INDEPENDENT CONCLUSION
FilingDossier found no public evidence supporting a conclusion that Scrum Ventures Fund V, LP is a scam. The fund filed an Initial Form D on September 29, 2026, while the organization behind it has a public history extending well beyond the new filing. Founder Takuya "Tak" Miyata can be traced through earlier Scrum Ventures funds, Scrum's official U.S. and Japanese websites, Japanese Financial Services Agency records and more than a decade of independent venture-industry coverage. The Fund V address at 535 Mission Street, 14th Floor, San Francisco also matches Scrum Ventures' current official contact information and earlier Scrum-related filings.
Fund V itself is nevertheless new. Its initial Form D reported First Sale Yet to Occur, $0 sold and zero investors, and Scrum's public website does not currently provide a dedicated Fund V page, fundraising target or Fund V performance record. The most important risks are therefore attribution and identity risks: earlier Scrum portfolio investments, Japan programs and Fund IV regulatory records should not be presented as Fund V assets or returns, and Scrum's genuine cross-border reputation does not authenticate every person or website claiming access to the new fund.
IS SCRUM VENTURES FUND V A SCAM — INITIAL ASSESSMENT
Scrum Ventures Fund V, LP is a Delaware limited partnership identified under SEC CIK 0002133900. Its September 29, 2026 filing is an Initial Form D rather than an amendment and reports a principal place of business at 535 Mission Street, 14th Floor, San Francisco, California 94105. Scrum Ventures GP V, LLC is identified as the general partner, while Takuya Miyata is listed as a director and promoter.
The address is an important identity check. Scrum Ventures' current official contact page lists the same 535 Mission Street, 14F address for its San Francisco operation, while its Japanese site lists a Tokyo office at WeWork Hibiya Fort Tower in Nishishinbashi. Earlier Scrum fund and SPV filings also show a progression toward the same Mission Street location. This consistency materially reduces concern that Fund V is using an unexplained address unrelated to the organization whose name appears on the filing.
The broader manager history is also easy to verify. Scrum's official site states that Tak Miyata founded Scrum Ventures in 2013 after building and exiting technology companies and serving in executive roles in both Japan and the United States. That history is supported by venture-industry reporting dating back more than a decade, rather than appearing for the first time alongside Fund V.
WHAT THE NEW FORM D ACTUALLY SHOWS
Fund V is reported as a pooled investment fund and venture capital fund. The offering relies on Rule 506(b) of Regulation D and Section 3(c)(1) of the Investment Company Act. Its total offering amount is indefinite and the offering is expected to continue for more than one year.
At filing, the fund reported First Sale Yet to Occur, $0 sold and zero investors. The minimum-investment field is reported as $0, while estimated sales commissions and finder's fees are both $0. These fields do not indicate that Fund V is fraudulent or unsuccessful. They indicate that the Initial Form D was filed before a first reported sale.
The filing therefore does not establish how much Fund V will ultimately raise, how many limited partners it will admit, what companies it will own or what returns it may eventually generate. Those questions require later filings and genuine fund documentation.
THE OFFICIAL WEBSITE CONFIRMS THE MANAGER — BUT NOT FUND V'S ECONOMICS
Scrum Ventures' current official website describes the firm as a venture capital organization operating from San Francisco and Tokyo and investing in emerging technologies across the United States and Japan. The current investment page says Scrum has completed more than 150 investments across AI and robotics, climate technology, mobility, healthcare, deep technology, and sports and entertainment.
The site also emphasizes what it calls its "Japanese Edge": connecting portfolio companies with Japanese corporations, partnerships and market-expansion opportunities through Scrum Studio. That cross-border positioning is central to the manager's current identity and helps explain why the organization maintains substantial operations in both California and Japan.
What the official website does not currently publish is equally important. FilingDossier did not locate a dedicated Fund V page explaining its target size, management fee, carried interest, reserve policy, expected number of portfolio companies, LP composition or final geographic allocation.
That absence is not unusual for a Rule 506(b) private fund. It does mean that public website information about Scrum Ventures generally should not be treated as Fund V-specific investment terms.
TAK MIYATA'S HISTORY PREDATES THE FUND BY MORE THAN A DECADE
Scrum's official biography identifies Tak Miyata as Founder and General Partner and describes more than 20 years of international technology experience. It states that he founded Neven Vision, a biometrics business acquired by Google in 2006, later established J-Magic, and subsequently worked at Mixi before founding Scrum Ventures in 2013.
Independent venture-industry reporting from 2014 already described Miyata as the founder of Scrum Ventures and discussed the firm's early fundraising activity. That older reporting is useful because it establishes that Miyata's venture-capital identity was public long before Fund V was created.
