ENVALITH
株式会社FUNDINNO logo

FUNDINNO,INC.

462A・Growth Market・Securities & Commodity Futures

株式会社FUNDINNO logo
FUNDINNO,INC.462A

Business

FUNDINNO, Inc. operates the Unlisted Company Equity Platform Business as a single segment, guided by its vision of "Enabling fair challenges, creating the future." The company builds a risk-money circulation cycle across three domains: Primary (capital supply to startups), Growth (management and recruitment support), and Secondary (a trading market for unlisted shares). Its main customers are early- to late-stage startup companies, as well as general and specified investors (cumulative total of 1,622 investors). In 2017, it launched Japan's first equity-based crowdfunding service, "FUNDINNO," and in 2022 added "FUNDINNO PLUS+," a large-scale fundraising service for specified investors. The company listed on the Tokyo Stock Exchange Growth Market in December 2025.

Business Model

The primary revenue source is success fees in the primary market segment, collected from issuers upon successful fundraising by startups. "FUNDINNO" charges 20.0% for the first offering and 18.0% thereafter, while "FUNDINNO PLUS+" sets fee rates of 15% or higher depending on the workload involved. Of the ¥2,501 million in operating revenue for FY2025 (ending October 2025), 88.5% (¥2,213 million) came from the primary market segment. By leveraging the systems and processes built for "FUNDINNO" as a common platform for "FUNDINNO PLUS+," the company has achieved a high-profitability structure that captures revenue from large-scale deals while suppressing additional costs.

Company Strengths

According to statistics from the Japan Securities Dealers Association, the company's issuance value handled from November 2024 to October 2025 totaled ¥1,874 million, accounting for 90.8% of the industry total of ¥2,064 million for the same period. Since its first case in April 2017, the company has supported a cumulative 484 startup fundraising cases, accumulating the industry's largest data assets and screening expertise.

FUNDINNO PLUS+, launched in November 2022, utilizes the qualified investor scheme (J-Ships) to support large-scale fundraising with no upper limit on the amount raised. In FY2025 (ended October 2025), the company closed multiple deals exceeding ¥1 billion, including one company that raised a cumulative total of over ¥1.8 billion, bringing primary-area operating revenue to ¥2,213 million, up 274.7% year on year.

The cumulative number of qualified investors stood at 1,622 at the end of FY2025 (ended October 2025), an increase of 611 from the end of the previous fiscal year. The company continues to acquire qualified investors through a combination of channels, including conversion of general investors, sales targeting affluent individuals, and partnerships with partner companies. In July 2025, it began joint research with Mitsubishi UFJ Asset Management aimed at incorporating unlisted stocks into investment trusts, marking the start of an expansion into the institutional investor segment as well.

ENVALITH's Perspective

In the current interim period, the company fully wrote off ¥188 million in deferred tax assets, recording a ¥188 million income tax adjustment. As a result, the interim net loss expanded significantly to ¥550 million from an ordinary loss of ¥358 million. This reflects a management judgment made after carefully considering future recoverability, and suggests reduced confidence in achieving the full-year earnings forecast (operating loss of ¥799 million, net loss of ¥990 million). Investors should avoid simply comparing the pre-tax loss with the post-tax loss, and instead evaluate the substantive loss level after the deferred tax assets were written down to zero.

GMV for the current interim period remained at ¥4.14 billion, as handling volume for FUNDINNO PLUS+, the core revenue driver, struggled to grow. The full-year earnings forecast has already been revised downward to operating revenue of ¥1,800 million, down 28.0% year on year, but the interim progress rate stands at approximately 50% (¥899 million of ¥1,800 million), meaning a comparable level of revenue must be accumulated in the second half. As an external factor, it should be noted that total startup fundraising in 2025 declined year on year (from ¥882.8 billion to ¥761.3 billion), and the resulting stagnation in the supply of risk capital is a headwind to deal acquisition.

At the end of the current interim period, cash and deposits stood at ¥4,152 million, and the equity ratio was 95.3%, indicating high financial soundness. However, operating cash flow showed a sharp expansion in outflow to ¥733 million (compared with an outflow of ¥95 million in the same period of the previous year), and if the full-year net loss forecast of ¥990 million materializes, equity capital is expected to decline to roughly the ¥3.7 billion range. Interest-bearing debt is nearly zero, so near-term funding concerns are low, but investors should evaluate, from a medium-term perspective, the potential need for additional capital raising and the associated dilution risk should losses continue.

Growth Strategy

Three-pillar approach: expanding GMV, deepening the specified investor base, and expanding the business domain through new license acquisitions

Centered on the origination and closing of large-scale deals for specified investors utilizing the J-Ships system, the Company is building a stable pipeline of large-scale deals through strengthened collaboration with VCs, CVCs, and financial institutions, together with top-level sales efforts. In the current interim period, growth was sluggish; despite a cumulative GMV base of ¥32.16 billion, interim GMV remained at only ¥4.14 billion.

In addition to promoting conversion from general investors, sales activities targeting wealthy individuals, and collaboration with partner companies, the Company has newly begun sales activities targeting business corporations. As of the end of the current interim period, the number of specified investors reached 1,895 (an increase of 273 from the end of the previous fiscal year), and startup investments by corporate investors are also beginning to materialize.

With the aim of cultivating new investor segments and improving liquidity in the secondary market, the Company is strengthening its organizational structure toward registration as a Type II Financial Instruments Business operator and an Investment Management Business operator. Obtaining these registrations is expected to expand the range of services that can be offered and diversify revenue sources.

The Company has replaced its sales force automation (SFA) and customer relationship management (CRM) systems, building a full-fledged digital marketing framework that leverages accumulated data. The aim is to improve the acquisition efficiency of both issuing companies and investors and to maximize customer LTV. The organizational enhancement was already implemented during the current interim period.

Last updated: July 17, 2026