THE BRIDGE

Startups

Japanese car subscription startup Nyle secures up to $50M via equity and loans

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See the original story in Japanese. Tokyo-based Nyle, the company behind a car subscription service called Carmo, announced on Monday that it has secured about 3.7 billion yen (about $35.7 million) in the latest funding round. Participating investors are Dimension (investment arm of Dream Incubator), JIC Venture Growth Investments (JIC-VGI), Environmental Energy Investment, Hakuhodo DY Media Partners, SBI Group, Nippon Venture Capital, Gree Ventures, Digital Advertising Consortium, and unnamed individual investors. The company also announced that it has signed loan agreements with several financial institutions for a total of up to 1.3 billion yen (about $12.5 million). Prior to this round, the company raised about 1.5 billion yen from several investors including Sparks Group (TSE:8739), SBI Group, and Aoki Group back in April of 2019. The latest round raied the company’s cum of funding (without loans) to date up to 5.57 billion yen (about $53.7 million) Carmo is completely offered online and allows users to use a new car for as little as the 10,000 yen-range (starting at $96 approx.) per month. It has received 45,000 applications from users for three years since its launch back in January of 2018. Using the funds, Nile plans to strengthen its marketing activities,…

Image credit: Nyle

See the original story in Japanese.

Tokyo-based Nyle, the company behind a car subscription service called Carmo, announced on Monday that it has secured about 3.7 billion yen (about $35.7 million) in the latest funding round.

Participating investors are Dimension (investment arm of Dream Incubator), JIC Venture Growth Investments (JIC-VGI), Environmental Energy Investment, Hakuhodo DY Media Partners, SBI Group, Nippon Venture Capital, Gree Ventures, Digital Advertising Consortium, and unnamed individual investors. The company also announced that it has signed loan agreements with several financial institutions for a total of up to 1.3 billion yen (about $12.5 million).

Prior to this round, the company raised about 1.5 billion yen from several investors including Sparks Group (TSE:8739), SBI Group, and Aoki Group back in April of 2019. The latest round raied the company’s cum of funding (without loans) to date up to 5.57 billion yen (about $53.7 million)

Carmo is completely offered online and allows users to use a new car for as little as the 10,000 yen-range (starting at $96 approx.) per month. It has received 45,000 applications from users for three years since its launch back in January of 2018.

Using the funds, Nile plans to strengthen its marketing activities, strengthen alliances with auto repair shops, auto dealers, and gas stations while considering merge and acquire companies with potential synergies.

via PR Times

Rocket Staff, startup behind free manga apps, acquired by Japan’s largest anime retailer

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See the original story in Japanese. Tokyo-based Rocket Staff, known for its “all-you-can-read for free manga” app called Manga King ( iOS / Android ), was confirmed that it has been acquired by Japanese largest anime retail chain Animate. The amount of the acquisition has not been disclosed but we learned that Animate will take a 70% stake of Rocket Staff’s Japanese and South Korean business entities, making Rocket Staff a consolidated subsidiary of Animate. Following this acquisition, Animate CEO Ryu Takahashi and several of its directors are expected to join the board of directors at Rocket Staff’s Japanese and South Korean companies. Kou Youngwook, the founder of Rocket Staff, will continue serving his company as the CEO, and there will be no major changes in their business. Animate made 65 billion yen in an annual group sales and accounted for a third of the entire Japanese anime market which is estimated to be worth 240 billion yen. Having about 30 group companies under their wing, the anime giant is considered active in corporate acquisitions. As one residing in the Japanese startup community, it is still fresh in our minds that Pixiv, the Japanese startup behind a social illustration service…

Image credit: Wikimedia Commons / Rocket Staff

See the original story in Japanese.

Tokyo-based Rocket Staff, known for its “all-you-can-read for free manga” app called Manga King ( iOS / Android ), was confirmed that it has been acquired by Japanese largest anime retail chain Animate. The amount of the acquisition has not been disclosed but we learned that Animate will take a 70% stake of Rocket Staff’s Japanese and South Korean business entities, making Rocket Staff a consolidated subsidiary of Animate.

