Team

Profile

Aoi Nishimatsu
Investment VP
After graduating from Kyoto University’s Faculty of Economics, she joined Mitsui & Co., Ltd. in 2014. Assigned to the Energy Division, she worked on liquefied natural gas (LNG) investment projects, including a secondment to a local operating company in Doha, Qatar, investment management of LNG businesses, and project finance negotiations and contract work for a Russian LNG project. Through extensive engagement with diverse stakeholders including foreign shareholders, she developed strong expertise in global negotiations. Born in Nagoya, Aichi Prefecture, she grew up in the suburbs of Chicago, Illinois from the age of four through high school graduation, after which she returned to Japan to attend Kyoto University. She joined DNX Capital in September 2022.

Interview

  • Bringing Global Perspective and Enterprise Insight to Japan’s Next World-Class Companies
  • How My Time Abroad — in Ways I Never Expected — Became One of My Greatest Assets At Mitsui & Co., I worked on LNG investment projects worth trillions of yen, through deals in Qatar and Russia. Project finance negotiations, a secondment to a local operating company, working through complex issues with foreign shareholders — it was an enormous experience. But at some point I started to feel that spending an entire career at a single company, when you only get one life, was leaving something on the table. That’s what set me looking. And as I explored, what caught my attention was the startup world. I felt strongly that if I was going to try something new, this was the industry to do it in. That conviction brought me to DNX — a leap into the entirely unfamiliar world of venture capital. Evaluating startups through an investor’s lens, navigating deals, building relationships with founders — everything was a restart from zero. There were moments of real disorientation, but I kept my eyes on a goal: to become someone who could genuinely shape the startup ecosystem. That’s what kept me going. Three and a half years in, I feel like I’m finally beginning to see the outlines of the kind of founder I want to champion — and to sense, more concretely, how I can add real value. For founders without much enterprise sales experience, I can offer grounded advice: “here’s how large corporations actually think,” “here’s the kind of approach that tends to land.” I’ve also traveled internationally with founders who hadn’t done that before, providing English-language support on the ground. The years at Mitsui show up in unexpected ways.
  • Building Trust One Interaction at a Time — Showing Up for the Moments That Matter The biggest shift since joining DNX has been my awareness of how much weight my words carry. Especially when I’m working with seed-stage founders, I can feel — viscerally — that what I say is taken seriously and can genuinely affect the direction they go. The tension I feel before saying something hasn’t gone away, but I’ve come to see that pressure as the texture of real responsibility — a sign that the work matters. When one portfolio company’s CEO took a leave of absence, I was there throughout — involved almost as if I were on the team myself. It may seem like a small thing, but that founder still expresses gratitude for it today. I believe it’s these accumulated moments — individual, sometimes quiet acts of support — that form the foundation of real trust with the entrepreneurs we work with. When I’m engaging with founders, what I try to do is create space for their own thinking to deepen, rather than steering them toward a conclusion. Instead of saying “here’s what you should do,” I’ll share something like “here’s an approach others have tried” — offering information, not direction — and trust the founder to find their own best path from there. Because we’re outside the company, we can offer a perspective that founders, deep in execution mode, rarely have access to. When a founder says “I hadn’t thought of that” — that’s the moment I feel most confident that I’m doing something genuinely useful.
  • From Japan to the World — Alongside Founders Who Have Given Their Lives to a Problem At one point, I had the chance to spend time with a number of Korean startups. What struck me immediately was how differently they think: global expansion isn’t a future ambition for them, it’s the premise from which the business is designed. Staying within a small domestic market simply isn’t part of the plan. I found it genuinely energizing, and it deepened my hope that more startups from Japan would begin approaching the world with that same boldness. I believe that when Japanese startups are ready to step onto the global stage, I can be a real asset to that moment. I want to be someone who shows up for those founders with everything I’ve built — the global experience, the enterprise perspective, and everything I’ve learned as an investor — holding nothing back. When it comes to choosing who to invest in, the question I keep coming back to is: are they truly serious about the problem? You can feel the difference, listening to a pitch, between someone pursuing an idea out of passing curiosity and someone who has made it their life’s work. A problem solved means someone gets help — means the world gets a little better. I want to keep supporting the founders who carry that larger hope inside them, and who are burning their lives in service of it.