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Japan’s NOT A HOTEL secures $35M, unveils six new luxury projects

Takeshi Hirano 2024.07.23

This is the abridged version of our original article in Japanese. NOT A HOTEL, the Japanese innovative hospitality brand startup, unveiled plans for a major expansion on Tuesday, featuring six new locations developed in collaboration with world-renowned creators. The company also announced that it has secured 5.5 billion yen (about $35 million US) in a series B round funding to support this ambitious project, which is expected to generate 100 billion yen (about $638 million US) in sales over the next two years. New Flagship Locations The expansion includes new flagship properties in Japan: NOT A HOTEL TOKYO: Directed by the globally acclaimed creator NIGO, this project will be located in the suburbs of Tokyo. NOT A HOTEL RUSUTSU: Situated at the Rusutsu Resort in Hokkaido, this property is designed by the international architectural firm Snøhetta. NOT A HOTEL MIURA: A new location in Miura City, Kanagawa Prefecture. NOT A HOTEL SETOUCHI: Three villas to be constructed on the remote island of Sakijima in the Seto Inland Sea. Additionally, the company plans to expand its existing locations in Kita-Karuizawa and Aoshima, Miyazaki Prefecture. Growth and Success Since its founding four years ago, NOT A HOTEL has achieved impressive results: Cumulative…

This is the abridged version of our original article in Japanese.

NOT A HOTEL, the Japanese innovative hospitality brand startup, unveiled plans for a major expansion on Tuesday, featuring six new locations developed in collaboration with world-renowned creators. The company also announced that it has secured 5.5 billion yen (about $35 million US) in a series B round funding to support this ambitious project, which is expected to generate 100 billion yen (about $638 million US) in sales over the next two years.

New Flagship Locations

The expansion includes new flagship properties in Japan:

NOT A HOTEL TOKYO: Directed by the globally acclaimed creator NIGO, this project will be located in the suburbs of Tokyo.
NOT A HOTEL RUSUTSU: Situated at the Rusutsu Resort in Hokkaido, this property is designed by the international architectural firm Snøhetta.
NOT A HOTEL MIURA: A new location in Miura City, Kanagawa Prefecture.
NOT A HOTEL SETOUCHI: Three villas to be constructed on the remote island of Sakijima in the Seto Inland Sea.

Additionally, the company plans to expand its existing locations in Kita-Karuizawa and Aoshima, Miyazaki Prefecture.

Growth and Success

Since its founding four years ago, NOT A HOTEL has achieved impressive results:

Cumulative contract volume of 22.7 billion yen (about $145 million)
597 property owners
Nine locations launched and opened
99% guest satisfaction rating across all properties

Unique Features of New Projects

NOT A HOTEL TOKYO

Directed by NIGO, founder of A BATHING APE and current artistic director of KENZO
Located in Futtsu City, Chiba Prefecture, 45 minutes from Haneda Airport
Features panoramic views of Mt. Fuji and Tokyo Bay
Includes curated artworks by NIGO, including a giant KAWS sculpture
Interior furnished with vintage pieces by Jean Prouvé and Pierre Jeanneret

NOT A HOTEL RUSUTSU (Hokkaido)

Designed by Snøhetta, inspired by the astronomical concept of “zenith”
Located at the summit of a ski resort in Hokkaido
Aims to create a space that enhances human experience by directing attention upward

NOT A HOTEL MIURA (Kanagawa)

Based on a POOL CLUB concept
Features various types of pools, including a sandy beach pool and infinity pool
Restaurant designed by A.N.D. Creative Director Ryu Kosaka

NOT A HOTEL SETOUCHI (Hiroshima)

Japan’s first architectural work by BIG, led by Bjarke Ingels
Three villas named “360,” “270,” and “180” based on their views of the Seto Inland Sea
Designs inspired by Japanese climate, traditional architecture, and geometric angles

Expansion of Existing Locations

Kita-Karuizawa: New additions include “MASU” by Masamichi Katayama and “WELLNESS” supervised by Yoko Shibata
Aoshima, Miyazaki: Plans for a new house and renovation of existing facilities

NOT A HOTEL TOKYO is designed by NIGO
Image credit: NOT A HOTEL

Global Expansion Strategy

NOT A HOTEL is focusing on attracting wealthy international customers:

30% of inquiries now come from overseas
New global website launched
Emphasis on high-grade properties for international appeal
Unique reciprocal use system allowing cross-border stays

Funding and Future Plans

Raised 5.5 billion yen (about $35 million US) through private placement and J-KISS (a simple term sheet framework for a convertible instrument for early startups to obtain initial financing)
Total funding to date: approximately 10.5 billion yen (about $67 million US)
Considering token-based financing in the future

NOT A HOTEL’s expansion marks a significant development in Japan’s luxury hospitality sector. By blending Japanese tradition with contemporary design and collaborating with world-class creators, the company aims to offer unique experiences that appeal to both domestic and international high-end travelers. This ambitious project not only promises to revitalize the luxury villa market but also presents innovative ways to showcase Japan’s diverse tourism resources.

