Happiness Capital | Certified B Corp

Happiness Capital employs a stage-agnostic investment approach, primarily targeting early-stage ventures while also considering growth-stage and pre-IPO opportunities. The firm focuses on sectors such as Environment, Food, Health, and Trust, aiming to generate both Happiness Return and Financial Return. This dual focus allows Happiness Capital to invest in startups that not only seek financial success but also strive to make a positive impact on society and the environment.

The firm looks for startups and VC funds that can deliver measurable benefits to stakeholders, emphasizing impact alignment and long-term value creation. Happiness Capital's investment strategy is designed to support companies that are committed to sustainability and innovation, particularly in the climate sector. The firm’s evergreen capital structure provides the flexibility needed to support founders through various stages of development, making it an attractive partner for startups aiming to create lasting change.

Happiness Capital has partnered with over 50 startups, focusing on those that demonstrate innovation and a commitment to making a positive impact. Notable portfolio companies include:

• Innovacell - A regenerative medicine company based in Japan, developing cell therapies for fecal and urinary incontinence.
• Epoch Biodesign - A synthetic biology company engineering enzymes to recycle plastic and textile waste.
• Project Eaden - A food-tech startup that develops plant-based meat alternatives using fiber-spinning technology.
• Phycobloom - A climate and food systems company focused on sustainable practices.
• Better Dairy - An animal-free dairy company that aims to revolutionize the dairy industry.

These companies reflect Happiness Capital's commitment to investing in sectors that promote sustainability and positive societal impact. The firm actively seeks out startups that align with its mission, ensuring that its portfolio is not only financially viable but also contributes to a happier and more sustainable world.

Eric Ng - CEO. Eric established Happiness Capital as the global venture capital arm of the Lee Kum Kee Group. He previously co-founded AGENDA, which was later acquired by WPP, and founded an AI cancer diagnostic and treatment-planning startup.

Mark Chan - Managing Director. Mark oversees investments and portfolio management at Happiness Capital. He has held roles as Investment Director at Alphabet and has experience in investment and corporate finance at Galaxy Entertainment Group, NWSI/New World Group, Dah Chong Hong/CITIC, and PwC.

Terrence Giang - Managing Director. Terrence was previously the Managing Partner of DG Ventures, the venture arm of Digital Garage. He has extensive experience in venture capital, capital markets, renewable energy, and investment banking from firms such as Nippon Renewable Energy, Equis Funds Group, Credit Suisse, and Banc of America Merrill Lynch.

Josh Wade - VP, Investment. Josh focuses primarily on European teams and has previously worked at Calastone and TrueLayer, where he was involved in partnerships, expansion, and new product development.

To pitch Happiness Capital, founders should send an email to info@HappinessCapital.com. The pitch should include a clear overview of the business model, the team, and the impact the startup aims to achieve. While there is no formal application process or specific pitch form, the firm encourages a concise and compelling presentation of ideas.

Response times may vary, but the firm operates on a rolling application cycle, allowing for ongoing engagement with potential investments. Founders are encouraged to seek warm introductions where possible, although the firm maintains an open policy for all pitches.

In recent months, Happiness Capital has welcomed a strategic partnership with CM Venture Capital, enhancing its investment capabilities and network. The firm has also been re-certified as a B Corp in 2026, reaffirming its commitment to social and environmental performance.

Notable investment activities include backing Innovacell's Series D round in Japan and supporting Epoch Biodesign's efforts in recycling plastic waste. Additionally, Happiness Capital has been recognized in PitchBook's 2025 report as one of the Top 20 global CVC Investors in Climate, highlighting its active engagement in climate-related investments.