Following this acquisition, Animate CEO Ryu Takahashi and several of its directors are expected to join the board of directors at Rocket Staff’s Japanese and South Korean companies. Kou Youngwook, the founder of Rocket Staff, will continue serving his company as the CEO, and there will be no major changes in their business.

Animate made 65 billion yen in an annual group sales and accounted for a third of the entire Japanese anime market which is estimated to be worth 240 billion yen. Having about 30 group companies under their wing, the anime giant is considered active in corporate acquisitions. As one residing in the Japanese startup community, it is still fresh in our minds that Pixiv, the Japanese startup behind a social illustration service under the same name, was acquired by the Animate group in 2015.

CEO and Founder Kou Yongwook (left and front) and some of his team at Rocket Staff.
Image credit: Rocket Staff

Kou came to Japan alone from South Korea 20 years ago at his age of 20. After working at a TV station based out of Tokyo, he established Rocket Staff in November of 2010. Making the most of his Korean background, he developed apps across Japan and South Korea, coordinated app marketing for both markets, and served as a correspondent reporting on the state of technology in Japan for an IT-focused TV channel in South Korea. Some of his notable apps include Peppermeet, which allows users to chat and share photos with others nearby, and Ad&Joy, which allows users to earn points by watching ads.

In 2018, Rocket Staff launched a blockchain-powered decentralized ad network called ACA Network, but this did not work out and was subsequently forced to shut down. The company’s core business is currently Manga King, which turns manga titles published in a printed form in the past into the mobile app format so that they can share revenue from ads placed alongside manga episodes with manga publishers. There are more than 50,000 manga episodes available on the mobile app now, and users have downloaded these episodes over 300 million times to date.

Rocket Staff’s joining the Animate group is expected to help accelerate the latter’s digital transformation initiative. In our previous interview with Kou, he revealed his vision such as partnering with popular manga artist teams in Taiwan and South Korea, building a new distribution system for manga using blockchain, and working with publishers and other organizations to create a unique ecosystem where fans’ evaluations can lead to creators’ motivation and income.

Stay tuned for our further coverage reporting their business development details after the acquisition.

AnyMind Group acquires Tokyo-based cross-border marketing firm Engawa

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See the original story in Japanese. AnyMind Group (previously known as AdAsia Holdings), the startup developing and offering AI-based marketing solutions in Japan and other Asian countries, announced on Friday that it will take a full stake in cross-border marketing company Engawa, a subsidiary of Japanese PR and marketing firm Sunny Side Up (TSE: 2180). The price of the acquisition is not disclosed. Upon this, Engawa’s president and CEO Takanobu Ushiyama join the board of directors of AnyMind’s Japanese subsidiary AnyMind Japan. For Anymind, this will be the seven startup acquisition. Engawa was established in 2015 as a wholly owned subsidiary of Sunny Side Up, and then secured funding form Japanese ad production company TYO (subsequently merged with other ad production company AOI Pro. back in 2017). Engawa has been consisted of the team of Tokyo Weekender, an English-language news publication founded back in 1970, and the members from Sunny Side Up. The company has been helping SMEs (small and medium-sized enterprises) rooted in local regions through partnership with local governments across Japan. According to Japanese company database Initial, Engawa was valued at 680 million yen (about $6 million) as of the post-series A round back in September of 2018….

From left: AnyMind Group CEO Kosuke Sogo, Engawa CEO Takanobu Ushiyama
Image credit: Masaru Ikeda

See the original story in Japanese.

