beluuga.ai

Overview

Services

for Startups,Inc.

for Startups, Inc. is a growth industry support platform focused on the startup ecosystem, providing talent agency services (headhunting-style recruitment and consulting for startups and high-growth companies), open innovation services (including the STARTUP DB information platform covering 25,000+ companies, acceleration programs, and community building), and venture capital investment through its for Startups Capital arm. The company targets startups, entrepreneurs, large corporates, and government entities seeking to accelerate innovation, differentiating itself through deep VC and founder networks, proprietary startup data intelligence, and a hybrid human capital and financial capital support model. Its competitive strengths lie in its integrated ecosystem approach, combining talent placement, data-driven startup intelligence, and direct investment to support Japan's next generation of global companies.

Market Cap

¥8.71B

US$55.5M

¥6.51B

US$41.5M

Stock¥1,349▼-4.73%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

4.7

LTM EV/EBIT

4.5

LTM PER

9.2

LTM PBR

2.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+15.3%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Nov 25, 25Interim earnings full-year guidance up

2Feb 6, 26Q3 earnings record high profit

3Feb 16, 26Analyst rating upgrade

4Aug 7, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

89%

EquityD/E 0.12xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 42.4%

as of 2026-03-31 · Source: Annual Securities Report

Yuichiro SHIMIZU

9.83%

Nihon Kotsu Co., Ltd.

7.74%

Bell Investment Limited Partnership 1

5.45%

Toru YOSHIKAWA

5.05%

SPARX Group Co.,Ltd.

3.06%

Ueda Yagi Tanshi Co., Ltd.

2.45%

Fukuoka Jisho Co., Ltd.

2.32%

M3,Inc.

2.26%

SBI SECURITIES Co., Ltd.

2.20%

MATSUI SECURITIES CO.,LTD.

2.05%

Management

9 officers

Yuichiro SHIMIZU

Representative Director, CEO

Apr 1996 Joined Intelligence Co., Ltd. (now PERSOL CAREER Co., Ltd.) Oct 2012 Joined Cent Media Co., Ltd. (now Will of Work, Inc.) Apr 2013 General Manager, Net Zaibank Business Division, Cent Media Co., Ltd. Sep 2016 Representative Director, President, Net Zaibank Co., Ltd. (now the Company) Dec 2024 Steering Committee Member, Japan Association of New Economy (current) Sep 2025 Representative Director, Chairman, GO JOB Co., Ltd. (current) Jan 2026 Representative Director, CEO, the Company (current)

1972-06-27

Yukiko TSUNEDA

Representative Director, COO

Apr 2007 Joined Sammy Networks Co., Ltd. Aug 2013 Joined Metaps Inc. Oct 2016 Joined Net Zaibank Co., Ltd. (now the Company) Apr 2018 Executive Officer, the Company Jan 2019 Executive Officer and General Manager, Talent Agency (now Human Capital) Division, the Company Jun 2019 Director and General Manager, Talent Agency (now Human Capital) Division, the Company Jun 2021 Managing Director and General Manager, Talent Agency (now Human Capital) Division, the Company Jul 2023 Director, Singless Co., Ltd. (current) Apr 2024 Director and Vice President; General Manager, Talent Agency (now Human Capital) Division and Open Innovation Division, the Company Apr 2025 Steering Committee Member, Japan Association of Corporate Executives (current) Jul 2025 Director, Arikata Co., Ltd. (current) Jan 2026 Representative Director, COO, the Company (current)

1984-11-02

Kazuhiko SHIMIZU

Director

Apr 2005 Joined Glorious Co., Ltd. Dec 2008 Joined RSS Advertising Co., Ltd. (now Unipos Inc.) Mar 2012 Joined Will Group, Inc. Sep 2016 Joined Net Zaibank Co., Ltd. (now the Company) Apr 2018 Executive Officer, the Company Jan 2019 Executive Officer and General Manager, Human Resources Division, the Company Jun 2019 Director and General Manager, Human Resources Division, the Company Jul 2019 Director and General Manager, Acceleration Division, the Company May 2021 Designated Representative, Force Startups Capital LLC (current) Jun 2025 Director, Singless Co., Ltd. (current) Jul 2025 Director, Arikata Co., Ltd. (current) Jan 2026 Director, in charge of Corporate Affairs, the Company (current)

1982-06-16

Taro SAITO

Director

Apr 1995 Joined Dentsu Inc. (now Dentsu Group Inc.) May 2005 Established dof Inc., Director Jun 2009 President and Representative Director, dof Inc. (current) Dec 2014 Outside Director, VOYAGE GROUP Inc. (now CARTA HOLDINGS, Inc.) Jan 2017 Established CC Inc., Director (current) Jun 2019 Outside Director, the Company (current) Jun 2020 Outside Director, ZOZO, Inc. (current) Aug 2022 Outside Director, Sansan, Inc.

