Fundely Co., Ltd.
3137・Growth Market・Retail Trade
Business
Fundely Co., Ltd. is a company listed on the TSE Standard Market, established in 2000. Its core business is the MFD segment, which operates "Meal Time," a frozen healthy food home-delivery service for patients with lifestyle-related diseases. The company also runs the CID segment, offering "Shun wo Sugu ni" (Seasonal, Delivered Fresh), a frozen food delivery service centered on carefully selected seasonal domestic ingredients, and a marketing support business for food manufacturers that leverages a referral network of 18,482 medical institutions and dispensing pharmacies nationwide. Its main customers are patients with lifestyle-related diseases such as diabetes, kidney disease, and hypertension who require dietary therapy, and the company provides counseling services by registered dietitians and nutritionists as an added-value service. Looking ahead, the company aims to become a comprehensive healthcare enterprise.
Business Model
In the MFD business, the company distributes catalogs free of charge to 18,482 locations nationwide, including hospitals, clinics, and dispensing pharmacies, to acquire customers with lifestyle-related diseases. Stable revenue is secured through repeat purchases via the "Eiyoshi Omakase Teikibin" (Nutritionist's Recommended Subscription) service. By repurposing the same referral network for the marketing business—selling advertising space to food manufacturers and undertaking outsourced sampling operations—the company has achieved a highly profitable business with net sales of ¥481 million and a profit margin of 75.6%. The CID business sells frozen foods manufactured at the company's own Saitama plant through EC, retail, and contract manufacturing for the MFD business.
Company Strengths
Built a referral network of 12,886 hospitals and clinics, 3,972 dispensing pharmacies, and 1,624 public health centers/nursing care facilities over many years. By distributing 3.7 million catalogs annually free of charge, the company has established a proprietary customer acquisition channel that allows direct appeal to patients through doctors and registered dietitians, forming an entry barrier that is difficult for competitors to replicate in a short period of time.
The company has developed the "Nutritionist-Assisted Subscription Service" (栄養士おまかせ定期便), in which a registered dietitian always handles phone consultations at the time of order, selecting products tailored to each customer's illness, dietary restriction values, and preferences. Combined with a menu lineup of over 200 items, this provides added value in the form of ongoing dietary therapy support, differentiating the company from other meal delivery operators.
By repurposing the referral network built through the MFD business for the marketing business, the company achieved net sales of ¥481 million and a segment profit margin of 75.6% in FY2026 (ending March 2026). The medium offers high value to food manufacturers by enabling direct reach to the target customer base for health-conscious products (outpatients), and the business has continued to achieve high growth, with sales up 22.9% and profit up 34.7% year on year.
ENVALITH's Perspective
Performance Trend
Net sales, which had peaked at ¥3,124 million in FY2022 (ending March 2022), had declined for four consecutive periods, but turned to growth in FY2026 (ending March 2026) at ¥2,624 million (up 6.5% year on year). Operating profit recovered from a loss of ¥134 million in the prior period to a profit of ¥131 million, and net income also recovered from a loss of ¥184 million to a profit of ¥73 million. This was driven by the effect of price revisions in the MFD business (with minimal impact on order volume), a 22.9% increase in sales in the marketing business, and a narrowing of losses in the CID business. The recovery occurred against a backdrop of continued high resource prices and rising logistics costs in the external environment. The company has disclosed its forecast for FY2027 (ending March 2027) of net sales of ¥3,027 million (up 15.4% year on year) and operating profit of ¥187 million (up 42.8% year on year).
Growth Strategy
Restructuring of the earnings structure through expansion of MFD subscription sales, growth of the marketing business, and profitability turnaround in the CID business
FY2026 (ending March 2025) results confirmed that the impact on order volume following the price revision was minor. The company will continue sales activities to medical institutions through its three-location structure (head office, Osaka, and Kanagawa), and aims to achieve revenue of ¥2,256 million in FY2027 (ending March 2027) (up 11.4% year on year) by promoting migration to "Eiyoushi Omakase Teikibin" (Dietitian-Recommended Subscription Service) and expanding the referral network.
In FY2026 (ending March 2025), the company achieved revenue of ¥481 million and a profit margin of 75.6%. It will continue to acquire new clients through both advertising space sales and outsourced operations, and plans revenue of ¥580 million in FY2027 (ending March 2027) (up 20.6% year on year). Because the business leverages the company's proprietary referral network asset, additional fixed cost burden is small, and maintaining a high profit margin is expected.
Losses were reduced from ¥390 million to ¥247 million due to an increase in wholesale sales to retailers and contract manufacturing for the MFD business (up from ¥54 million in the previous fiscal year to ¥115 million in the current fiscal year). The company plans revenue of ¥270 million in FY2027 (ending March 2027) (up 15.3% year on year), but the timing of reaching break-even remains undetermined. The business remains in the process of improvement while still carrying the risk of fixed asset impairment.
As the divergence between the original targets and actual results of the previous medium-term management plan grew large, the company is formulating a new strategic direction. It plans to announce the new medium-term management plan once formulated, and presenting investors with a mid- to long-term growth scenario remains a challenge.
Last updated: July 19, 2026