The same person also appears repeatedly in SEC records for prior Scrum funds. Fund II identified Takuya Miyata as fund manager and managing member of the general partner in 2015. Fund III identified Tak Miyata in substantially the same management role in 2017, while a 2025 Scrum SPV filing again identified Takuya Miyata as managing member of the general partner.
This continuity across more than a decade of filings provides strong person-level evidence linking Fund V to an existing investment organization.
SCRUM FUND II AND FUND III PROVIDE A LONG SEC FILING HISTORY
Fund V is not Scrum's first private fund to appear in EDGAR. Scrum Ventures Fund II LP filed a Form D in 2015 from a previous San Francisco office at 565 Commercial Street. Scrum Ventures Fund III L.P. filed in 2017 from 717 Market Street and later amended that filing in 2018.
Those records are useful for two reasons. First, they establish that Scrum's fund franchise existed many years before Fund V. Second, they show office-address changes over time rather than one single address being retrospectively attached to every vehicle. That is consistent with the normal evolution of an operating venture firm.
Fund III was organized in the Cayman Islands, whereas Fund II and the new Fund V use Delaware structures. The change in jurisdiction across fund generations should not automatically be interpreted as inconsistency. Private-fund managers may use different structures across vintages depending on investor, tax and legal considerations.
The relevant question for a Fund V investor is whether the documents for Fund V itself consistently identify the Delaware issuer, GP and current San Francisco address.
FUND IV PROVIDES AN UNUSUALLY STRONG JAPANESE REGULATORY CROSS-CHECK
Scrum's Fund IV history is particularly valuable because it can be verified through Japanese regulatory records rather than only through U.S. SEC filings or Scrum's own website.
Japan's Financial Services Agency currently lists Scrum Ventures GP IV, LLC among professional-fund notification records handled by the Kanto Local Finance Bureau. The Japanese disclosure identifies Scrum Ventures Fund IV L.P. as a Delaware venture fund investing primarily in seed and early-stage growth companies across technology, healthcare and deeptech.
The historical Japanese filing described an anticipated geographic allocation of roughly 70% United States and 30% Japan. It also described the GP IV entity, Tak Miyata as managing member and the same 535 Mission Street, 14F San Francisco principal office that now appears on Scrum's public website and the Fund V filing.
This is unusually useful identity evidence. A regulator outside the United States had already recorded a Scrum fund structure, GP, investment strategy and San Francisco business presence years before Fund V appeared.
ARTICLE 63 IS A NOTIFICATION FRAMEWORK — NOT JAPANESE GOVERNMENT APPROVAL
The Japanese record needs to be interpreted correctly. Scrum Ventures GP IV appears in records concerning the Qualified Institutional Investors, etc. Special Business framework under Article 63 of Japan's Financial Instruments and Exchange Act.
That does not mean Japan's FSA guaranteed Fund IV, approved its returns or endorsed Scrum as an investment choice. Article 63 operates as a notification and exemption framework for qualifying professional-fund activity.
The value of the record for this investigation is identity verification and historical regulatory continuity. It demonstrates that Scrum's prior fund and GP were disclosed to Japanese authorities in connection with cross-border fund activity.
A promoter who says "Scrum is approved by Japan's FSA, therefore Fund V is guaranteed" would be giving the record a meaning it does not have.
More importantly, FilingDossier did not locate a current Fund V-specific Japanese Article 63 record in the materials reviewed. Fund IV's Japanese status should not automatically be copied forward to Fund V.
FUND IV'S JAPANESE DISCLOSURE REVEALS MORE OPERATING DETAIL THAN FORM D
The Japanese Fund IV disclosure contains operational information that is normally invisible in Form D. It states that Fund IV investor money was paid into a U.S. bank account and describes Aduro Advisors as being involved in sending investment funds under the direction of managing member Tak Miyata.
It also disclosed Fund IV investor categories and other operational information as part of the Japanese professional-fund reporting framework.
These historical details provide additional evidence that Scrum Fund IV had real fund operations beyond a Form D notice.
They should not be automatically attributed to Fund V.
FilingDossier did not find enough current public evidence to state that Fund V uses the same bank, administrator, money-movement procedures or service providers as Fund IV. Investors should confirm Fund V's current banking, administration and audit arrangements from Fund V documents rather than relying on a previous vintage.
