Reflecting on Life’s Great Challenges
Michiko Kato often reflects on pivotal moments that have shaped her life and career. Her journey began in Tokyo, where she made the bold decision to leave her hometown and enroll at Harvard Business School in Massachusetts. In a transformative leap, she transitioned from a stable finance career to the unpredictable world of startups, a move that fundamentally altered her trajectory.
Stepping into a Pioneering Role at Toyota
This week, Kato takes on her most significant challenge yet as she officially assumes the role of Chief Investment Officer (CIO) at Toyota’s Woven Capital and Chief Executive Officer (CEO) of Toyota Invention Partners. This new position marks a historic moment, as she becomes the first female CEO of a wholly owned Toyota subsidiary.
Investing in the Future of Mobility
Woven Capital serves as Toyota’s growth-stage venture capital arm, focusing on supporting visionary founders in the mobility sector, which encompasses areas such as space, cybersecurity, and autonomous driving. The firm recently announced its $800 million Fund II, aimed at making at least 20 new Series B investments. This follows the launch of its inaugural $800 million fund in 2021. Among its portfolio companies are Xona, a satellite venture, and Machina Labs, which specializes in defense manufacturing infrastructure.
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A Collaborative Investment Strategy
Kato envisions a future where Woven Capital can identify the next leader in mobility, actively selecting companies that can serve as collaborative partners with Toyota. Her flexible investment approach allows for co-leading, small investments, or more substantial commitments. Kato expressed a desire to engage hands-on with startups, emphasizing the importance of creating valuable partnerships.
Women Leading the Charge at Woven Capital
In another significant advancement, Mia Panzer is transitioning from her business strategy role at one of Toyota’s technology subsidiaries to the newly created position of Chief Operating Officer (COO) at Woven Capital. This development marks a notable shift in the traditionally male-dominated finance and investment landscape, as two of the top leadership positions at Woven Capital will now be held by women.
Progress in Gender Diversity within Corporate Venture Capital
Historically, women have achieved slightly better representation in corporate venture capital (CVC) roles than in traditional venture firms. A 2014 report indicated that around 20% of top CVCs included women in their investing teams, a stark contrast to the mere 7% of women partners at the top 100 venture firms at that time. Current estimates place the percentage of women in investment roles at CVCs at approximately 15.4%, suggesting a positive trend in gender diversity.
Kato’s Experience and Vision for the Future
Kato joined Woven Capital in 2020 as one of its inaugural hires, shortly after the firm spun out from a Toyota subsidiary. With 15 years of investment experience—including roles at Unison Capital and as CFO of the Japanese AI startup ABEJA—she has led numerous investments, including significant stakes in companies like Stoke, a reusable rocket firm, and Nuro, an autonomous vehicle innovator. Kato’s enthusiasm for areas such as aeromobility and physical AI reflects her belief in the potential for revolutionary changes in manufacturing.
Panzer’s Journey in the Startup Ecosystem
Alongside Kato, Mia Panzer steps into her role as COO, handling finance, operations, human resources, and legal strategy. She highlights two crucial concerns for CVCs: potential corporate slowdowns that could hinder deal-making and alignment with the parent company. Panzer’s background includes extensive experience with startups, having worked with Ro Gupta, Woven Capital’s managing director, since the early days of building the mapping company Carmera. Transitioning from her previous role at Independent Pet Partners, she embraced the startup environment, saying, “I really like being part of the startup world.”