Michiko Kato often reflects on the pivotal moments in her life, including her bold decision to leave Tokyo for Harvard Business School and her eventual shift from a secure finance career to the uncertain world of startups. This transition has led Kato to her most significant challenge yet, as she recently took on the roles of Chief Investment Officer at Toyota’s Woven Capital and Chief Executive Officer of Toyota Invention Partners, making her the first woman to lead a wholly owned Toyota subsidiary.
Woven Capital serves as Toyota’s growth-stage venture capital arm, concentrating on supporting innovative founders in the mobility sector, which encompasses areas like space technology, cybersecurity, and autonomous driving. The firm has already announced an $800 million Fund II—matching its initial fund launched in 2021—with intentions to invest in at least 20 Series B startups. Kato aims to discover the “future leader of mobility,” focusing on companies that can collaborate effectively with Toyota.
Kato emphasises her hands-on approach to support startups in valuable ways, while also expressing a desire to build strong partnerships. Alongside her new roles, Mia Panzer has been appointed as Chief Operating Officer of Woven Capital, marking a significant step in a traditionally male-dominated field, as both top positions are now held by women.
Historically, women have fared slightly better in Corporate Venture Capital (CVC) firms than in traditional venture capital, although progress remains slow. Recent statistics indicate that around 15.4% of investment roles in CVCs are filled by women, an improvement from previous years. Kato joined Woven Capital in its infancy in 2020, contributing her extensive experience from roles at Unison Capital and as CFO for the AI startup ABEJA.
Since joining Woven, Kato has overseen multiple investments in companies like the reusable rocket firm Stoke and the autonomous vehicle startup Nuro, demonstrating her interest in aeromobility and AI-driven hardware. In her view, there’s potential to revolutionise manufacturing processes.
Panzer, in her capacity as COO, will manage finance, operations, HR, and legal strategy. Her role is crucial in mitigating corporate risks and ensuring alignment with Toyota. She has a history of working with Gupta, Woven Capital’s managing director, which included navigating challenges during her pregnancy with her first child and transitioning from positions at Goldman Sachs and Independent Pet Partners.
Initially uncertain of her qualifications, Panzer overcame doubts by recognising a common barrier women face regarding self-perception in professional settings. She resolved to seize opportunities without hesitation, an attitude she advocates for among other women in the field.
Both Kato and Panzer embody the Japanese concept of ikigai, seeking roles where their skills, passions, market needs, and financial rewards intersect. With a familial legacy rooted in automotive parts, Kato’s journey comes full circle, as she encourages women to defy low expectations and strive to deliver remarkable results.
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