AnyMind Group (previously known as AdAsia Holdings), the startup developing and offering AI-based marketing solutions in Japan and other Asian countries, announced on Friday that it will take a full stake in cross-border marketing company Engawa, a subsidiary of Japanese PR and marketing firm Sunny Side Up (TSE: 2180). The price of the acquisition is not disclosed. Upon this, Engawa’s president and CEO Takanobu Ushiyama join the board of directors of AnyMind’s Japanese subsidiary AnyMind Japan. For Anymind, this will be the seven startup acquisition.

Engawa was established in 2015 as a wholly owned subsidiary of Sunny Side Up, and then secured funding form Japanese ad production company TYO (subsequently merged with other ad production company AOI Pro. back in 2017). Engawa has been consisted of the team of Tokyo Weekender, an English-language news publication founded back in 1970, and the members from Sunny Side Up. The company has been helping SMEs (small and medium-sized enterprises) rooted in local regions through partnership with local governments across Japan. According to Japanese company database Initial, Engawa was valued at 680 million yen (about $6 million) as of the post-series A round back in September of 2018.

In August 2019, AnyMind established a joint venture and Asia-focused influencer marketing agency called AnyUp with Sunny Side Up’s subsidiary Sunny Side Partners. AnyMind says potential synergies in business and human resources encouraged them to acquire Engawa. For the time being, it is expected that the acquisition will help AnyMind better reach their solutions to Engawa’s more than 700 clients such as small manufacturers and local producers across the country.

In an interview with Bridge, Engawa’s Ushiyama says,

When we think about how to maximize the potential for business growth in cross-border marketing, we believe that AnyMind is an ideal partner because of its huge digital assets. Since the further growth of Engawa is beneficial to our former parent company Sunny Side Up, the acquisition talks went went smoothly.

Kosuke Sogo, CEO of AnyMind, added,

AnyMind has a growing client base among large enterprises, but we have not yet been able to reach out to local governments and manufacturers in Japan where you will typically need a long-term and face-to-face-based sales effort. Engawa has many clients from small manufacturers and local producers across the country, which is extremely attractive for us.

In the field of influencer marketing, both AnyMind and Engawa have their own influencer network in Southeast Asia and China, respectively, and will be able to operate them in an integrated manner and add them to each other’s client proposal menus. AnyMind Japan, the Japanese subsidiary of AnyMind, has more than 100 employees, and Ushiyama’s addition to AnyMind Japan’s board of two managing directors (CEO Sogo plus Junki Kitajima, CEO of Grove, whose company was acquired by AnyMind earlier last year) is expected to strengthen the management structure.

Last year, AnyMind launched its out-of-home (OOH) ad business by rolling out digital signage across Tokyo’s Haneda International Airport, which will be the first milestone to build a network of digital signage in regional airports across the country. In view of helping strengthen the promotion and marketing solutions for local companies through Engawa, the expansion of this digital signage ad network all across regional airports in Japan will be also a tail wind for both companies.

Japan’s biotech firm Spiber secured $240M to build polymer production facility in US

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Spiber has been developing plant-based artificial protein fiber material called Brewed Protein. The Japanese startup announced on Wednesday that it has secured 25 billion yen (about $240 million) utilizing a value securitization structure. This funding round uses the company’s tangible and intangible assets as collateral to solicit funds from a wide range of investors, which allows them to get funds without making choices like debt financing or third-party allocation of shares which is likely to take time to negotiate with lenders or cause equity dilution. This round was arranged by Mitsubishi UFJ Morgan Stanley Securities with participation from The Bank of Tokyo-Mitsubishi UFJ as the initial lender and a credit investor while the names of the other investors participating have not been disclosed. Spiber signed a collaboration agreement with US-based grain producing major Archer-Daniels Linseed Company (NYSE:ADM) in September. The funds will be used to build a mass production system for brewed protein in the US in addition to research and development of new materials scheduled to launch in several years. Spiber was founded in 2007 as a spin-off from the Institute for Advanced Biosciences at Keio University in Tsuruoka City, Yamagata Prefecture. Since its incorporating, the company has to…

Brewed Protein
Image credit: Spiber

Spiber has been developing plant-based artificial protein fiber material called Brewed Protein. The Japanese startup announced on Wednesday that it has secured 25 billion yen (about $240 million) utilizing a value securitization structure. This funding round uses the company’s tangible and intangible assets as collateral to solicit funds from a wide range of investors, which allows them to get funds without making choices like debt financing or third-party allocation of shares which is likely to take time to negotiate with lenders or cause equity dilution.

