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VC-backed Gunosy files for Tokyo IPO

  • Andrew Woodman
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Gunosy - a Japanese news app developer backed by the venture capital firm Jafco, telecoms company KDDI Corp. and B Dash Ventures - has filed for a Tokyo IPO.

According to a filing, the IPO has been set for April 28 with Gunosy looking raise as much JPY 5.32 billion ($44.5 million). This would give the start-up a market capitalization JPY31.4 billion.

Gunosy was founded in 2012 by Shinji Kimura and Yoshinori Fukushima. Its flagship app presents news content from more than 50 Japanese media outlets and divides them into customizable categories. The app has had 8.86 million downloads as of February.

For the 12 months ended May 2014, the company reported revenue of JPY359 million and a net loss of JPY1.39 billion. However, in the following six months - after the company introduced its own native advertising platform - revenue grew to JPY1.28 billion, cutting losses to JPY301 million.

Telecoms giant KDDI first invested $1 million in the start-up in March last year. It then returned the following June to invest JPY1.2 billion alongside Jafco and B Dash Ventures. Currently, KDDI and Jafco hold 16.93% and 10.16% of the company, respectively, while B Dash has a 2.28% stake.

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