SIIF Impact Capital Inc. (SIIFIC), a venture capital firm headquartered in Tokyo and committed to investing in startups advancing wellness and social impact, today announced the publication of its 2025 Impact Performance Report. This marks the second annual publication from the SIIFIC Wellness Fund, established in June 2023, and is aligned with the Impact Performance Reporting Norms by Impact Frontiers.
🔗 View the full report (English only)
When Impact Begins with Understanding, Not Metrics
Impact, according to SIIFIC, does not begin with data collection. It begins with intention, design, and the courage to make hypotheses visible.
Although the fund’s portfolio companies have yet to reach the stage where quantitative impact KPIs can be consistently tracked, the report showcases the system-level challenges these companies address, the innovations they bring, and the transformations they aspire to catalyse. These elements are presented through carefully articulated system maps and Theories of Change, offering readers a lens into how SIIFIC views investment as a strategic lever for structural change.
Seeing the System – Investing with Systems Thinking
Rather than merely tracking impact KPIs, SIIFIC begins by asking: What systems are these startups trying to change? What forces are reinforcing the problem – and what levers might shift the equilibrium?
The 2025 report features detailed systems maps and Theories of Change from two investees:
- Case Study 1: Sustaining Hope in the Final Chapter: J-Pharma’s Vision for Compassionate Oncology
J-Pharma Inc. is developing a targeted cancer therapy (LAT1 inhibitor) designed to extend quality of life without compromising comfort. SIIFIC’s analysis sees the innovation not only as a scientific breakthrough but as a reshaping of the relational system between patients, physicians, and society. - Case Study 2: Healing Beyond the Bone: ORTHOREBIRTH’s Vision for Elderly Care Reform
ORTHOREBIRTH Inc. is tackling the cascading social and economic consequences of elderly fractures with its fibre-form artificial bone “ReBOSSIS”. The intervention promises not just a new treatment, but a challenge to a healthcare system that often resigns ageing bodies to decline.
From Reporting to Relationship: Impact as a Collaborative Practice
For SIIFIC, an impact report is not an accountability document in the narrow sense—it is a collaborative blueprint. Rather than exerting pressure on portfolio companies, SIIFIC views reporting as part of a shared learning journey, grounded in its duty to support impact growth through dialogue, tools, and structure.
In that spirit, the system maps and design logic shared in this report are offered as open resources – blueprints not only for internal use, but also for peer funds and practitioners seeking to deepen their own IMM practices.
Laying the Groundwork for Future Measurement
In 2026, SIIFIC will begin implementing measurable impact KPIs across its portfolio companies, including indicators such as care continuity, return-to-home rates, functional independence, and recurrence rates. This report provides the groundwork – a design map – for that journey. Impact is not only about the numbers we track, but about the systems we build to make those numbers matter.
At Its Core: Capital as a System Intervention
This report reflects a conviction central to SIIFIC’s philosophy: Capital, at its most purposeful, is not passive – it intervenes. It steps into complex systems and seeks to shift them. This second report is an invitation to join that process – not after the results are in, but from the moment the design begins.
About SIIF Impact Capital Inc.
Founded in 2022, SIIFIC is a wellness-centred impact VC based in Tokyo, Japan. With a mission to build a society where everyone can live better, SIIFIC invests in startups that enhance wellness literacy and social capital – fostering lasting systemic change.
Purposeful Capital, Powerful Change.