This round was arranged by Mitsubishi UFJ Morgan Stanley Securities with participation from The Bank of Tokyo-Mitsubishi UFJ as the initial lender and a credit investor while the names of the other investors participating have not been disclosed. Spiber signed a collaboration agreement with US-based grain producing major Archer-Daniels Linseed Company (NYSE:ADM) in September. The funds will be used to build a mass production system for brewed protein in the US in addition to research and development of new materials scheduled to launch in several years.

Spiber was founded in 2007 as a spin-off from the Institute for Advanced Biosciences at Keio University in Tsuruoka City, Yamagata Prefecture. Since its incorporating, the company has to date secured an estimated amount of over 35 billion yen (about $340 million). In April of 2019, the company secured 5 billion yen ($48.4 million) in syndicated loans from The Bank of Tokyo-Mitsubishi UFJ, Yamagata Bank, Shonai Bank, and Tsuruoka Shinkin Bank to develop a huge world-class plant for protein fermentation and purification operations in eastern Thailand (Rayong Province). The company is reportedly valued at over 111.5 yen ($1.08 billion).

Initially focused on spider silk which is said to be the strongest material on earth, the company had been developing a man-made synthetic fiber material called Qmonos. However, although the protein fibroin in spider silk is strong, it causes super shrinkage when wet, making it difficult to maintain the dimensional stability of products made from the material. Subsequently the startup succeeded to develop a protein fiber with high dimensional stability by removing the amino acid sequence features causing shrinkage from the fibroin gene, and rebranded Qmonos into Brewed Protein.

The new material is produced by microbial fermentation from plant-based sugars such as glucose and sucrose, which does not require any petroleum-derived material at all. It attracts huge attention because of many use cases: a microplastic-free and non-animal-derived material in the apparel industry, contributing to weight reduction in the logistics industry, a next-generation core material for artificial hair in the medical industry.

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Japan’s QD Laser, developer of retinal scanning displays, files for IPO

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Japanese startup QD Laser, the developer of retinal scanning displays called the Retissa series, announced on Monday that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on February 5 of 2021 with plans to offer 9,451,800 shares for public subscription and to sell 2,033,900 shares in over-allotment options for a total of 4,107,600 shares. The underwriting will be led by SMBC Nikko securities while QD Laser’s ticker code will be 6613. Based on the estimated issue price of 275 yen (about $2.65), the company will be valued at 9.51 billion yen (about $91.7 million). Its share price range will be released on January 20 with bookbuilding scheduled to start on January 21 and pricing on January 27. According to the consolidated statement as of March 2020, they posted revenue of 756.63 million yen ($7.3 million) with an ordinary loss of 1.23 billion yen ($11.8 million). QD Laser was established in 2006 as a spin-off from Fujitsu Laboratories where QD Laser’s founder and CEO Mitsuru Sugawara was previously quantum dot lasers. Using the company’s technology, images can be directly delivered onto the device wearer’s retina from a laser…

Retissa Display II
Image credit: QD Laser

Japanese startup QD Laser, the developer of retinal scanning displays called the Retissa series, announced on Monday that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on February 5 of 2021 with plans to offer 9,451,800 shares for public subscription and to sell 2,033,900 shares in over-allotment options for a total of 4,107,600 shares. The underwriting will be led by SMBC Nikko securities while QD Laser’s ticker code will be 6613.

