Rebase, inc.
5138・Growth Market・Information & Communication
Business
Rebase, Inc. operates under the vision of "Where It Starts", centering its business on the rental space matching platform "Instabase". The platform matches online space listers who wish to rent out their spaces with users who wish to use them, catering to a wide variety of purposes including meeting rooms, photo studios, dance studios, and party spaces. With over 47,000 listed spaces (as of May 2026) across all 47 prefectures nationwide, the company provides services to a broad customer base spanning both corporate and individual users. As ancillary services, the company also operates the food and beverage matching service "Instabase Plate" and the community event service "TOIRO".
Business Model
Space listers bear only a fee (up to 35% maximum) on space usage fees, under a fully success-based model requiring no upfront costs or fixed monthly fees. Under this scheme, space users pay space usage fees via online payment, which the Company collects in a lump sum before remitting the amount net of fees to listers; this Instabase fee revenue accounts for 96.9% of net sales (FY2026, ending March 2026). Since the structure directly links growth in total usage amount to net sales, the Company manages maximization of the number of uses and the number of listed spaces as key KPIs.
Company Strengths
As of May 2026, the company has more than 47,000 listed spaces, making it one of the largest rental space matching platforms in Japan according to the company's own research. In FY2026 (ending March 2025), total usage amount reached ¥7,444 million (up 14.9% year on year), and the number of transactions reached 1,692 thousand (up 17.5% year on year), reflecting continued expansion of customer-drawing power. The listed space count and reservation data accumulated since founding constitute a unique asset that competitors would find difficult to replicate in a short period.
The company holds two patents: one for search result optimization utilizing AI image recognition (Patent No. 7317408), and one for a system that seamlessly links space reservations with food and beverage reservations (Patent No. 6889429). Because all functions are developed entirely in-house, the company can flexibly and rapidly improve UI/UX and release new features, continuously achieving differentiation as a platform.
A fully success-fee-based pricing structure with zero initial costs and zero fixed monthly fees minimizes the entry barrier for space listers. By including value-added functions such as IoT device integration, compensation coverage (up to ¥100 million), reservation management functions, and double-booking prevention functions within the fee, the company promotes continued use by listers and achieves a steady increase in the number of listed spaces.
ENVALITH's Perspective
Performance Trend
Revenue achieved four consecutive years of growth, rising from ¥1,161 million in FY2023 to ¥1,490 million in FY2024, ¥1,927 million in FY2025, and ¥2,181 million in FY2026 (FY2026 growth rate of 13.2%). However, operating profit fell sharply by 80.0%, from ¥487 million in FY2025 to ¥97 million in FY2026, and the operating margin deteriorated substantially from 25.3% to 4.5%. The main cause was a rapid expansion in SG&A expenses (¥2,000 million, up 45% year on year), centered on advertising expenses (¥614 million, up 70% year on year); the company positions this as "upfront investment," but acknowledges that short-term results have been limited. For FY2027 (ending March 2027), the company forecasts revenue of ¥2,400 million (+10.0%) and operating profit of ¥72 million (-25.8%), anticipating a further decline in profit. As for the external environment, the space-sharing market continues to show solid growth, but downside risks remain, including the impact of rising prices on personal consumption and uncertainty over U.S. policy trends.
Growth Strategy
Maximizing total usage value (expansion along three axes: number of uses, average unit price, and number of listed spaces) combined with upfront investment for breakthrough growth
Advertising expenses were increased to ¥614 million (up 70% year-on-year) to strengthen customer acquisition, while UI/UX improvements and repeat-usage promotion aim to raise CVR. The company acknowledges that short-term results in FY2026 (ending March 2026) will be limited, positioning the realization of investment returns as a challenge for FY2027 (ending March 2027) and beyond.
The company is promoting an increase in long-duration use, large-group use, and large-scale corporate use of rental spaces to raise the unit price of total usage value. Capturing corporate demand is expected to contribute to a structural increase in average unit price, though quantitative progress has not yet been disclosed.
In addition to acquiring listed spaces in existing categories, the company aims to increase the number of listed spaces by developing new space categories, expanding alliances with major companies, and utilizing vacant houses as rental spaces. The increase in vacant space supply due to population decline serves as a tailwind for the market environment.
In connection with the headquarters relocation, security deposits and guarantee deposits increased by ¥146 million, and ¥392 million was recorded as construction in progress. As a subsequent event, an additional ¥200 million in total was borrowed from three banks in April 2026 to cover relocation costs. This is positioned as an upfront investment aimed at building the organizational and infrastructure foundation for breakthrough growth.
Last updated: July 19, 2026