Oct 3, 2024
written by Satoshi Murakami
One year ago, MetaProp launched the APAC Scout Program, a $2 million exploratory initiative to back 6-8 innovative companies in the rapidly emerging Asia-Pacific PropTech ecosystem.
While MetaProp has selectively invested in APAC and other global ecosystems throughout its history, this program formalized our approach—leveraging the firm’s expanding regional presence to capitalize on the growing demand for localized PropTech solutions, with investment targets ranging from $100K to $350K.
Anchored in Tokyo and extending its reach to South Korea, Singapore, and Australia, the APAC Scout Program has emerged as a pivotal component of MetaProp’s strategy to enhance local ecosystems and integrate them into the global PropTech ecosystem.
This week, we’re excited to announce MetaProp’s investment in H2Corp, a Tokyo-based leader of AI-powered material takeoff software—marking our fourth investment since the program’s launch in September 2023.
With a new investment into the region in each of the last four quarters, MetaProp remains committed to fostering growth and innovation in the Asia-Pacific PropTech landscape. Let’s explore the companies driving this progress:
HQ: Tokyo
Founders: Shotaro Fujisawa, a former General Manager at Knotel Japan and a manager at Mitsubishi Corporation, where he established a new joint venture with an international partner to develop new businesses in the real estate and infrastructure industries.
Co-Investors: DNX Ventures, Mitsubishi UFJ Trust Bank
About: Yamori is a software development company that enables Japanese retail investors to buy, sell, and manage affordable vacant homes in rural areas. By bringing capable property owners and managers into this market, Yamori addresses the region's critical need for affordable housing through the revitalization of empty rural homes. The company serves over 5,000 subscribers with platforms for financial management, mortgage applications, and tenant management. It also plans to launch investment funds targeting properties in every prefecture.
Further Reading: “Yamori raises 1 billion yen in funding, aiming to set up Japan's first vacant house rental fund” via Yamori.
HQ: Tokyo
Founder: Tomoyoshi Ito, a PropTech serial entrepreneur who successfully exited his previous company ITANDI to GA Technologies.
Co-Investors: Hero Impact Fund
About: Toggle is a Tokyo-based company that aims to revolutionize the propagation of real estate investments through technology. The company has built proprietary software that enables it to find developable land parcels specialized for small residential properties and leveraged a skilled labor force to acquire land. Toggle provides innovative solutions that lead the way in real estate value calculation, enabling individuals and institutions to participate in the process of real estate securitization. The founder, Tomoyoshi Ito is a rare Japan-based serial PropTech entrepreneur who envisions creating a solution that can generate primary and exclusive deal pipelines for retail investors and real estate brokers.
Further Reading: “Real Estate startup Toggle raises 1.2B yen to set up base in Fukuoka City” via Nikkei.
HQ: Tokyo
Founder & CEO: Kohei Nishiwada, a former manager at Mitsui & Co., where he led new business investments and M&A initiatives in renewable energy across Japan, Europe, and Latin America.
Co-Investors: SMBC, Salesforce Ventures, Pavilion Capital, Sony Innovation Fund, GMO VenturePartners, SBI Investment, among others
About: Asuene is a Tokyo-based carbon accounting and ESG rating/reporting SaaS provider serving the APAC and U.S. markets. The company offers three main products: ASUENE, a cloud-based climate platform for measuring, reporting and reducing carbon emissions; ASUENE ESG, a cloud service for ESG evaluation of supply chain procurement; and Carbon EX, Japan's first carbon credit exchange platform developed in partnership with SBI Holdings. Serving over 10,000 companies in the region—primarily in the manufacturing and construction sectors—ASUENE leads the Japanese market in cloud-based ESG and decarbonization solutions.
Further Reading: “Asuene raises $26.7M in first close of its Series C funding round” via Tokyo FinTech.
HQ: Tokyo
Founders: Hiro Kawashima, a former startup CEO of Prescience Health (acq. by Flexwise Health), whose family business is a 120-year-old HVAC and plumbing subcontractor, and Chief Technology and Data Officer Tung Nguyen, who led the first LLM engineering team at LINE Corporation.
Co-Investors: Spiral Capital, JAFCO, Boost Capital, and One Capital
About: H2 Corporation, a Tokyo-based leader in construction technology, pioneers AI-driven solutions for material takeoff and construction management. The company’s core products include AI Sekisan, a platform that automates the labor-intensive and error-prone task of material takeoff by applying advanced computer vision to 2D drawings, and KISO, a cloud-based platform for managing construction workflows. Serving subcontractors, general contractors, and material manufacturers across Japan, H2 leads the market in takeoff estimation and workflow automation. The platform addresses critical labor shortages in Japan and international markets, where construction demand far exceeds skilled labor supply, driving significant productivity gains.
Further Reading: “H2 Corporation closes pre-series A to revolutionize material takeoffs” via H2 Corp.
As MetaProp’s APAC Scout Program continues to evolve, we remain dedicated to backing innovative PropTech companies that meet the demands of the region.
The progress we’ve made with our investments in Toggle, Yamori, Asuene, and H2 Corporation demonstrate the potential of emerging technologies to create lasting impact on the built world—both locally in Asia-Pacific and globally. As we continue to collaborate with our forward-thinking limited partners in this region, we are confident that APAC will play a pivotal role in the next wave of PropTech innovation. We look forward to building on this momentum and driving further growth in the months and years ahead.
More updates to come—stay tuned!
Tagged: venture capital