BSD City, November 6, 2025 – Living Lab Ventures (LLV), the corporate venture capital arm of Sinar Mas Land, in a strategic partnership with Spiral Ventures, today announced the launch of the Japan Thematic Fund, a landmark initiative designed to strengthen economic collaboration and unlock new opportunities for strategic growth between Japan and Southeast Asia, with Indonesia at its core. The launch also marks the fund’s first close, which was officially formalized through the signing of a Memorandum of Understanding (MoU) on Wednesday, November 5, 2025 in BSD City, Indonesia. The MoU was signed by Mulyawan Gani (CEO of Digital Business, Sinar Mas Land), Yuji Horiguchi (Managing Partner, Spiral Ventures), Kazuyoshi Mizukoshi (Chief Investment Officer, Cool Japan Fund), Daisuke Ejima (President Director, Bank Danamon Indonesia), Ferdinand Sadeli (Deputy Group CEO & Chief Investment Officer, Sinar Mas Land), Takahiro Waki (Chief Financial Officer, Culture Convenience Club), Asamitsu Kosugi (Chief Executive Officer, Advasa), and Kanae Kubo (Senior Manager, Rohto Pharmaceutical). The signing was witnessed by Michael Widjaja (Group CEO, Sinar Mas Land) and Shingo Kobayashi (Director, Chairman Office at Sinar Mas Group & Advisor at Japan Thematic Fund).
The Japan Thematic Fund is supported by a strong syndicate of strategic investors from both Japan and Indonesia. Among them is Cool Japan Fund, a Japanese public–private investment fund dedicated to contributing to the sustainable growth of Japan’s economy by expanding overseas demand and supply for attractive products and services that reflect Japan’s unique lifestyle and culture. Cool Japan Fund joins as one of the key investors in the fund. Other investors include Bank Danamon Indonesia, a member of the MUFG Group; Rohto Pharmaceutical; Advasa; Culture Convenience Club (the holding company of TSUTAYA, one of Japan’s largest bookstore chains); and Sinar Mas Land, which also serves as a cornerstone limited partner. This collaboration reflects growing confidence in the potential of strategic investment between Japan and Southeast Asia, reinforcing the shared mission to create long-term economic value and deeper bilateral cooperation.
The collaboration between Living Lab Ventures and Spiral Ventures form a powerful alliance that not only mobilizes capital but also enables collaboration, market access, and business synergy between Japanese and Southeast Asian companies. LLV leverages its innovation ecosystem in BSD City, Indonesia, which has become a hub for digital transformation and smart city developed by Sinar Mas Land. This mega township has become a prime destination for businesses to grow, offering an ideal environment for global investors and innovators to collaborate, test new ideas, and scale their ventures across markets. LLV plays a vital role in bridging collaboration between global investors and Indonesian startups, positioning itself as a key connector in the regional technology landscape. Meanwhile, Spiral Ventures will bring extensive experience from its operations across Asia, with a focus on investing in companies capable of solving social challenges and shaping the future of emerging markets.
Bayu Seto, Partner at Living Lab Ventures, stated, “The Japan Thematic Fund reflects Indonesia’s emergence as a key innovation hub and gateway for international collaboration. The participation of Cool Japan Fund and other leading investors underscores the growing global confidence in Southeast Asia’s potential and validates our mission to build meaningful, cross-border partnerships. With Cool Japan Fund’s involvement, we are not only deepening the connection between Japanese capital and Southeast Asian innovation but also creating an enduring platform for founders to grow beyond borders. Our commitment goes beyond financial returns—we aim to nurture long-term collaboration and empower ventures that embody the shared spirit of innovation between Japan and Southeast Asia.”
Yuji Horiguchi, CEO and Managing Partner of Spiral Ventures, emphasized, “This initiative goes far beyond investment—it represents true integration. By uniting Japan’s technological precision and cultural excellence with Southeast Asia’s entrepreneurial energy and speed, we aim to create new business models, foster sustainable innovation, and generate social impact that transcends borders. This fund embodies our belief that collaboration between Japan and Southeast Asia will define the next wave of growth and innovation across the region.”
Mulyawan Gani, CEO of Digital Business of Sinar Mas Land, emphasized, “We are proud to see this collaboration come to life, bringing together respected institutions from Japan and Indonesia. The Japan Thematic Fund represents a commitment by Sinar Mas Land through LLV and other partners to strengthen the economic ties between our nations through innovation and technology. With Cool Japan Fund’s participation and the expertise of our partners, we are creating a foundation for long-term collaboration that will generate shared prosperity for both Japan and Indonesia.”
The launch of the Japan Thematic Fund builds upon LLV’s broader mission of shaping BSD City as Indonesia’s leading ecosystem for digital innovation and smart city development. By leveraging Sinar Mas Land’s extensive business ecosystem across real estate, digital technology, and community development, LLV is uniquely positioned to help startups validate, scale, and create meaningful partnerships with corporates in both Indonesia and Japan. With this fund, LLV and Spiral Ventures reaffirm their commitment to advancing high-impact ventures and creating a borderless innovation ecosystem where Japan and Southeast Asia can collaborate to tackle industry challenges, accelerate growth, and unlock new economic opportunities. (*)