1972-11-24

Takaaki UMEZAWA

Director

Apr 1986 Joined Nissan Motor Co., Ltd. Sep 1995 Joined A.T. Kearney (U.S.) Jan 2004 Promoted to Partner, A.T. Kearney Apr 2007 Japan Country Head, A.T. Kearney Jan 2012 Global Board Member, A.T. Kearney Jan 2014 Chairman, A.T. Kearney Japan Jun 2017 Outside Director, Cool Japan Fund Jun 2017 Outside Director, GLOBIS Corporation; Director, GLOBIS Graduate School of Management Apr 2019 Chairman, CIC Japan LLC (current) Apr 2019 Director, Nighttime Economy Promotion Council (current) Jun 2019 Member, Intellectual Property Strategy Headquarters, Cabinet Office (current) Oct 2021 Advisor, the Company Nov 2021 Chair, Study Committee on Creating High-Value-Added Inbound Tourism in Regions, Japan Tourism Agency Jun 2022 Outside Director, the Company (current) Sep 2024 Member, Strategy Promotion Council for Moonshot R&D Program, Cabinet Office (current) Jan 2026 Senior Advisor, A.T. Kearney K.K. (current)

1962-06-26

Yoshihiko TAKUBO

Director

Apr 1995 Joined Mitsubishi Research Institute, Inc. May 2003 Joined GLOBIS Corporation Apr 2006 Associate Professor, GLOBIS Graduate School of Management Jul 2006 Managing Director, GLOBIS Corporation Apr 2008 Deputy Dean and Professor, GLOBIS Graduate School of Management Dec 2009 Managing Director, Gakkō Hōjin GLOBIS Apr 2012 Dean and Professor, GLOBIS Graduate School of Management Jul 2023 Vice President and Professor, GLOBIS University Jul 2023 Advisor, the Company Jun 2024 Outside Director, the Company (current) Sep 2024 Outside Director, Orba Healthcare Holdings Co., Ltd. (current) Jul 2025 Special Vice President and Professor, GLOBIS University (current)

1970-04-24

Aiko KOKUBO

Director (Audit and Supervisory Committee Member)

Dec 2005 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Dec 2008 Registered as Certified Public Accountant Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2025 Statutory Auditor, Singless Co., Ltd. (current) Jul 2025 Statutory Auditor, Arikata Co., Ltd. (current)

1983-01-10

Masao HORIUCHI

Director (Audit and Supervisory Committee Member)

Apr 1992 Joined Nihon Investment Finance Co., Ltd. (now Daiwa Corporate Investment Co., Ltd.) Apr 1995 Joined Intelligence Co., Ltd. (now PERSOL CAREER Co., Ltd.) Mar 1998 Outside Auditor, CyberAgent, Inc. Apr 2009 Head of Internal Control Office, USEN Corporation (now U-NEXT HOLDINGS Co., Ltd.) May 2010 Registered Tax Accountant Dec 2010 Director and General Manager of Administration Division, U-NEXT Co., Ltd. (now U-NEXT HOLDINGS Co., Ltd.) Jul 2017 Full-time Audit & Supervisory Board Member, U-NEXT HOLDINGS Co., Ltd. (current) Dec 2017 Outside Director (Audit and Supervisory Committee Member), CyberAgent, Inc. Jun 2018 Outside Auditor, Landix Inc. (current) Apr 2020 Part-time Lecturer, Nihon University College of Art (current) Jun 2020 Outside Director, the Company Jun 2023 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1969-11-13

Yoshio AKIMOTO

Director (Audit and Supervisory Committee Member)

Apr 2000 Registered as attorney; joined Asahi Law Offices (now Nishimura & Asahi) Oct 2011 Joined GREE, Inc. Oct 2014 Partner, Shinju Law Office Jan 2018 Outside Auditor, the Company Feb 2018 Partner, Harakuchi Sogo Law Office (now Eiwa Law Office) (current) Jul 2018 Outside Auditor, Gifty Inc. (current) Mar 2020 Outside Auditor, Mirativ Inc. (current) Jan 2023 Outside Auditor, Medifone Co., Ltd. (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2023 Outside Auditor, Ferragamo Japan K.K. (current) Sep 2025 Chairman, Ethics Review Committee, EpiMetrix Co., Ltd. (now Epigenetic AI Co., Ltd.) (current)

1972-12-30

Large Shareholding Reports

Rakuten Securities Co., Ltd.

2026-10-07

6.48%

Rakuten Securities Co., Ltd.

2026-08-21

6.32%→1.79%

Yuichiro SHIMIZU

2026-08-12

8.73%→9.74%

Annual report (as of 2026-03-31): 9.83%

Rakuten Securities, Inc.

2026-04-22

6.32%

Rakuten Securities, Inc.

2026-04-07

6.33%→1.92%

Rakuten Securities, Inc.

2026-03-23

6.41%→6.33%

Rakuten Securities, Inc.

2026-01-21

6.41%

Rakuten Securities, Inc.

2026-01-07

6.50%→0.00%

Rakuten Securities, Inc.

2025-10-21

6.50%

Rakuten Securities, Inc.

2025-10-02

5.77%→1.55%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-07

Large Shareholding Report

for Startups,Inc.

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