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Taiwan’s shared parking space startup USPACE acquires Japanese peer Nokisaki

Masaru Ikeda 2024.07.17

Taiwanese shared parking service startup USPACE and Japanese peer Nokisaki held a joint press conference in Tokyo on Wednesday, where both companies announced the Taiwanese startup had agreed to acquire a full stake of the Japanese startup. Financial terms have not been disclosed. Nokisaki will retain its brand even after the acquisition. In October of 2022, USPACE secured 260 million New Taiwan dollars (about $8.2 million US) in a Series A round led by mobile giant Taiwan Mobile, with the aim of expanding into the Japanese market. The latest acquisition will give the Taiwanese startup a foothold in the space-sharing business in Japan, encouraging continuing its aggressive regional expansion. Founded in April of 2008, Nokisaki has been in the space-sharing business since April of 2009, focused on offering idle spaces from individuals and companies to others in need. The company has 33,000 parking spaces for cars and 690,000 members. So far, it has received an unknown sum of investments from TKP (TSE: 4379), Apaman (TSE: 8889), Gaiax, Nippon Parking Development (TSE: 2353), and Mitsui Sumitomo Insurance Capital. Song says, This is not just a partnership between two companies, but an important contribution to technological and cultural exchange between Taiwan and…

From left: Eugene Wang, COO of USPACE; Takegawa, Director of USPACE (Japan); Allen Song, CEO of USPACE; Akiko Nishiura, CEO of Nokisaki; Tony Lin, Chief Consumer Business Officer of Taiwan Mobile.
Image credit: Masaru Ikeda

Taiwanese shared parking service startup USPACE and Japanese peer Nokisaki held a joint press conference in Tokyo on Wednesday, where both companies announced the Taiwanese startup had agreed to acquire a full stake of the Japanese startup. Financial terms have not been disclosed. Nokisaki will retain its brand even after the acquisition.

In October of 2022, USPACE secured 260 million New Taiwan dollars (about $8.2 million US) in a Series A round led by mobile giant Taiwan Mobile, with the aim of expanding into the Japanese market. The latest acquisition will give the Taiwanese startup a foothold in the space-sharing business in Japan, encouraging continuing its aggressive regional expansion.

Founded in April of 2008, Nokisaki has been in the space-sharing business since April of 2009, focused on offering idle spaces from individuals and companies to others in need. The company has 33,000 parking spaces for cars and 690,000 members. So far, it has received an unknown sum of investments from TKP (TSE: 4379), Apaman (TSE: 8889), Gaiax, Nippon Parking Development (TSE: 2353), and Mitsui Sumitomo Insurance Capital.

Song says,

This is not just a partnership between two companies, but an important contribution to technological and cultural exchange between Taiwan and Japan. For the Japanese market, we will work with Nokisaki to build the largest smart parking service platform in Japan. […]

Like marriage, both companies will face many challenges and may have differences of opinion. However, I believe that if we work toward the same goal, we will surely become the strongest company in Japan.

Song said USPACE will build a complete, cross-border transportation platform. This will include a wide range of services associated with mobility, such as airport pick-up and drop-off services, car washes, and more. After the acquisition, Nishiura will continue to serve as CEO of Nokisaki.

In addition to the parking-sharing platform, USPACE provides parking services at famous commercial buildings and hotels such as Hongtai World Building, Exchange Square Xinyi, Illume Taipei (formerly known as Sunworld Dynasty Hotel). The company also offers UDRIVE, a Tesla car rental service in Taiwan.

From left: Allen Song, CEO of USPACE; Akiko Nishiura, CEO of Nokisaki
Image credit: Masaru Ikeda

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New fund from Okinawa wants to help startups expand across Asia

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Masaru Ikeda 2024.07.08

Bridge learned that Kenichiro Toyosato, founder of startup hubs in Okinawa like Koza Startup Arcade and Startup Lab Lagoon, is launching a new fund for startups. The news came during his opening remarks at KozaRocks 2024, an annual startup conference and festival in Japan’s southernmost prefecture. on Saturday. Named as Shinryo Fund, it aims to raise 1 billion yen (approximately $6.7 million) eventually. Shinryo means a bridge connecting ports and reflects Okinawa’s historical role as a trade hub between Japan and other Asian countries. Toyosato explained that the fund will invest in startups looking to expand from Okinawa to mainland Japan, from Japan to Asia via Okinawa, and from other Asian countries including Taiwan to Japan through Okinawa. With an expected investment range of 20 to 50 million yen (about $124,000 to $310,000) per startup, the fund aims to become a cross-border initiative. Limited partners will include Yoichi Aso, CEO of Alpha Drive, along with several local companies. Toyosato highlighted the need for a local independent fund in Okinawa, noting that such funds have been instrumental in developing thriving startup ecosystems in other regions, like Fukuoka. He emphasized the importance of creating a mechanism for successful startups to give back…

Kenichiro Toyosato gave opening remarks at KozaRocks 2024.
Image credit: KozaRocks2024

Bridge learned that Kenichiro Toyosato, founder of startup hubs in Okinawa like Koza Startup Arcade and Startup Lab Lagoon, is launching a new fund for startups. The news came during his opening remarks at KozaRocks 2024, an annual startup conference and festival in Japan’s southernmost prefecture. on Saturday. Named as Shinryo Fund, it aims to raise 1 billion yen (approximately $6.7 million) eventually.