FUND IV INVESTMENTS CAN BE VERIFIED OUTSIDE SCRUM'S OWN WEBSITE
Scrum Fund IV also appears in investment records published by portfolio companies and independent media. Japanese biotechnology company Algal Bio disclosed Scrum Ventures Fund IV as an investor in a financing round, and Forbes Japan separately identified Fund IV among the investors participating in Algal Bio's fundraising.
BiPSEE, a Japanese digital-therapeutics company, has also publicly identified Scrum Ventures Fund IV as an investor in multiple financing announcements. These portfolio-company disclosures provide stronger evidence than a portfolio logo appearing solely on a venture manager's own website.
They confirm that a prior Scrum fund deployed capital into identifiable companies.
They do not establish Fund V's portfolio or performance.
A salesperson should not present Fund IV investments such as Algal Bio or BiPSEE as companies already owned by Fund V unless genuine Fund V documents independently establish that fact.
THE CURRENT SCRUM WEBSITE SHOWS A MUCH BROADER PORTFOLIO PLATFORM
Scrum's official investment page currently says the organization has completed more than 150 investments. It displays companies across several technology categories and includes portfolio-company testimonials, including a statement from Apptronik's co-founder describing Scrum as a partner that helped the company expand opportunities in Japan.
This supports the existence of a substantial venture-investing platform, but organization-wide investment counts should not be converted into Fund V portfolio statistics.
The 150-plus number can include investments made by multiple Scrum funds, SPVs or associated structures across many years. Fund V was newly filed in September 2026 and reported no first sale at that filing date.
This creates a straightforward attribution rule: manager-level portfolio history is evidence of manager experience, not evidence of Fund V's current NAV or realized returns.
SCRUM STUDIO MAKES THE ORGANIZATION MORE THAN A CONVENTIONAL VC WEBSITE
A distinctive feature of Scrum is that its public footprint extends into corporate innovation programs through Scrum Studio. Scrum's official materials describe the Studio as a platform connecting international startups with Japanese corporations for partnerships, joint ventures, incubation and expansion into Japan.
Independent coverage from TechCrunch in 2021 reported on the development of Scrum Studio and described partnerships with numerous Japanese corporations. Scrum's SmartCityX program has involved organizations such as East Japan Railway, Idemitsu Kosan, major insurers, technology companies and Japanese local governments.
In 2026, Scrum and Scrum Studio also continued operating Hokkaido F Village X, a startup co-creation program around the Hokkaido Ballpark F Village ecosystem. The official HFX website identifies Scrum Ventures and Scrum Studio as organizers and Fighters Sports & Entertainment as an operating partner, while current program materials also reference Japanese corporate and public-sector ecosystem participants.
These activities provide strong evidence that the organization behind Fund V has a broad, externally visible operating footprint.
They do not mean that the participating corporations are LPs in Fund V.
CORPORATE PARTNERS ARE NOT FUND V INVESTORS UNLESS DOCUMENTED AS SUCH
This distinction is especially important for Scrum because its website prominently references corporate relationships.
A company may participate in SmartCityX, HFX, a Scrum Studio co-creation program or a startup partnership without investing a single dollar into Scrum Ventures Fund V.
Similarly, a municipal organization, embassy, railway company, insurer or Japanese corporation appearing on a program website does not mean that organization endorses Fund V or guarantees its investments.
A misleading solicitation could easily take genuine Scrum Studio partner logos and present them as institutional backing for Fund V.
Investors should require specific evidence before treating any corporate or government partner as a Fund V limited partner.
SCRUM'S JAPAN FOOTPRINT IS REAL, BUT FUND V'S JAPANESE DISTRIBUTION STATUS NEEDS ITS OWN EVIDENCE
The historical record clearly supports Scrum's Japan activity. Fund II appeared in older Japanese professional-fund records, Fund IV has an Article 63 disclosure trail, Scrum operates a Tokyo office, and Scrum Studio maintains extensive Japanese corporate relationships.
That history makes a U.S.-Japan strategy credible at the manager level.
It does not automatically prove that Fund V itself is currently notified for offering or management under the same Japanese regulatory framework. Fund V is a new legal issuer with its own GP V entity.
If an investor in Japan is told that Fund V is being offered under a Japanese exemption or notification, the exact Fund V or GP V regulatory record should be checked rather than relying on Fund IV's status.
THE OFFICIAL WEBSITE CURRENTLY DOES NOT ANNOUNCE FUND V
At the time of FilingDossier's review, Scrum's current English and Japanese websites contain active portfolio, team, program and news sections, including multiple 2026 updates, but FilingDossier did not locate a public page announcing Scrum Ventures Fund V or its fundraising target.
