Untapped Capital is a venture capital firm founded in 2020 by Yohei Nakajima. The firm is known for its “build in public” strategy, openly sharing prototypes, experiments, and ideas to learn, attract founders, and contribute to the ecosystem. Untapped focuses on backing founders outside traditional Silicon Valley networks, combining active outbound sourcing with early identification of emerging technology trends.
The fund invests at the pre-seed stage with a generalist approach, though increasingly leaning toward artificial intelligence and frontier technologies.
Its philosophy blends niche exploration with building early conviction in new categories.
In September 2025, Untapped Capital announced the launch of its second fund, targeting ~$250,000 checks.
LPs include Reid Hoffman, Seven Seven Six, OS Ventures, The EdgeOf, Motley Fool Ventures, 922 Capital, Dharmesh Shah, Ryan Hoover, Kuno Agüero, Michael Tam, Max Dama, and Eric Sprunk.
Leadership
The firm is led by Yohei Nakajima, a venture capitalist and entrepreneur best known for creating BabyAGI, the first open-source autonomous agent with task planning capability. His style combines investing with constant experimentation at the intersection of AI, software, and online communities.
Investment Strategy
Untapped Capital shifted from a reactive approach in its first fund to a more top-down model in Fund II: spotting trends early, digging into niches, building conviction, and then proactively reaching out to relevant startups.
Its build-in-public approach helps the team understand emerging technologies more deeply and engage with founders ahead of other investors.
Notable Investments
Fund II’s early portfolio includes:
Notable Exits
No notable exits have been announced yet, as Untapped’s portfolio remains in its early stages.
Other
Untapped is particularly recognized in the builder and developer community for launching prototypes that later inspired larger projects in AI and autonomous agents.
Its ecosystem thrives on sharing knowledge and experimentation openly, which reinforces trust among founders and LPs alike.
