AI FUSION CAPITAL GROUP CORP.
254A・Standard Market・Securities & Commodity Futures
Business
AI Fusion Capital Group Inc. is an investment holding company that transitioned to a holding company structure in October 2024 and listed on the Standard Market of the Tokyo Stock Exchange. With 21 consolidated subsidiaries and 41 equity-method affiliates, the company operates a financial solutions business centered on four core areas: proprietary investment, fund management, PIPEs (Private Investment in Public Equity), and investment banking. In addition, it holds a DX solutions business (website optimization and online procedure platforms) and a marketing solutions business (SNS marketing support and SaaS-based tools) under its umbrella, aiming to enhance corporate value by investing in companies pursuing AI-driven business model transformation and pursuing synergies among them. Its principal customer base includes listed and unlisted companies, venture companies, local governments, and regional financial institutions.
Business Model
Revenue is composed mainly of four streams. (1) In the proprietary investment business, the company acquires equity stakes using its own capital and consolidates the acquired companies as subsidiaries, incorporating their business earnings into the group. (2) In the fund business, the company earns management fees and performance fees through the formation and operation of investment fund partnerships. (3) In the PIPEs business, the company currently participates as an LP (limited partner/investor), and aims to expand its revenue base by eventually transitioning to a GP (general partner/fund operator) role. (4) In the investment banking business, the company earns advisory fees for corporate finance needs associated with the above three businesses. Synergies generated through cross-referrals of customers among subsidiaries acquired via M&A and the development of new services are key to maximizing revenue.
Company Strengths
MiraiDoor Inc. (formerly Future Venture Capital Co., Ltd.) possesses strong ties with regional financial institutions and local governments built up over many years. Its proven track record of transactions with regional financial institutions is directly linked to its fundraising capability, as evidenced by borrowings of ¥500 million from The Hokkoku Bank in September 2025 and a further ¥1,340 million from the same bank in March 2026.
By simultaneously operating four businesses—proprietary investment, funds, PIPEs, and investment banking—the company can select the optimal investment method according to the business stage and funding needs of investee companies. In FY2026 (ending March 2026), it consolidated several subsidiaries including Lovable Marketing Group Co., Ltd., Tameny Inc., L Marche Co., Ltd., and Rice Curry LS Co., Ltd., demonstrating its M&A execution capability through actual results.
The DX Solutions business (revenue of ¥1,325 million, up 237.9% year on year) and the Marketing Solutions business (revenue of ¥1,302 million) together account for approximately 80% of the group's total revenue of ¥3,297 million. The increase in the number of companies adopting the DX cloud service and the stable, recurring revenue from SaaS-type tools are progressing steadily, functioning as a revenue base that complements the volatile earnings of the investment business.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) rose only slightly to ¥3,297 million (up 6.8% year on year), driven by the Marketing Solutions business (consolidation of Lovable MG, contributing ¥1,302 million over five months) and the DX Solutions business (¥1,325 million, up 237.9% year on year). On the other hand, selling, general and administrative expenses surged to ¥2,461 million (from ¥941 million in the previous period), compounded by other expenses of ¥681 million (including an impairment loss of ¥279 million), resulting in an operating loss of ¥1,387 million (versus operating income of ¥1,427 million in the previous period). The Financial Solutions business saw revenue fall 58.5% year on year to ¥500 million and post an operating loss of ¥422 million, due to the absence of new investment partnership formations and declines in the share prices of investee companies. Operating cash flow was an outflow of ¥640 million, while financing cash flow was an inflow of ¥4,385 million from bank borrowings, leaving a cash balance of ¥7,788 million. In the external environment, yen depreciation, rising prices, and the normalization of interest rates have become factors driving volatility in financial markets, directly hitting Financial Solutions business earnings through declines in investee companies' share prices.
Growth Strategy
Through aggressive M&A and the full-scale realization of group synergies, the company aims to achieve revenue of ¥50.0 billion and a market capitalization of ¥100.0 billion in FY2028 (ending March 2028).
The company has consolidated Loveable Marketing Group (SNS marketing), Tameny (matchmaking and regional revitalization), and Franchise Business Incubation (Unagi no Naruse) among others, forming an alliance group in which each company maintains management independence while engaging in customer referrals and collaboration. Full-scale realization of group synergies is expected from FY2027 (ending March 2027).
The company is working to form an AI fund specializing in companies developing proprietary AI, SaaS/AI solution providers, AI-related hardware companies, and energy-related companies. This aims to simultaneously expand the revenue base of the venture capital business and create synergies with portfolio companies.
Currently in Step 1, participating in the PIPEs business as an LP (investor). The plan is to transition to Step 2, in which the company operates the fund itself as a GP, thereby establishing a stable revenue base through management fees and performance fees.
Through Mirai Services Holdings, established in December 2025, the company is bringing consumer-facing service companies in the food & beverage, hotel, and inn industries under its umbrella via M&A. It aims to implement AI, DX, and SNS marketing at Unagi no Naruse (currently 270 stores, with a medium-term target of 400 stores) to improve store opening efficiency and profitability.
The company has set targets for FY2028 (ending March 2028) of revenue of ¥50.0 billion, operating profit of ¥5.0 billion, and market capitalization of ¥100.0 billion. The plan is to first achieve revenue of ¥13,000 million and a turnaround to operating profit of ¥1,000 million in FY2027 (ending March 2027), then progressively scale up. Compliance with the financial covenant (no pre-tax loss for two consecutive periods) is also a mandatory requirement.
Last updated: July 19, 2026