That timing is not inherently suspicious. A Rule 506(b) private fund may be filed before the manager chooses to publicly discuss a fundraising cycle, and general solicitation restrictions create additional reasons not to market fund interests broadly on a public website.
In fact, a newly filed Fund V that is absent from public retail-style marketing can be consistent with the private nature of a Rule 506(b) offering.
The absence becomes relevant only if a third-party website claims that Fund V has already closed at a specific amount, has a guaranteed portfolio or is open to unrestricted public investment while Scrum's own public materials do not support those statements.
RULE 506(b) MAKES THE DIFFERENCE BETWEEN STARTUP MARKETING AND LP SOLICITATION IMPORTANT
Scrum publicly markets its portfolio activities, innovation programs, events and opportunities for startups. Its websites actively invite companies and corporations to participate in programs.
That activity should not be confused with public solicitation of Fund V limited partners.
Fund V relies on Rule 506(b), under which general solicitation of securities is generally prohibited. Scrum can publicly recruit startups to HFX, showcase portfolio companies, operate Demo Days or publish technology analysis while still privately raising an investment fund.
The due-diligence concern arises if an unrelated person uses those public activities to advertise Fund V interests to anyone through social media, public messaging groups or a retail deposit website.
A real VC brand can have a very public operating platform while maintaining a private LP fundraising process.
THE $0 MINIMUM FIELD DOES NOT MEAN ANYONE CAN BUY INTO FUND V
Fund V's Initial Form D reports $0 as the minimum investment accepted from an outside investor. That field should not be interpreted as evidence that the fund has no economic minimum or that retail users can invest tiny amounts.
Actual minimum commitments, accredited-investor requirements, LP eligibility standards and negotiated exceptions may be contained in private fund documentation.
An online offer claiming that "SEC records show the minimum is $0, therefore anyone can invest $100 in Scrum Ventures Fund V" would require far more support than the Form D provides.
The same principle applies to Fund V's $0 sold figure: regulatory fields should be read in context, not transformed into retail marketing claims.
THE MANAGER'S PUBLIC FOOTPRINT IS STRONGER THAN THE FUND V-SPECIFIC DISCLOSURE
This case has an important imbalance that investors should understand.
The public record for Scrum Ventures as an organization is extensive. Tak Miyata's history can be verified, prior funds exist in SEC records, Japanese FSA records document prior professional-fund activity, portfolio-company financings confirm Fund IV investments, Scrum Studio has operated with recognizable corporate partners and the firm maintains active San Francisco and Tokyo offices.
The Fund V-specific record is much thinner.
The Initial Form D confirms Fund V's existence, GP, address, exemption structure and initial fundraising status, but does not publicly disclose Fund V's target size, fee economics, auditor, administrator, banking relationships, portfolio, LP list or performance.
That difference is normal for a newly filed private fund, but it should remain clear throughout any marketing discussion.
NO PUBLIC EVIDENCE OF A SCRUM-SPECIFIC ENFORCEMENT CASE WAS IDENTIFIED IN THIS REVIEW
FilingDossier searched for public enforcement or fraud records associated with Scrum Ventures and Tak Miyata and did not identify an SEC enforcement proceeding establishing fraud by Scrum Ventures Fund V, Scrum Ventures or Miyata in the public materials reviewed.
That statement should not be interpreted as a regulatory clearance certificate. Search results can change, private disputes may not be public and absence of a public enforcement action does not guarantee investment performance.
It simply means FilingDossier found no public evidence supporting a claim that Fund V itself has already been accused of fraud.
POTENTIAL RISK INDICATORS AND POSITIVE EVIDENCE
FilingDossier found substantial positive evidence around the manager. The Fund V filing is genuine, the San Francisco address matches the official Scrum website, Tak Miyata has a public operating and investing history extending for more than a decade, prior Funds II and III have SEC filing histories, Fund IV has a Japanese FSA Article 63 record and prior Scrum investments can be verified through portfolio-company disclosures and independent financial media.
Risk would increase if a particular solicitation departed materially from that record. Examples would include describing historical Fund IV investments as Fund V portfolio holdings, claiming Japan's FSA approved or guaranteed Fund V, using Scrum Studio corporate partners as proof that those organizations invested in Fund V, asserting that Fund V has already raised a large amount despite the Initial Form D showing no first sale, or offering unrestricted retail access through a public payment page.
Other concerns would include an unfamiliar domain, a representative who cannot be independently associated with Scrum Ventures, payment instructions to an unrelated entity or claims of guaranteed returns. These are verification scenarios rather than findings that Scrum Ventures has engaged in such conduct.