Based on the estimated issue price of 275 yen (about $2.65), the company will be valued at 9.51 billion yen (about $91.7 million). Its share price range will be released on January 20 with bookbuilding scheduled to start on January 21 and pricing on January 27. According to the consolidated statement as of March 2020, they posted revenue of 756.63 million yen ($7.3 million) with an ordinary loss of 1.23 billion yen ($11.8 million).

QD Laser was established in 2006 as a spin-off from Fujitsu Laboratories where QD Laser’s founder and CEO Mitsuru Sugawara was previously quantum dot lasers. Using the company’s technology, images can be directly delivered onto the device wearer’s retina from a laser projector built inside the frame, and has the potential to improve the quality of life (QoL) of the visually impaired who are not totally blind but are forced to live in a blurred world. It is also expected to be applied to augmented reality and smart glasses.

Led by Japanese computer manufacturing giant Fujitsu (26.64% through their three funds, TSE:6702), the company’s major shareholders include Tokyo Century (TSE:8439, 13.02%), Mitsui & Co. Global Investment (12.45%), Axa Life Insurance (6.80%), QD Laser’s Sugawara (5.17%), Beyond Next Ventures (2.67%), Daiichi Life Insurance, Realtech Fund (2.66%), DG Ventures (2.36%), and Nikko-SBI Innovation Fund (2.36%).

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Japan’s Kaizen Platform, helping optimize website user experience, files for IPO

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See the original story in Japanese. Japanese startup Kaizen Platform, offering website user interface improvement solutions, announced on Wednesday that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 22 with plans to offer 1,550,000 shares for public subscription and to sell 751,300 shares in over-allotment options for a total of 3,459,000 shares. The underwriting will be led by Mizuho securities while Kaizen’s ticker code will be 4170. Its share price range will be released on December 3 with bookbuilding scheduled to start on December 7 and pricing on December 11. According to the consolidated statement as of December 2019, they posted revenue of 1.3 billion yen (about $12.5 million) with an ordinary loss of 249 million yen ($2.8 million). Based on the estimated issue price of 1,100 yen (about $10.6), the company will be valued at about 16.9 billion yen ($162 million). Kaizen Platform founded a Delaware company with establishing its global headquarters in San Francisco as well its Japan branch in Tokyo in March to April of 2013, followed by launching a website optimization solution back in August of the same year. In addition…

See the original story in Japanese.

Japanese startup Kaizen Platform, offering website user interface improvement solutions, announced on Wednesday that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 22 with plans to offer 1,550,000 shares for public subscription and to sell 751,300 shares in over-allotment options for a total of 3,459,000 shares. The underwriting will be led by Mizuho securities while Kaizen’s ticker code will be 4170.

Its share price range will be released on December 3 with bookbuilding scheduled to start on December 7 and pricing on December 11. According to the consolidated statement as of December 2019, they posted revenue of 1.3 billion yen (about $12.5 million) with an ordinary loss of 249 million yen ($2.8 million). Based on the estimated issue price of 1,100 yen (about $10.6), the company will be valued at about 16.9 billion yen ($162 million).

Kaizen Platform founded a Delaware company with establishing its global headquarters in San Francisco as well its Japan branch in Tokyo in March to April of 2013, followed by launching a website optimization solution back in August of the same year. In addition to offering website optimization solutions, the company launched the Kaizen Video service as part of the Kaizen Ad business.

Kaizen Platform established a Japanese company and its subsidiary Kaizen Platform USA in April ofo 2017. During this process, the founding company was dissolved in a merger with the US subsidiary, In addition, the company established a joint venture with NTT Ad called DX Catalyst, making it an equity-method affiliate by acquiring its 49% stake in April this year.

In addition to helping clients optimize their websites, the company is now focused on creating client’s video clips utilizing existing content for affordable rates and fast turnaround. They disclosed several KPIs they have achieved as of Q3 this year: 772 companies, 16,480 registered users (clients and professionals), and 2,124,000 yen as ARPU (average revenue per user).

