Michiko Kato has been appointed chief investment officer of Toyota's Woven Capital and CEO of Toyota Invention Partners, becoming the first female CEO of a wholly owned Toyota subsidiary. Woven Capital, Toyota's growth-stage venture arm, manages two $800 million funds focused on mobility technologies such as autonomous driving, space, and cybersecurity. The firm aims to back at least 20 Series B startups and build collaboration partnerships with portfolio companies. Kato, who joined Woven Capital in 2020, previously held roles at Unison Capital and served as CFO for Japanese AI startup ABEJA. She has led six investments since joining, including an undisclosed deal. Mia Panzer, formerly in business strategy at a Toyota tech subsidiary, has been named COO of Woven Capital. Both appointments mark a rare instance of two top leadership roles at a corporate venture firm being held by women. Kato emphasized flexibility in investment approaches, saying, "We can co-lead, we can make small investments, or we can do an aggressive investment; we try to be flexible." She added that she wants to be "hands-on" and focused on creating partnerships with startups. Portfolio companies include satellite firm Xona and defense manufacturing infrastructure company Machina Labs.
When Michiko Kato says she wants to be "hands-on" with startups, that signals a shift in how corporate VCs like Woven Capital may operate — not just writing checks but actively shaping ventures. Her rise, alongside Mia Panzer's appointment as COO, challenges the long-standing gender imbalance in venture capital, especially in male-dominated sectors like mobility and deep tech. While Nigerian startups such as Flutterwave and Paystack have seen strong female leadership in operations and product, the same is not yet true in local VC decision-making — a gap that regional investors should now confront. Kato's trajectory from finance to AI startups to leading a $1.6 billion war chest suggests that the future of mobility funding may look very different — and more inclusive — than its past.