Shinryo means a bridge connecting ports and reflects Okinawa’s historical role as a trade hub between Japan and other Asian countries. Toyosato explained that the fund will invest in startups looking to expand from Okinawa to mainland Japan, from Japan to Asia via Okinawa, and from other Asian countries including Taiwan to Japan through Okinawa.

With an expected investment range of 20 to 50 million yen (about $124,000 to $310,000) per startup, the fund aims to become a cross-border initiative. Limited partners will include Yoichi Aso, CEO of Alpha Drive, along with several local companies.

Toyosato highlighted the need for a local independent fund in Okinawa, noting that such funds have been instrumental in developing thriving startup ecosystems in other regions, like Fukuoka. He emphasized the importance of creating a mechanism for successful startups to give back to the local community by such a local independent fund.

The fund will be managed by FourSeas, led by Toyosato, with support from Tomokazu Saito, a lawyer experienced in working for startups like Mercari. FourSeas is also involved in a government project to help financial institutions in Okinawa learn about startup investments.

Born in Okinawa City in 1988, Toyosato spent 15 years in China before founding Link and Visible (now FourSeas) in 2017. He has been actively involved in Okinawa’s startup ecosystem, including roles with Startup Lab Lagoon and the Okinawa Startup Ecosystem Consortium.

Okinawa’s startup scene is growing, with hubs in Naha (south of the island) and Koza (middle of the island), and also emerging activity in the north. The Koza-nearby Okinawa Institute of Science and Technology (OIST) has produced outstanding startups like EF Polymer through its accelerator program. Recently, Alpha Drive, the company led by aforementioned Aso, opened Ryukyu Alpha Drive in the up north city of Nago, further expanding the island’s startup landscape.

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Japan on-demand gig job app Timee files for IPO, eyes up to $910M valuation

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Timee

Masaru Ikeda 2024.06.21

Update on 10am JST, June 24th: Due to the wide range of the estimated price per share, the basis for calculating the market cap was changed to the average of the range. Tokyo-based Timee, the Japanese startup offering an on-demand gig job app under the same name, announced on Friday that its initial listing application on the Tokyo Stock Exchange had been approved. The company will be listed on the TSE Growth Market on July 26 (at the earliest) with plans to sell 4,836,800 shares in over-allotment options for a total of 32,245,400 shares but will offer no share for public subscription. The underwriting will be led by Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, and Morgan Stanley MUFG Securities while Timee’s ticker code will be 215A. The provisional price will be determined on July 9 while the book-building period will begin on July 9 and run until July 17 for the shortest or until July 23 for the longest (subject to change as the scheduled listing date is determined). The final public offering price will be determined between July 18 and July 24 (subject to change as the scheduled listing date is determined). The total number of outstanding shares…

Update on 10am JST, June 24th: Due to the wide range of the estimated price per share, the basis for calculating the market cap was changed to the average of the range.

Tokyo-based Timee, the Japanese startup offering an on-demand gig job app under the same name, announced on Friday that its initial listing application on the Tokyo Stock Exchange had been approved.

The company will be listed on the TSE Growth Market on July 26 (at the earliest) with plans to sell 4,836,800 shares in over-allotment options for a total of 32,245,400 shares but will offer no share for public subscription. The underwriting will be led by Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, and Morgan Stanley MUFG Securities while Timee’s ticker code will be 215A.

The provisional price will be determined on July 9 while the book-building period will begin on July 9 and run until July 17 for the shortest or until July 23 for the longest (subject to change as the scheduled listing date is determined). The final public offering price will be determined between July 18 and July 24 (subject to change as the scheduled listing date is determined).

The total number of outstanding shares at the time of listing is 95,139,000. Based on the average of the company’s estimated issue price range ~~of 1,430~~ — 1,330 yen (about ~~$9.5~~ $8.3 US) per share, its market cap is ~~136.05~~ 126.53 billion yen (~~$910~~ $792 million US). According to its consolidated statement as of October of 2023, the company posted revenue of 16.14 billion yen ($110 million US) and an ordinary profit of approximately 1.924 billion yen ($13 million US).

The Timee service was launched back in August of 2018 under its previous name of Taimee. Founder and CEO Ryo Ogawa began interning in high school and then founded a fashion company after winning a business contest at Keio University. He ran this business for about a year, pivoted, and established a new Timee business in March of 2019, which as of February of 2024 has over 7 million gig workers and served approximately 98,000 businesses mainly in the restaurant, logistics, and retail industries.

Led by CEO Ogawa (21.96%), major shareholders include Recolle (8.27%), Keyrock Capital Management (7.27%), MIXI (TSE: 2121, 5.58%), JAFCO (TSE:8595, 4.30%), Tsukiyama Special Purpose Company (3.66%), En Japan (TSE:4849, 3.53%), CyberAgent (TSE:4751, 3.51%), JEC2 Limited (3.30%), Woodline Partners (2.91%), CyberAgent Capital (2.46%), and CFO Tomoaki Yagi (2.37%).

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