SpaceMarket, a Japan-based marketplace for venue rental backed by corporates CyberAgent, NTT Docomo, Opt, My Navi and Recruit, has filed for an initial public offering, The Bridge reported today.
The company plans to issue 1.52 million shares on the Tokyo Stock Exchange’s Mothers Market, with another 269,200 shares allocated to the over-allotment option. It hopes to go public on December 20.
Founded in 2014, SpaceMarket operates an on-demand booking platform for idle venues suitable for occasions such as concerts, corporate meetings or training courses.
The company most recently collected an undisclosed amount from NTT Docomo Ventures, the corporate venturing division of mobile phone network operator NTT Docomo, in December 2018.
Opt Ventures, the corporate venture capital arm of digital marketing agency Opt, led a $4m round in 2016, with participation from Recruit Strategic Partners, Mizuho Capital and SBI Investment – respective investment units of human resources firm Recruit and financial services providers Mizuho and SBI – as well as diversified financial services group Orix.
SpaceMarket had already secured $930,000 from CyberAgent Ventures, internet company CyberAgent’s strategic investment arm, and Mizuho Capital in 2014.
Founder and chief executive Dausuke Shigematsu is SpaceMarket’s largest shareholder with a 38.2% stake, followed by Double Pines (14%).
Opt Ventures owns 11.7%, while CyberAgent Ventures has a 7.2% stake, followed by chief technology and chief product officer Shinichiro Suzuki (6.4%), edtech company My Navi (3.1%), Orix (2.4%) and Mizuho Capital (1.9%).