Led by founder and CEO Kenji Sudo (32.43%), the company’s major shareholders include Eight Roads Ventures Japan (18.41%), GREE Ventures (now known as Strive, 9.39%), co-founder and CTO Toshimasa Ishibashi (8.11%), NTT Ad (7.29%), SBI Investment (4.59%), YJ Capital (3.82%), Colopl (3.05%), Dai Nippon Printing (2.88%), and GMO Venture Partners (1.91%).

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Japanese energy switching startup Enechange files for IPO

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See the original story in Japanese. Tokyo-based Enechange, the Japanese startup offering an electricity and gas switching platform for consumers under the same name, announced on Wednesday that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 23 with plans to offer 50,000 shares for public subscription and to sell 57,000 shares in over-allotment options for a total of 330,000 shares. The underwriting will be led by Mizuho securities while Enechange’s ticker code will be 4169. Based on the estimated issue price of 520 yen (about $5), the company will be valued at 2.99 billion yen (about 28.7 million). Its share price range will be released on December 3 with bookbuilding scheduled to start on December 7 and pricing on December 11. According to the consolidated statement as of December 2019, they posted revenue of 1.27 billion yen ($12.2 million) with an ordinary loss of 238 million yen ($2.3 million). Enechange was co-founded in April 2015 by serial entrepreneurs CEO Yohei Kiguchi COO Ippei Arita. The company offers a price comparison site for electricity, a phone service where customer representatives can assist consumers to choose the…

Image credit: Enechange

See the original story in Japanese.

Tokyo-based Enechange, the Japanese startup offering an electricity and gas switching platform for consumers under the same name, announced on Wednesday that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 23 with plans to offer 50,000 shares for public subscription and to sell 57,000 shares in over-allotment options for a total of 330,000 shares. The underwriting will be led by Mizuho securities while Enechange’s ticker code will be 4169.

Based on the estimated issue price of 520 yen (about $5), the company will be valued at 2.99 billion yen (about 28.7 million). Its share price range will be released on December 3 with bookbuilding scheduled to start on December 7 and pricing on December 11. According to the consolidated statement as of December 2019, they posted revenue of 1.27 billion yen ($12.2 million) with an ordinary loss of 238 million yen ($2.3 million).

Enechange was co-founded in April 2015 by serial entrepreneurs CEO Yohei Kiguchi COO Ippei Arita. The company offers a price comparison site for electricity, a phone service where customer representatives can assist consumers to choose the best electricity provider, as well as offering energy providers with cloud-based platforms such as EMAP (digital marketing SaaS) and SMAP (smartmeter-powered SaaS).

Led by CEO Kiguchi (23.86%), the company’s major shareholders include COO Arita (10.08%), Yasuyuki Ueno (8.00%), B Dash Ventures (7.62%), Energy Station Company Limited (7.61%), Bonds Investment Group (4.57%), EPCO (TSE:2311, 3.81%), Daiwa Energy Infrastructure (3.43%) and Spiral Capital (3.05%).

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Japanese robo-advisory startup WealthNavi files for IPO valued at over $470M

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See the original story in Japanese. Tokyo-based WealthNavi, the company offering a technology-based asset management service under the same name, announced that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 22 with plans to offer 2.5 million shares for public subscription and to sell 1,559,400 shares in over-allotment options for a total of 13,094,300 shares. The underwriting will be led by SBI securities while WealthNavi’s ticker code will be 7342. Based on the estimated issue price of 1,100 yen (about $10.5), the company will be valued at 49.5 billion yen (about $474.5 million). Its share price range will be released on December 3 with bookbuilding scheduled to start on December 7 and pricing on December 11. According to the consolidated statement as of December 2019, they posted revenue of 1.55 billion yen ($14.8 million) with an ordinary loss of 2.06 billion yen ($19.7 million). WealthNavi was founded back in April of 2015 by CEO Kazuhisa Shibayama who previously worked at finance ministries of Japan and UK respectively after graduating from the University of Tokyo. After leaving the public sector, he joined McKinsey to risk and…

Image credit: WealthNavi

See the original story in Japanese.

