Toyota’s corporate venture capital (CVC) arm, Woven Capital, has promoted Michiko Kato to Chief Investment Officer (CIO) and Mia Panzer to Chief Operating Officer (COO), signaling a shift toward greater gender diversity in the traditionally male-dominated world of finance and automotive technology. The moves come as the firm seeks to identify and invest in companies that will shape the “future of mobility,” including sectors like autonomous driving, space technology, and cybersecurity.
Investing in the Next Generation of Mobility
Woven Capital manages $1.6 billion across two funds ($800 million each), launched in 2021 and 2023. The firm aims to fund at least 20 Series B investments, partnering with startups that align with Toyota’s long-term strategy. Current portfolio companies include Xona (satellite technology) and Machina Labs (defense manufacturing infrastructure).
Kato, the first female CEO of a wholly-owned Toyota subsidiary, emphasizes a flexible approach to investment: “We can co-lead, make small investments, or do aggressive deals… we try to be flexible.” Her priority is hands-on engagement with startups, fostering collaborative relationships rather than purely financial returns.
Breaking Barriers in Corporate Venture Capital
The appointments of Kato and Panzer represent a notable change. While women have historically had slightly better representation in CVCs compared to traditional venture firms (around 20% in 2014, versus 7% at top VC firms), the landscape is evolving. Today, women comprise roughly 15.4% of partners in venture capital overall, suggesting progress within CVCs as well.
Panzer, who will oversee finance, operations, HR, and legal strategy at Woven Capital, acknowledges the challenges: “Every CVC is always worried about a corporate slowdown that kills deals and misalignment with the parent company.” Her role focuses on mitigating these risks and ensuring smooth execution.
A Shift in Perspective
Both leaders bring extensive experience to their roles. Kato has 15 years in investing, including M&A at Unison Capital and CFO experience at the Japanese AI startup ABEJA. Panzer previously ran finance at the mapping company Carmera (acquired by Toyota) and worked at Goldman Sachs and Independent Pet Partners.
Panzer’s decision to take on the COO role reflects a broader attitude shift among women in finance. She recalled internalizing societal expectations that questioned her qualifications, but ultimately decided to “jump in” despite doubts, mirroring a common experience of underestimation.
“I always say to other women, ‘Let them have low expectations.’ Easy to overdeliver.”
The appointments demonstrate Toyota’s commitment to fostering innovation in the mobility sector and, crucially, to promoting female leadership within its investment divisions. The firm aims to not only fund the future but also reshape the structure of the industry itself.
