Industry map/Finance & Business Services
Venture Capital industry map
Who earns the money in Venture Capital, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 26 companies · ¥72.9B
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥72.9B
- Companies
- 26
- Avg. salary（parent only）
- ¥6.9M
- Industry weather
- Rainy
YoY -12.0%
Avg. age 37.3
Operating income -65.2%
NEC Capital Solutions[8793]
Investment
- Revenue
- ¥24.3B▲76.8%
- Operating income
- ¥2.37B▲7.9%
Margin 9.7%
Whole company: Revenue ¥306.2B · Net income ¥9.18B
Avg. salary ¥8.3M · 44.3（parent only）
JAFCO Group[8595]
- Revenue
- ¥21.6B▼23.3%
- Operating income
- ¥5.61B▼53.5%
Margin 25.9%
Avg. salary ¥13.7M · 43.0（parent only）
Mixi[2121]
Investment business
- Revenue
- ¥4.44B▼22.1%
- Operating income
- ¥1B▼49.5%
Margin 22.5%
Whole company: Revenue ¥171.4B · Net income ¥17.3B
Avg. salary ¥8.5M · 38.1（parent only）
GREE Holdings[3632]
Investment business
- Revenue
- ¥3.35B
- Operating income
- -¥413M
Margin -12.3%
Whole company: Revenue ¥57.1B · Net income ¥1.19B
Avg. salary ¥8.7M · 40.2（parent only）
株式会社くふうカンパニーホールディングス[4376]
investment
- Revenue
- ¥2.9B▼20.1%
- Operating income
- ¥422M▼24.9%
Margin 14.5%
Whole company: Revenue ¥14.1B · Net income -¥2.35B
Avg. salary ¥6.6M · 37.2（parent only）
Colopl[3668]
Investment development business
- Revenue
- ¥2.67B▲77.9%
- Operating income
- ¥1.18B▲1196.7%
Margin 44.2%
Whole company: Revenue ¥25.9B · Net income -¥306M
Avg. salary ¥6.8M · 36.6（parent only）
Japan Asia Investment[8518]
- Revenue
- ¥2.12B▼31.5%
- Operating income
- -¥412MTurned to loss
Margin -19.5%
Avg. salary ¥8.1M · 47.0（parent only）
Dream Incubator[4310]
Operating investment
- Revenue
- ¥1.9B▲161.5%
- Operating income
- ¥982M▲235.2%
Margin 51.6%
Whole company: Revenue ¥8.69B · Net income ¥1.59B
Avg. salary ¥12.2M · 34.6（parent only）
Ceres[3696]
Financial Service Business
- Revenue
- ¥1.69B▲10.2%
- Operating income
- -¥1.08B
Margin -63.9%
Whole company: Revenue ¥29.7B · Net income ¥2.5B
Avg. salary ¥6M · 32.4（parent only）
- CyberAgent owns 4.3%
CyberAgent[4751]
Investment development business
- Revenue
- ¥1.66B▼73.8%
- Operating income
- -¥1.51BTurned to loss
Margin -91.1%
Whole company: Revenue ¥874B · Net income ¥31.7B
Avg. salary ¥9.1M · 33.8（parent only）
Money Forward[3994]
Finance
- Revenue
- ¥1.55B▲102.4%
- Operating income
- ¥276.2M▲2.4%
Margin 17.8%
Whole company: Revenue ¥50.3B · Net income ¥1.59B
Avg. salary ¥7.2M · 34.3（parent only）
Gaiax[3775]
Incubation Business
- Revenue
- ¥1.12B▼7.6%
- Operating income
- ¥406M▼21.9%
Margin 36.2%
Whole company: Revenue ¥3.5B · Net income ¥218.6M
Avg. salary ¥6.5M · 38.0（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Shikigaku. · Aizawa Securities Group · United · AirTrip · Vector · Monex Group · Trenders · i3 Systems · INCLUSIVE Holdings · FreakOut Holdings · MarkLines · The Miyazaki Taiyo Bank · Capita · Fuva Brain
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1▲1 | NEC Capital SolutionsInvestment | ¥24.3B | 33.3% | 9.7% | +10.5% | — |
| 2▼1 | JAFCO Group | ¥21.6B | 29.6% | 25.9% | — | ¥5.56B |
| 3▲1 | MixiInvestment business | ¥4.44B | 6.1% | 22.6% | +3.1% | ¥9.49B |
