for Startups, Inc.
7089・Growth Market・Services
Business
For Startups, Inc. operates three businesses: recruitment placement for startups and growth companies (Human Capital Business) as its core, the Open Innovation Business—which runs the startup information database "STARTUP DB," provides Acceleration (formerly: Public Affairs) for government agencies, and hosts the conference "GRIC"—and the Venture Capital Business, which makes direct investments in companies to which it provides talent support. Its main clients are Series A–C stage startups as well as major operating companies and government agencies. Starting from FY2026 (ending March 2026), the company has newly launched a startup M&A brokerage service, and is advancing the construction of a "growth industry support platform" that comprehensively covers support through to exit.
Business Model
In the Human Capital Business, the company collects success-fee-based fees calculated by multiplying the theoretical annual salary of placed candidates by a fee rate. In the Open Innovation Business, revenue is accumulated from STARTUP DB flat-rate usage fees, contracted service fees from government agencies, and sponsorship fees for the conference "GRIC". The Venture Capital Business follows a non-continuous revenue model in which investment gains are recognized at the time of exit for portfolio companies. Each business shares information, networks, and customer bases, creating a structure that generates synergies through mutual customer referrals.
Company Strengths
In FY2026 (ending March 2026), the number of recruitment placement transactions reached 989 (up 37.2% year on year), with the average unit price rising to ¥4,169 thousand (up 8.1% year on year), expanding both in volume and unit price. The proprietary database "STARTUP DB" boasts over 26,000 listed companies, and by internally leveraging quantification and ranking information generated through a proprietary algorithm, the company has built an information advantage that is difficult for competitors to replicate.
The company regularly exchanges information with major independent VCs such as Globis Capital Partners and Incubate Fund, and continues to hold study sessions with entrepreneurs. Acceleration projects for government agencies and municipalities are also expanding steadily, and this multi-layered network covering the entire ecosystem underpins the competitive advantage of both the Recruitment Placement Service (Human Capital Business) and the Open Innovation Business.
As a result of shifting the sales strategy in FY2026 (ending March 2026) to emphasize the number of placements per employee (productivity), segment profit in the Human Capital Business reached ¥2,014 million (up 53.9% year on year), with the segment profit margin reaching approximately 45%. The growth rate of net sales (up 42.6%) significantly exceeded the growth rate of selling, general and administrative expenses (up 17.0%), demonstrating clear operating leverage.
ENVALITH's Perspective
Performance Trend
Revenue expanded 2.2x over five fiscal periods, from ¥2,349 million in FY2022 (ending March 2022) to ¥5,269 million in FY2026 (ending March 2026). In FY2024 (ending March 2024) and FY2025 (ending March 2025), revenue continued to grow but operating profit growth stagnated (with margins in the 12% range). In FY2026 (ending March 2026), however, operating margin recovered sharply to 21.3%, driven by improved productivity in recruitment placement (number of transactions +37.2%, average unit price +7.9%) and expansion of the Open Innovation Business. On the external environment side, the government's startup development policies and robust demand for high-layer talent served as tailwinds. Operating cash flow improved significantly to ¥965 million (versus ¥355 million in the prior period), reflecting an enhanced cash generation capability.
Growth Strategy
Establishing the No.1 position in startup HR, building M&A intermediary services into a revenue pillar, and expanding support offerings to build a growth-industry support platform
Continuing to optimize sales strategy with a focus on the number of placements decided per employee, while increasing headcount through enhanced recruiting activities aimed at expanding touchpoints with job seekers. The company aims to achieve both an expansion in the number of job openings and improved productivity, targeting net sales of ¥6,400 million in FY2027 (ending March 2027).
Through Arikata Co., Ltd., established in July 2025, the company is cultivating an M&A intermediary business for startups and growth companies as a new revenue pillar. Against the backdrop of stricter listing maintenance criteria on the Tokyo Stock Exchange Growth Market, demand for M&A exits and secondary transactions among unlisted startups is increasing, and the company aims to secure deals by leveraging its existing ecosystem network.
Expanding the revenue scale of the Open Innovation Business through an increase in STARTUP DB contracts and fee revisions, expansion of contracted Acceleration (formerly: Public Affairs) services for government agencies and municipalities, and the continued holding of the conference "GRIC". In FY2026 (ending March 2026), segment profit is growing rapidly, up +152.3% year on year, and the company will continue to accelerate this growth.
Completed the incorporation of investments into the investment framework of for Startups No.1 Investment Limited Partnership. The company aims to deepen its ecosystem through investments in companies that have received talent support from the Human Capital Business, and to capture non-recurring gains from sales profits at the time of exit. A key challenge is enhancing the value of the portfolio, including GO Job Co., Ltd., which is accounted for using the equity method.
Last updated: July 19, 2026