WHAT INVESTORS SHOULD VERIFY BEFORE INVESTING
An investor should first verify that the subscription actually involves Scrum Ventures Fund V, LP and Scrum Ventures GP V, LLC rather than Fund IV, another Scrum vehicle or an unrelated business using the Scrum name. The CIK, legal vehicle, GP, offering documents and receiving account should correspond.
Fund V investors should also ask for fund-specific information that cannot currently be established from the public website: target commitments, management fees, carried interest, investment period, geographic allocation, sector strategy, reserve policy, auditor, administrator and banking arrangements. If Scrum intends to offer Fund V interests in Japan under a professional-fund exemption or another regulatory structure, the current Fund V-specific legal basis should also be independently verified.
Historical Fund II–IV performance, portfolio-company results and Scrum Studio corporate partnerships should be attributed accurately. Those facts can provide evidence of experience and network strength without becoming Fund V assets, LP commitments or performance.
FINAL ASSESSMENT
FilingDossier found no public evidence supporting a conclusion that Scrum Ventures Fund V, LP is a scam. The manager behind the new fund has a substantial and unusually cross-border public footprint. Scrum Ventures has operated since 2013, Tak Miyata can be traced through prior SEC fund filings and independent industry coverage, the new Fund V address matches Scrum's established San Francisco office, and earlier Scrum funds have both U.S. SEC and Japanese regulatory records.
Fund IV provides particularly strong historical evidence. Japan's FSA records identify Scrum Ventures GP IV, Tak Miyata, the same 535 Mission Street office and an early-stage U.S.-Japan venture strategy. Portfolio companies including Algal Bio and BiPSEE independently identify Fund IV as an investor. Scrum Studio's long-running work with Japanese corporations and the continued operation of programs such as HFX further support the existence of a real cross-border investment and innovation platform.
None of those facts gives Fund V a performance history it has not yet earned. Its September 29 Initial Form D reported First Sale Yet to Occur, $0 sold and zero investors, while Scrum's public website currently does not disclose a Fund V target size, portfolio, fees or final LP base.
The central scam-related risk is therefore attribution rather than evidence that the Scrum identity is fabricated. A genuine Japanese regulatory record for Fund IV could be described misleadingly as approval of Fund V. Real portfolio companies from earlier funds could be presented as Fund V assets. Genuine corporate partners of Scrum Studio could be portrayed as Fund V investors. And a legitimate public brand could be copied into an unauthorized solicitation.
For investors, confirming that Scrum Ventures and Fund V exist should therefore be only the first step. The exact legal vehicle, GP, representative, Fund V-specific offering documents, current regulatory basis, fee terms, service providers and receiving bank account should be independently verified before capital is transferred.
At present, FilingDossier has identified no public evidence showing that Scrum Ventures Fund V, LP itself has been accused of fraud or linked to reported investor losses.
PRIMARY SOURCES
U.S. Securities and Exchange Commission Scrum Ventures Fund V, LP Initial Form D — September 29, 2026 CIK 0002133900 / Form D File No. 021-599207
Scrum Ventures Official Website https://scrum.vc/
Scrum Ventures Official Contact Page https://scrum.vc/contact/
Scrum Ventures Tak Miyata — Founder and General Partner https://scrum.vc/team/tak-miyata/
Scrum Ventures Investment Portfolio and Strategy https://scrum.vc/investment/
Japan Financial Services Agency Qualified Institutional Investors, etc. Special Business Records Scrum Ventures GP IV, LLC / Scrum Ventures Fund IV L.P. Article 63 / Kanto Local Finance Bureau https://www.fsa.go.jp/menkyo/menkyoj/tokurei/012.pdf
Japan Financial Services Agency Scrum Ventures GP IV, LLC Public Inspection Disclosure Principal Office: 535 Mission Street, 14F, San Francisco Managing Member: Tak Miyata
U.S. Securities and Exchange Commission Scrum Ventures Fund II LP Form D — 2015 CIK 0001610212
U.S. Securities and Exchange Commission Scrum Ventures Fund III L.P. Form D — 2017 CIK 0001723776
U.S. Securities and Exchange Commission Scrum Ventures SPV I, LP Form D — 2025 CIK 0002061804
INDEPENDENT CORROBORATION
TechCrunch Scrum Ventures launches program connecting startups with Japanese corporations March 2021
Hokkaido F Village X Official Program Website Scrum Ventures / Scrum Studio organizer verification https://hfx.jp/en/
BiPSEE Official Financing Announcements Scrum Ventures Fund IV investor verification
Forbes Japan Algal Bio financing — Scrum Ventures Fund IV investor verification