Japanese advisor matching network set for $54m IPO

There are plans to sell approximately 2.84 million shares for JPY2,100 apiece, according to a filing. Of these, 2.2 million are held by DCM, Venture United, CyberAgent Ventures, DBJ Capital, and Mizuho Capital. They would take JPY4.62 billion off the table and retain minority interests in a business with a market capitalization of more than JPY19 billion.

DCM is the largest external shareholder with a 12.33% stake, while Venture United and CyberAgent own 9.67% and 6.28%, respectively. DBJ and Mizuho each have 2.46%. Venture United and CyberAgent invested JPY70 million in 2014, when the company was still known by its original name, Walkntalk. They returned alongside the other three investors in 2015 with a JPY260 million round, AVCJ Research’s records show.

VisasQ was established in 2012 by Eiko Hashiba, who remains the CEO and largest shareholder. She previously spent five years as an investment professional at Unison Capital. The company claims to have a network of more than 100,000 advisors – ranging from active senior executives to academics – who can provide industry insights. It covers consumer, healthcare, financial services, professional and business services, technology, media and telecom, and industrials.

Approximately 11,000 of these advisors are located outside of Japan. Last December, VisasQ opened its first international office in Singapore.

Information is typically shared through face-to-face or telephone interviews between advisors and clients. As of December 2019, the company had set up over 44,000 interviews. VisasQ also publishes surveys, arranges site visits, holds seminars, and takes on longer assignments with specific goals. Recent projects have focused on internet-of-things applications in the automotive industry, demand trends in apparel retail, and Middle East market entry strategies.

The company had 423 corporate clients as of February 2020. They include consulting firms, global financial institutions, Fortune 500 companies, and small and medium-sized enterprises. Unison and Advantage Partners have both used VisasQ.

Revenue came to JPY614.2 million for the 12 months ended February 2019, up from JPY264 million a year earlier. Over the same period, the company moved from a net loss of JPY58.6 million to a net profit of JPY27.5 million.

Separately, an IPO filing was made by For Startups, a subsidiary of domestic human resources outsourcing business Will Group. It specializes in providing executive search services for start-ups and also operates a company database.

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• Topics
• North Asia
• IPO
• Support services
• Japan
• DCM-Doll Capital Management
• Mizuho Capital
• professional services
• The Development Bank of Japan (DBJ)
• CyberAgent Ventures