interest rate:N3}[環境]{かんきょう:environment:N1}の[変化]{へんか:change:N3}や、[成長]{せいちょう:growth:N3}[率]{りつ:rate:N1}に[厳しい]{きびしい:strict:N1}[評価]{ひょうか:evaluation:N1}が[向けられる]{むけられる:directed at:N3}ようになったことが[要因]{よういん:factor:N3}と[考えられます]{かんがえられます:is thought:N4}。\n\n#en\nOn the other hand, some SaaS-category startups that raised funds at high valuations around 2021 reportedly conducted additional raising in 2024 in so-called \"down rounds\" with reduced valuations. Changes in the interest-rate environment and the fact that strict evaluation has come to be directed at growth rates are thought to be factors.\n::\n\n::heading\n[東証]{とうしょう:Tokyo Stock Exchange:N1}グロース[市場]{しじょう:market:N3}での[上場]{じょうじょう:IPO:N4}\n\n#en\nIPOs on the Tokyo Stock Exchange Growth Market\n::\n\n::para\n[新興]{しんこう:emerging:N1}[企業]{きぎょう:firms:N1}[向]{む:for:N3}けの[東証]{とうしょう:Tokyo Stock Exchange:N1}グロース[市場]{しじょう:market:N3}は、2022[年]{ねん:year:N5}の[市場]{しじょう:market:N3}[再編]{さいへん:reorganization:N2}で[誕生]{たんじょう:born:N1}しました。[上場]{じょうじょう:IPO:N4}[件数]{けんすう:number of cases:N3}は[年間]{ねんかん:annual:N5}80[社]{しゃ:companies:N4}[前後]{ぜんご:around:N5}で[推移]{すいい:trending:N1}しているとされ、[米国]{べいこく:United States:N3}や[中国]{ちゅうごく:China:N5}と[比べて]{くらべて:compared with:N2}も[底堅い]{そこがたい:firm:N1}[水準]{すいじゅん:level:N2}を[保って]{たもって:maintaining:N1}います。[ただし]{ただし:however}、[小型]{こがた:small-scale:N2}[上場]{じょうじょう:IPO:N4}が[多く]{おおく:many:N4}、[時価]{じか:market:N1}[総額]{そうがく:total amount:N2}が[十分]{じゅうぶん:sufficient:N5}に[育たない]{そだたない:not growing:N3}という[課題]{かだい:challenge:N2}も[指摘]{してき:pointed out:N1}されています。\n\n#en\nThe Tokyo Stock Exchange Growth Market for emerging firms was born in the 2022 market reorganization. The number of IPOs is reported to be trending at around 80 companies a year, maintaining a firm level even compared with the United States and China. However, there are also many small-scale IPOs, and the challenge of market capitalization not growing sufficiently is also pointed out.\n::\n\n::heading\n[海外]{かいがい:overseas:N4}VCからの[再]{さい:renewed:N2}[注目]{ちゅうもく:interest:N4}\n\n#en\nRenewed Interest from Overseas VCs\n::\n\n::para\n[円安]{えんやす:weak yen:N4}の[影響]{えいきょう:impact:N1}で、[日本]{にほん:Japan:N5}[市場]{しじょう:market:N3}は[海外]{かいがい:overseas:N4}[投資家]{とうしか:investor:N3}にとって[割安]{わりやす:undervalued:N3}に[映って]{うつって:appearing:N4}いるとされ、[特に]{とくに:especially:N4}[米国]{べいこく:United States:N3}や[シンガポール]{しんがぽーる:Singapore}を[拠点]{きょてん:base:N1}とするファンドからの[関心]{かんしん:interest:N3}が[高まって]{たかまって:rising:N5}いるという[見方]{みかた:view:N4}があります。[ディープテック]{でぃーぷてっく:deep tech}や[半導体]{はんどうたい:semiconductor:N2}[関連]{かんれん:related:N3}スタートアップへの[投資]{とうし:investment:N3}に[加え]{くわえ:in addition to:N3}、[製造業]{せいぞうぎょう:manufacturing:N1}とソフトウェアを[組み合わせる]{くみあわせる:combining:N3}「[ハードテック]{はーどてっく:hardtech}」[領域]{りょういき:area:N2}にも[注目]{ちゅうもく:attention:N4}が[集まって]{あつまって:gathering:N4}います。\n\n#en\nDue to the impact of the weak yen, the Japanese market is said to be appearing undervalued to overseas investors, and there is a view that interest from funds based especially in the United States and Singapore is rising. In addition to investment in deep tech and semiconductor-related startups, attention is also gathering on the \"hardtech\" area combining manufacturing with software.\n::\n"]