#14: Jonathan Shih of Keyrock Capital Management on Finding Growth in Japan

Welcome to another episode of The Coral Capital Podcast, where we delve into the world of startups, technology, and venture capital with a focus on Japan and the broader Asia region.

Our guest today is Jonathan Shih, Managing Partner at Keyrock Capital Management, a Hong Kong-based investment management firm specializing in emerging growth companies in the Asia-Pacific region. Keyrock is an active investor in Japan, with portfolio companies such as LayerX, Zeroboard, Nealle, and Timee, alongside public investments in companies like MoneyForward. Jonathan brings a wealth of experience in finance, having started his career at Lehman Brothers before moving on to roles at TVG Capital Partners, McKinsey, Ward Ferry, and Tybourne Capital.

In this episode, we discuss:

• The history of Keyrock Capital Management
• Keyrock’s investment into Timee
• How Keyrock initially identified growth opportunity in the Japanese market
• Whether companies should raise in the private markets or IPO
• Best practices for managing investor expectations and IR for private vs. public companies
• Contrasts in management communication styles between Japan and the US
• Key questions startups should address before going global
• Keyrock’s investment thesis and strategy
• Japan’s overlooked growth potential

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⁠https://coralcap.co/contact-startups/⁠

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