About Spiral Ventures
Spiral Ventures is a venture capital firm founded in 2013. It is primarily based out of Singapore, Singapore. As of Jan 2026, Spiral Ventures is an active investor, having invested in 131 companies, with 2 new investments in the last 12 months. It primarily invests in Series A round in Japan based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and Retail. Most recently it participated in the $***** Seed round of SPUN Overall, Spiral Ventures portfolio has seen 2 unicorns, 5 IPOs and 15 acquisitions including key companies like Grab, PropTiger and Bukalapak. A lot of funds co-invest with Spiral Ventures, with names like 500 Durians sharing a substantial percentage of its portfolio. Spiral Ventures has team of 4 people including 3 partners.Key Metrics
Team Members
Portfolio Sectors
Rounds of Entry
Seed, Series A & 3 more
Portfolio Acquisitions
Deals in last 12 months
Spiral Ventures' List of Top Investments
Spiral Ventures has a portfolio of 131 companies, including 2 unicorns. Their most notable investments are in Healthtrip and Truebil.Their portfolio spans across Japan, Indonesia, India and 9 more locations. They have invested in Enterprise Applications, Consumer, Retail and 29 other sectors, across stages such as Seed, Series A and 3 more. Here is the list of top investments by Spiral Ventures:1. Grab
Operator of a platform providing ride-hailing, food delivery, and payment services. The platform offers options for transportation, on-demand delivery, and various financial solutions. It facilitates connections between consumers, drivers, and merchants. The platform also provides tools and resources for business and enterprise clients.
Key facts about Grab
- Founded Year: 2012
- Location: Singapore (Singapore)
- Annual Revenue: SGD 1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $10.4B
- Employee Count: 58,212 as on Sep 30, 2026
- Investors: Glean Management, Toyota and 109 Others
- Latest Funding Round: Post IPO, Jul 27, 2021, $*****
- Highlight: Public
2. PropTiger
Provider of digital real estate listings and home buying services. This platform facilitates the search and discovery of residential properties for individuals seeking to purchase new homes. It offers assistance throughout the acquisition process, including site visit scheduling, unit booking support, and legal guidance. Furthermore, the service provides access to mortgage lending resources and financial calculation tools for potential property buyers.
Key facts about PropTiger
- Founded Year: 2011
- Location: Gurugram (India)
- Annual Revenue: SGD 10M - 50M as on Mar 31, 2022
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $99M
- Employee Count: 1,244 as on Sep 30, 2026
- Investors: Helion Venture Partners, Qualcomm Ventures and 26 Others
- Latest Funding Round: Series C, Jan 10, 2017, $*****
- Highlight: Acquired
3. SwipeRx
Online community and B2B commerce platform for pharmacy professionals. It offers news and industry information, connect with fellow colleagues and access B2B commerce tool that offers affordable, and available medicines.
Key facts about SwipeRx
4. Bukalapak
Online marketplace platform offering multi-category consumer products on flash sales. The product catalog includes beauty care, fashion, electronics, sports, health care, home care, groceries, stationery, pet products, and more. Its app is available on Android and iOS platforms.
Key facts about Bukalapak
- Founded Year: 2010
- Location: Jakarta (Indonesia)
- Stage: Public
- Total Funding till date: $584M
- Employee Count: 1,379 as on Sep 30, 2026
- Investors: GIC, Sarissa Capital and 24 Others
- Latest Funding Round: Series G, Apr 14, 2021, $*****
- Highlight: Public
5. Spotdraft
AI-powered contract lifecycle management solution for companies. It streamlines the drafting, signing, and management of contracts for businesses. The platform offers a shared space to review, redline, and finalize contracts. It provides a repository that allows users to consolidate and store contracts. Its analytics feature provides insights into the contracting process and supports the decision making process.
