October 2024
Case
HBS Case Collection

GLIN Impact Capital

By: Ethan Rouen and Akiko Saito

Format:Print
| Language:English
| Pages:21

Abstract

In 2024, the co-founders of the venture capital fund GLIN Impact Capital face a critical inflection point as they consider launching a second, significantly larger impact investment fund in Japan. Founded in 2021 by the three Harvard Business School alumni, GLIN is one of Japan’s pioneering impact and ESG-focused venture capital firms. With a $9.2 million first fund partially deployed and one portfolio company IPO behind them, they aim to raise up to $200 million for their second fund. However, the founders must navigate challenges including a limited track record, resource constraints, and strategic tensions between investment, consulting, and ecosystem-building work. Set against the backdrop of a rapidly evolving Japanese impact investing landscape, the case explores GLIN’s origin, growth, influence on policy and market development, and the complex decisions the founders must make to scale sustainably and retain their edge.