Makuake, Inc.
4479・Growth Market・Information & Communication
Business
Makuake, Inc. was established in 2013 and operates a support purchase service under the "Makuake" brand, listed on the TSE Growth Market. The company has established itself as the largest platform provider in the "pre-mass-production distribution market," where new products and services ahead of mass production are sold in advance over the internet, matching project initiators (business operators) with project supporters (consumers). Its main customers are business operators such as small and medium-sized enterprises, regional companies, and startups, as well as domestic and overseas individual consumers with strong interest in new products. In November 2024, the company achieved the milestone of cumulative support purchase amount exceeding ¥100.0 billion. As of the end of September 2025, the number of members reached 3,238,627, and the company maintains a stable customer base with a repeat support purchase rate exceeding 75%.
Business Model
A dual-sided billing structure in which the company receives a support fee at a fixed rate on the support purchase amount from project executors upon project success, and an Anshin System Program usage fee from project supporters. GMV (the total of support purchase amount plus Anshin System Program usage fees, tax included) is used as a key management indicator, and GMV for FY2025 (ending September 2025) was ¥17,644 million. In addition, ancillary services such as Ad Delivery Agency Service, Makuake STORE, and Makuake Incubation Studio are contributing to revenue diversification as "Other" segment sales (up 86.9% year on year).
Company Strengths
The repeat support-purchase rate remained in the 73%–79% range across all quarters from FY2022 (ending September 2022) through FY2025 (ending September 2025). The number of members reached 3,238,627 at the end of FY2025 (ending September 2025), with loyal customers providing stable support for transaction value. The proportion of new listings by repeat project organizers has also been maintained above 60%.
A dedicated curator is assigned to every project to provide consulting support, while a specialized review team at the Project Legal Affairs Bureau examines feasibility, legal compliance, and other factors, forming a dual structure. The Annual Securities Report explicitly states this constitutes "a significant entry barrier that other companies cannot easily replicate in a short period," with the accumulation of human capital serving as a source of competitive advantage.
In November 2024, the cumulative support-purchase amount surpassed ¥100.0 billion. Since the service's launch in 2013, the company has built partnerships with over 100 financial institutions, local governments, and overseas partners (such as Wadiz in South Korea and Indiegogo in the United States), establishing a referral network of project organizers and a self-sustaining growth cycle.
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥3,810 million in FY2023 (ended September 2023) before recovering, achieving a return to profitability with ¥4,578 million in FY2025 (ended September 2025). In the first half of FY2026 (ending September 2026) (H1, 6 months), revenue was ¥2,812 million (up 37.2% year on year), operating profit was ¥568 million (up 117.2% year on year), and interim net profit was ¥483 million (up 95.4% year on year), reflecting accelerated growth. Gross merchandise value (GMV) increased 33.5% year on year to ¥10,797 million. The operating margin improved substantially from 12.8% in the same period of the previous year to 20.2%, as the synergy between rigorous cost management and unit price improvement driven by the expansion of the Ad Delivery Agency Service became apparent. As external factors, favorable trends in the home appliances and gadgets genre and the ongoing bifurcation of consumption have served as tailwinds. The full-year earnings forecast has already been revised upward to revenue of ¥5,400 million (up 18.0% year on year) and operating profit of ¥670–800 million (up 49.8–78.9% year on year).
Growth Strategy
Transformation from a focus on new product debuts to becoming a "business growth partner for challengers," supporting the entire Plan-Debut-Growth process
Strengthening and standardizing the support system for unit price improvement through curator assistance, expanding adoption of the Ad Delivery Agency Service among project creators seeking further growth in support purchase amounts. In the first half of FY2026 (ending September 2026), GMV grew 33.5% year-on-year and operating margin reached 20.2%, demonstrating the effectiveness of the strategy.
Supporting the sustained growth of businesses after their Makuake debut through store openings, sales, promotion, and logistics agency services on Rakuten Ichiba, Yahoo! Shopping, and TikTok Shop. Growth in ancillary service revenue contributed to the increase in net sales for the first half of FY2026 (ending September 2026) (up 37.2% year-on-year), and revenue diversification is progressing.
Aiming to increase the number of active projects by expanding acquisition of new high-quality project creators in addition to repeat creators. In the first half of FY2026 (ending September 2026), acquisition of new high-quality projects progressed smoothly, supported by resilient demand for test marketing amid changes in the international situation.
While securing profit progress significantly exceeding the initial plan through strict cost management, the company intends to efficiently execute strategic upfront investment in the second half aimed at early achievement of the medium-term management plan. Given the potential for variability associated with optimizing investment allocation, the full-year operating profit forecast is presented as a range (¥670 million to ¥800 million).
Last updated: July 17, 2026