Key facts about Spotdraft
- Founded Year: 2017
- Location: New York City (United States)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $113M
- Employee Count: 234 as on Feb 28, 2025
- Investors: Qualcomm Ventures, Premji Invest and 59 Others
- Latest Funding Round: Series B, Jan 27, 2026, $*****
- Highlight: Editors' Pick
Spiral Ventures' Year-on-Year Investment Trends
Spiral Ventures has invested in 131 companies over the last 16 years, with an average of 6 new investments annually in the last 10 years. In 2025, it made 3 investments, while as of Jan 2026, it has made 1 investment in this year. Its most recent first time investment was in SPUN and most recent follow-on round was in Secai Marche.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 3 | 0 | 3 |
2024 | 3 | 1 | 4 |
2023 | 4 | 3 | 7 |
2022 | 8 | 1 | 9 |
2021 | 1 | 2 | 3 |
2020 | 4 | 3 | 7 |
2019 | 9 | 0 | 9 |
2018 | 13 | 3 | 16 |
2017 | 12 | 2 | 14 |
Spiral Ventures' Investments by Stage
Spiral Ventures has made 41 investments in Seed stage with an average round size of $1.5M, 37 investments in Series A stage with an average round size of $4.69M, 6 investments in Series B stage with an average round size of $2.42M, 2 investments in PE stage and 1 investment in Unattributed stage with an average round size of $4.4M.Stage of entry | No. of Investments |
|---|---|
Seed | 41 |
Series A | 37 |
Series B | 6 |
PE | 2 |
Unattributed | 1 |
Note: We have considered here, only first round of investments
Spiral Ventures' Investments by Sector
Spiral Ventures has a diverse portfolio, with companies operating in the Consumer, Enterprise Applications, Retail, FinTech and High Tech. Notably, it has invested in 110 Tech companies, 73 Enterprise (B2B) companies, 66 Consumer (B2C) companies and at least 53 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 34 |
Enterprise Applications | 26 |
Retail | 22 |
FinTech | 14 |
High Tech | 10 |
Others | 87 |
Note: We have considered here, only first round of investments
Spiral Ventures' Investments by Geography
Spiral Ventures has made most investments in Japan (32), followed by Indonesia where it has made 14 investments.Country | No. of Investments |
|---|---|
Japan | 32 |
Indonesia | 14 |
India | 12 |
Malaysia | 9 |
Philippines | 5 |
Others | 14 |
Note: We have considered here, only first round of investments
Spiral Ventures' recent investments
Spiral Ventures has made 1 investments in 2026 so far - SPUN.Here are the most recent investments by Spiral Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 19, 2026 | Indonesia | Seed | 6358 | [+4] | |
Nov 26, 2025 | Indonesia | Seed | 7936 | [+4] | |
Sep 25, 2025 | India | Seed | 5835 | [+16] | |
May 23, 2025 | Indonesia | Seed | 1601 | [+1] | |
Dec 11, 2024 | Singapore | Seed | 7149 | - |
Unicorns in Spiral Ventures' Portfolio
Spiral Ventures has 2 unicorns in its portfolio - Coda and CARSOME. The most recent unicorn in their portfolio is Coda. It became a unicorn in 2022, 3 years before Spiral Ventures first invested in it.Here is a list of unicorns in Spiral Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
62 | Provider of merchant of record services and global payment solutions | 2011 | Singapore | Series C | iljuobo | ||
59 | App based marketplace for used cars | 2015 | Petaling Jaya | Series F | wacfncu |
IPOs and Publicly Listed companies in Spiral Ventures' Portfolio
5 of Spiral Ventures' portfolio companies have become public. Grab got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Dec 2021 at marketcap of $40B and Bukalapak got listed on the Indonesia Stock Exchange (IDX) at marketcap of $6.06B.Here are Spiral Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 01, 2021 | - | - | 1560 | |
Aug 06, 2021 | - | - | 3542 | |
Dec 23, 2020 | Jan 23, 2017 | Unattributed | 5037 | |
Sep 28, 2020 | Nov 02, 2017 | Series B | 6497 | |
Mar 26, 2014 | - | - | 3846 |
Acquired companies in Spiral Ventures' Portfolio
15 companies from Spiral Ventures' portfolio have been acquired. The most recent acquisition was PropTiger in Jul 2025 by Aurum PropTech for $*****.Here are Spiral Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 23, 2025 | - | - | 4970 | |
Dec 27, 2024 | - | - | 8573 | |
May 16, 2024 | May 16, 2016 | Series B | 7961 | |
Apr 04, 2023 | Oct 01, 2015 | Seed | 1420 | |
Apr 04, 2023 | Dec 14, 2015 | Seed | 1408 |
Team profile of Spiral Ventures
Spiral Ventures has a team of 4 members including 3 Partners and 1 Principal located in Japan and Indonesia. Spiral Ventures' team does not sit on the board of any company as of now.Here is a list of all team members in Spiral Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Tokyo | |||
Partner | Tokyo | - | - | |
Partner | Japan | - | - | |
Principal | Jakarta | - |
Co-investors of Spiral Ventures
Over the past 16 years, 783 investors have co-invested in Spiral Ventures's portfolio companies. This includes funds and angels.
- Invested before Spiral Ventures: CyberAgent Capital, 500 Durians and 201 others have invested in rounds before Spiral Ventures. There are 5 companies where CyberAgent Capital has invested before Spiral Ventures and 2 companies where 500 Durians has invested before Spiral Ventures.
- Top Co-investors of Spiral Ventures: 269 investors entered a company along with Spiral Ventures. These include investors like 500 Durians (8 companies).
- Invested after Spiral Ventures: A total of 311 investors have invested in Spiral Ventures's portfolio after their investments. Top Investors include ACA Investments (5 companies), Gobi Partners (4 companies) and Global Brain (3 companies).
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