Tokyo-based WealthNavi, the company offering a technology-based asset management service under the same name, announced that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 22 with plans to offer 2.5 million shares for public subscription and to sell 1,559,400 shares in over-allotment options for a total of 13,094,300 shares. The underwriting will be led by SBI securities while WealthNavi’s ticker code will be 7342.

Based on the estimated issue price of 1,100 yen (about $10.5), the company will be valued at 49.5 billion yen (about $474.5 million). Its share price range will be released on December 3 with bookbuilding scheduled to start on December 7 and pricing on December 11. According to the consolidated statement as of December 2019, they posted revenue of 1.55 billion yen ($14.8 million) with an ordinary loss of 2.06 billion yen ($19.7 million).

WealthNavi was founded back in April of 2015 by CEO Kazuhisa Shibayama who previously worked at finance ministries of Japan and UK respectively after graduating from the University of Tokyo. After leaving the public sector, he joined McKinsey to risk and asset management projects for institutional investors.

The robo-advisory service provides a fully-automated asset management platform so that users can enjoy long-term and diversified investments. The company has now acquired 340,000 accounts and managed assets worth over 310 billion yen ($3.0 billion). The company was ranked in 10 of the most valued private companies in Japan by Nikkei last year.

WealthNavi is well known for having raised funds from more than 20 VC firms. Led by CEO Shibayama (24.84%), the company’s major shareholders include SBI Holdings and SBI Investment (13.5%), GREE Ventures (9.18%, now known as Strive), Infinity Venture Partners (6.39%, now known as Infinity Ventures), and Global Brain (5.96%, Global Brain also joins co-investment with Sony Financial Ventures), DBJ Capital (2.80%), and UTokyo Innovation Platform (2.40%).

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Japanese e-commerce analytics startup Plaid files for IPO

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Tokyo-based Plaid, the Japanese startup offering a real-time data analysis of website visitors and mobile app users called Karte, announced that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 17 with plans to offer 1,522,000 shares for public subscription and to sell about 716,000 shares in over-allotment options for a total of 12,817,000 shares. The underwriting will be led by Mizuho securities while Plaid’s ticker code will be 4165. Based on the estimated issue price of 1,400 and a total number of 14,339,000 shares in the market including public subscription, the company will be valued at 51.7 billion yen (about $500 million). Its share price range will be released on November 30 with bookbuilding scheduled to start on December 1 and pricing on December 4. According to the consolidated statement as of September 2020, they posted revenue of 2.94 billion yen (about $28.3 million) with an ordinary profit of 678.7 million yen (about $6.5 million). The company was founded in October of 2011 by Kenta Kurahashi who previously worked at Japanese e-commerce giant Rakuten. Having set e-commerce consulting and app development as their original business…

Plaid’s headquarters in Tokyo
Image credit: Plaid

Tokyo-based Plaid, the Japanese startup offering a real-time data analysis of website visitors and mobile app users called Karte, announced that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 17 with plans to offer 1,522,000 shares for public subscription and to sell about 716,000 shares in over-allotment options for a total of 12,817,000 shares. The underwriting will be led by Mizuho securities while Plaid’s ticker code will be 4165.

Based on the estimated issue price of 1,400 and a total number of 14,339,000 shares in the market including public subscription, the company will be valued at 51.7 billion yen (about $500 million). Its share price range will be released on November 30 with bookbuilding scheduled to start on December 1 and pricing on December 4. According to the consolidated statement as of September 2020, they posted revenue of 2.94 billion yen (about $28.3 million) with an ordinary profit of 678.7 million yen (about $6.5 million).

