White Snow No. 1 Investment Limited Partnership

･Established: September 2000
･Investment focus: Pre-listed companies mainly operated in or closely related to Hokkaido
･Industry focus: Not specified
･Company stage: Start-up to middle

White Snow No. 2 Investment Limited Partnership

･Established: March 2002
･Investment focus: Pre-listed companies starting up businesses mainly based on seeds of universities / research institutions
･Industry focus: Mainly bioindustry
･Company stage: Seed to later

Hokkaido Bank “Dosanko” No. 1 Investment Limited Partnership

･Established: May 2004
･Investment focus: Pre-listed companies operating business in Hokkaido
･Industry focus: Not specified
･Company stage: Seed to later

Hokkaido Bank Sakhalin Business Investment Limited Partnership

･Established: February 2005
･Investment focus: Local companies conducting business for Sakhalin and joint venture corporations between local and Russian companies
･Industry focus: Not specified
･Company stage: Seed to later

Sapporo “Genki” Technology Investment Limited Partnership

･Established: May 2005
･Investment focus: Pre-listed companies mainly based in Sapporo
･Industry focus: Mainly technology
･Company stage: Seed to middle

Hokkaido Bank “Dosanko” No. 2 Investment Limited Partnership

･Established: January 2006
･Investment focus: Pre-listed companies operating business in Hokkaido
･Industry focus: Not specified
･Company stage: Seed to later

HVCG No.1 Investment Limited Partnership

･Established: July 2006
･Investment focus: Globally competitive domestic and overseas companies that have innovative technologies
･Company stage: Seed

Shinkin Regional Vitalization Investment Limited Partnership

･Established: August 2006
･Investment focus: Pre-listed companies operating business in Hokkaido
･Industry focus: Not specified
･Company stage: Seed to later

Leonie Investment Limited Partnership

･Established: June 2007
･Investment focus: Production project for theatrical film "Leonie"

（１）Focusing on the investment in ventures based on innovative technologies in seed and start-up stages

◆Competition barely exists for VCs specialized in seed and start-up stages except some in life science. This allows us to pick up promising cases due to our past performance and abundant deal flow.
◆Innovative technology is the base for investment, but we will NOT undertake simple seed-out type investment as we always consider its exit on a business aspect.
◆We will handle university-launched ventures, spin-out and carve-out from large and medium-sized enterprises, and alliance among existing venture firms.

（２）Balancing cash-out timing

◆Although the investment focus is seed and start-up phase ventures, part of portfolio will be allocated to the cases expected to exit, e.g. IPO, in a couple of years, considering the performance and cash-out timing of the fund to balance the portfolio’s return-risk.
◆Securing investment principal with a medium risk investment, and we will seek higher return with our expertise: investment to enterprises at seed and start-up stages.

（３）Selection of promising investee companies based on thorough due diligence

◆To reduce the high risk of the seed and start-up investment, we will perform thorough due diligence based on our own method.
◆Based on the results of due diligence, we sometimes propose technology plan, commercialization strategy, business plan even before investment is made.

（４）Significantly enhancing the competitive advantage of investee company through hands-on support

◆All of the HVC’s partners have experience of seed investment and wide networks that allow them provide effective and complete support.
◆We provide support, always taking IP strategy into account.

MIURA, Junichi

BA in economics from Hokkaido University. President at HVC,Inc.and Hokkaido Venture Capital, Inc.and HVC Strategic Research Institute, Inc.

　Prior to joining HVC, Junichi was engaged in tax accounting consulting services, and was responsible for companies in a variety of sectors such as healthcare, information technology, restaurants, and real estate while worked on the standardization of auditing procedures within the tax accounting office.
　At HVC, Junichi has been responsible for overall management in the financial field. In all the funds managed by HVC, he has been a leading figure in preparation of financial reports and IR materials, as well as management of portfolio companies, planning and procedures for fund formation and other administrative task of fund management. In addition, he supported entrepreneurs in operating “SIZ: Sapporo Incubation Zone”, an incubation facility, and an instructor for “Women Entrepreneurship School.” In terms of investment operations, he provides his expertise to assist spin-outs, business restructuring, and mergers and acquisitions. The fields he covers include agriculture, hydrogen as renewable energy, ICT and health care. Listing of HOB Co., Ltd., an agricultural company, on the JASDAQ market is his latest successful achievement.

MARUYAMA, Norio

BA in Law from Keio University. Investment Managere of Investment Department at Hokkaido Venture Capital, Inc.

　Joined Nippon Steel Corporation and engaged in production planning and production management at Muroran Works. Managed companies affiliated with Toyota and other important clients. And at VeriSign Japan K.K. joined after Cybertrust Japan Co., Ltd., he was responsible for raising awareness and dissemination, product planning, and business development of digital authentification technology as ICT infrastructure, contributed VeriSign Japan K.K.’s IPO in terms of business development and marketing. Presently manages funds at Hokkaido VC.

MATSUDA, Ikkei

BA in economics from Keio University, MBA from INSEAD in France, and MA from Otaru University of Commerce, PhD in genetic medicine from Hokkaido University. Founder of Hokkaido Venture Capital, Inc., the first regional and independent venture capital firm in Japan.

　Prior to setting up HVC, he worked for Yamaichi Securities Co., Ltd. in its securities underwriting division. At its locally-incorporated office in London, his coverage was Middle East, Africa, and Eastern Europe. Moving to the Hokkaido Institute for the Future Advancement, he provided business supports in the region as deputy secretary general at Hokkaido New Business Conference. He became one of the founders of Sapporo Biz Café established in June 2000 to support ICT ventures in Sapporo Valley.
　At HVC, Ikkei spearheaded the IPO of Openloop Inc. and Softfront on NASDAQ Japan market (present OSE Heracles). In September 2000, he assisted in the foundation of GeneticLab Co., Ltd., the first national university spin-off venture firm and has been considered as one of the pioneers on incubation of university spin-offs and technology incubation in Japan. His contribution to these fields continues on AnGes MG, Inc. and Soiken Inc. for their listing on TSE Mothers market. He also has been working to form alliance of bio-clusters in Hokkaido and Kansai region. Ikkei has been serving as NEDO technical adviser, judge for Fuji Sankei Business i’s “Japan Biotech Venture Award”, lecturer of Entrepreneurship courses at CRIS of Hokkaido University. Ikkei is a recipient of the Prime Minister’s Award: “Earnest Leaders for Local Business Activities.” He is a Advisor to Hokkaido Venture Capital, Inc.