Kiyo Learning, the Japan-based professional education software provider backed by multiple corporates, has listed on the Tokyo Stock Exchange (TSE)’s Mothers Market.
The initial public offering consists of 300,000 shares, with some 51,000 shares reserved for the over-allotment option.
Founded in 2010, Kiyo Learning provides cloud-based learning services through two products: Studying, which helps users prepare and acquire online qualifications, and AirCourse, an employee training programme.
The company received $4.9m from specialised job hunting platform Matching Service Japan, Tokyo Institute of Technology’s Innovations and Future Creation unit, venture capital firm Innovation Engine and Globe Advisors, a subsidiary of non-profit organisation Globe Group, in mid-2018.
Recruitment firms MyNavi and Will Group, internet service provider Freebit and financial services firms Mitsubishi UFJ and Dai-ichi Kangyo Credit Cooperative had previously taken part in a $1.4m round for Kiyo the previous year, investing alongside Innovations and Future Creation.
Will Group participated in the 2017 round through its Incubate Fund and Kanshin Mirai Fund, the latter co-run by venture capital firm Future Venture Capital, while Freebit and Mitsubishi UFJ did so through Freebit Investment and Mitsubishi UFJ Capital respectively.
Kiyo’s earliest funding was a $200,000 round in 2016 that was backed by Will Incubate Fund, Kanshin Mirai Fund and the company’s management team.
SMBC Nikko Securities is lead underwriter for the IPO and is joined by Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, SBI Securities and Rakuten Securities.