The company was founded in October of 2011 by Kenta Kurahashi who previously worked at Japanese e-commerce giant Rakuten. Having set e-commerce consulting and app development as their original business focus at first, the company launched the Karte analytics platform back in March of 2015 which has now become a main cash cow. The platform allows companies to collect and analyze behavioral data of their visitors and loyal users by integrating into websites and mobile apps. Using these collected and analyzed resources, companies can conduct personalized marketing strategy in communicating with users via website, mobile app, e-mail, Line and other chat tools.

Their SaaS business has been steadily growing, with a three-year average annual growth rate of 70.3% in sales from September of 2017 to September of 2020. In addition to e-retailers in the fashion and health beauty industry (5.9%), the Karte has attracted many other service owners from finance, insurance, settlement, human resources services, real estate, and media portal websites, which resulted in acquiring 710 websites and 474 companies as their users in total as of September.

Led by founder and CEO Kurahashi (29.65%), the company’s major shareholders include CPO Naoki Shibayama (19.78%), Eight Roads Capital Advisors (15.89%), Femto Growth Capital (14.9% through two different funds), Google (3.60%), CTO Yuki Makino (1.52%), operating officer Hiroyuki Shimizu, Mitsui & Co. (1.26%), and Mitsui Sumitomo Insurance Venture Capital (1.26%).

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Japan’s handmade item C2C startup Creema files for IPO

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Tokyo-based Creema, the Japanese startup behind C2C (consumer-to-consumer) marketplace for handmade items under the same name, announced that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on November 27 with plans to offer 113,000 shares for public subscription and to sell about 167,200 shares in over-allotment options for a total of 1,559,700 shares. The underwriting will be led by SBI securities while Creema’s ticker code will be 4017. Based on the estimated IPO price of 3,250 yen (about $31) a share, the company’s market valuation will be about 19.8 billion yen (about $189.1 million). Its share price range will be released on November 19 with bookbuilding scheduled to start on November 11 and pricing on November 18. According to the consolidated statement as of February 2020, they posted revenue of 1.49 billion yen (about $14.2 million) with an ordinary profit of 70.6 million yen (about $674,000). Creema was founded in 2009 by Kotaro Marubayashi, who worked as a manager for a subsidiary of Japanese Internet service company Septeni Holdings after engaging in the music industry when he was attending Keio University. The company launched the handmade item…

Creema Store in Sapporo
Image credit: Creema

Tokyo-based Creema, the Japanese startup behind C2C (consumer-to-consumer) marketplace for handmade items under the same name, announced that IPO application to the Tokyo Stock Exchange (TSE) has been approved.

The company will be listed on the TSE Mothers Market on November 27 with plans to offer 113,000 shares for public subscription and to sell about 167,200 shares in over-allotment options for a total of 1,559,700 shares. The underwriting will be led by SBI securities while Creema’s ticker code will be 4017.

Based on the estimated IPO price of 3,250 yen (about $31) a share, the company’s market valuation will be about 19.8 billion yen (about $189.1 million).

Its share price range will be released on November 19 with bookbuilding scheduled to start on November 11 and pricing on November 18. According to the consolidated statement as of February 2020, they posted revenue of 1.49 billion yen (about $14.2 million) with an ordinary profit of 70.6 million yen (about $674,000).

Creema was founded in 2009 by Kotaro Marubayashi, who worked as a manager for a subsidiary of Japanese Internet service company Septeni Holdings after engaging in the music industry when he was attending Keio University. The company launched the handmade item marketplace back in 2010.

It has over 200,000 professional and semi-professional creators selling over 10 million original craft items. In order to increase engagement with sellers and buyers, the company also hosts an annual large-scale showcase event and has flagship stores in several cities across Japan.

Led by founder and CEO Marubayashi (31.89%), the company’s major shareholders include Global Capital Partners (13.7% through two funds), KDDI (11.9% through two funds), Animarism Group (9.1%, Marubayashi’s asset management company), Global Brain (7.1%), and Yuki Ohashi (6.92%, Creema co-founder and managing director).

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