Tokyo, September 10, 2025 – Happiness Capital has made its first-ever investment in a Japan-based startup, joining Innovacell’s Series D funding round. The move marks a major step in the global venture capital firm’s strategy to expand into Japan and underscores its commitment to backing pioneering healthcare innovations with global impact.

Innovacell, a leader in regenerative medicine, is developing cell therapies that target the root cause of incontinence – a condition that affects hundreds of millions of people worldwide. Its proprietary approach uses patients’ own muscle cells, which are expanded, prepared, and reintroduced via a minimally invasive procedure to regenerate weakened sphincter muscles. The therapy has the potential to provide a one-time, long-lasting solution for conditions that currently rely on limited and often unsatisfactory treatment options.

The Series D funding will enable Innovacell to advance late-stage clinical trials, refine its technology platform, and accelerate regulatory pathways. With support from Happiness Capital, Alfresa Corporation – one of Japan’s largest pharmaceutical wholesalers – and other investors, Innovacell is poised to scale its therapies beyond Japan and bring them to global markets.

“Innovacell is tackling one of the world’s most overlooked yet life-altering health challenges,” Says Terrence Giang, Managing Director at Happiness Capital, “Happiness Capital is proud to support their ground-breaking advances in cell therapy and bring our philosophy of investing for both impact and return to Japan.”

Innovacell’s Co-CEO, Colin Lee Novick, added: “We’re thrilled to welcome new investors with deep healthcare expertise who will support us in accelerating the development of our therapies. Happiness Capital was an early believer in our Series D round and played a key role in guiding us through private capital markets beyond Japan. Their insights have been instrumental in shaping how we position Innovacell to a global investor audience.”

This investment reflects Happiness Capital’s broader focus on funding ventures that combine strong business potential with meaningful human impact. By supporting Innovacell’s breakthrough therapies, Happiness Capital continues its mission of co-creating a happier world while expanding its global footprint into Japan.

Innovacell develops regenerative cell therapies for treating fecal and urinary incontinence. innovacell.co.jp

Mr.Colin Lee Novick (left) and Mr.Jason David Sieger (right) are Co-CEOs of Innovacell Inc