| 4new | GREE HoldingsInvestment business | ¥3.35B | 4.6% | -12.3% | — | ¥668M |
| 5▲1 | 株式会社くふうカンパニーホールディングスinvestment | ¥2.9B | 4.0% | 14.5% | +73.1% | ¥157M |
| 6▲6 | ColoplInvestment development business | ¥2.67B | 3.7% | 44.2% | +98.8% | ¥2.53B |
| 7 | Japan Asia Investment | ¥2.12B | 2.9% | -19.5% | -9.8% | — |
| 8▲7 | Dream IncubatorOperating investment | ¥1.9B | 2.6% | 51.6% | +25.8% | ¥2.49B |
| 9▲2 | CeresFinancial Service Business | ¥1.69B | 2.3% | -63.9% | +3.3% | ¥1.18B |
| 10▼7 | CyberAgentInvestment development business | ¥1.66B | 2.3% | -91.1% | -28.7% | — |
| 11▲3 | Money ForwardFinance | ¥1.55B | 2.1% | 17.8% | — | -¥7.6B |
| 12▲1 | GaiaxIncubation Business | ¥1.12B | 1.5% | 36.2% | — | ¥287.1M |
| 13▲4 | Shikigaku.Fund | ¥1.03B | 1.4% | 47.9% | — | ¥76.9M |
| 14▼5 | Aizawa Securities GroupInvestment business | ¥832M | 1.1% | -86.8% | +5.1% | ¥4.28B |
| 15▼10 | UnitedInvestment business | ¥399.5M | 0.5% | -46.6% | — | -¥4.17B |
| 16▼6 | AirTripInvestment | ¥345M | 0.5% | 30.1% | -17.3% | ¥3.45B |
| 17▼9 | VectorInvestment business | ¥288M | 0.4% | -179.9% | -30.5% | ¥9.27B |
| 18new | Monex GroupInvestment | ¥190M | 0.3% | — | -35.2% | ¥12.8B |
| 19▼3 | TrendersInvestment Business | ¥131.3M | 0.2% | 97.9% | +18.9% | ¥2.25B |
| 20new | i3 SystemsInvestment | ¥121M | 0.2% | -20.8% | — | ¥772.5M |
| 21new | INCLUSIVE Holdingsinvestment | ¥109.6M | 0.2% | 19.3% | — | -¥250.7M |
| 22▼4 | FreakOut HoldingsInvestment business | ¥58.7M | 0.1% | -11.9% | -42.1% | -¥636M |
| 23▼4 | MarkLinesAutomotive Fund business | ¥39.2M | 0.1% | 45.3% | -0.3% | ¥1.73B |
| 24▼3 | The Miyazaki Taiyo BankOther | ¥22M | 0.0% | 27.3% | — | ¥6.94B |
| 25new | CapitaFund | ¥15.8M | 0.0% | 6.0% | — | -¥2.09B |
| 26▼4 | Fuva BrainInvestment Business | ¥9.6M | 0.0% | -50.6% | — | ¥214.8M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- Ordinary expenses
- SG&A
- Other
- Operating profit
- Ordinary profit
- MarkLines332938
- JAFCO Group511926
- i3 Systems284824
- Dream Incubator473221
- Monex Group7721
- Vector335314
- The Miyazaki Taiyo Bank8614
- Mixi345313
- AirTrip434511
- Trenders51409
- GREE Holdings49438
- Ceres56368
- CyberAgent70228
- Shikigaku.33598
- Gaiax39547
- 株式会社くふうカンパニーホールディングス4551
- Colopl6927
- NEC Capital Solutions889
- Aizawa Securities Group100
- FreakOut Holdings7228
- Capita7032loss ¥2
- Money Forward3273loss ¥5
- INCLUSIVE Holdings6346loss ¥9
- United6648loss ¥14
- Japan Asia Investment119loss ¥19
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 株式会社ＳＢＩ新生銀行Outside
- AffiliateNEC Capital Solutions43.5%
- ㈱アイスタイルOutside
- AffiliateTrenders31.6%
- 株式会社山口フィナンシャルグループOutside
- AffiliateDream Incubator22.0%
- AffiliateMonex Group20.3%
- 伊藤忠商事株式会社Outside
- StakeFreakOut Holdings16.3%
- 株式会社ジーエヌアイグループOutside
- StakeJapan Asia Investment16.1%
- 日本電気株式会社Outside
- StakeNEC Capital Solutions11.8%
- 株式会社宮崎銀行Outside
- StakeThe Miyazaki Taiyo Bank9.5%
- 株式会社アイズOutside
- StakeCelm6.5%
- 株式会社チェンジホールディングスOutside
- StakeL is B5.9%
- CyberAgentIn industry
- StakeCeres4.3%
- アズワン株式会社Outside
- StakeL is B3.9%
- スカパーＪＳＡＴ株式会社Outside
- StakeFreakOut Holdings3.9%
- 株式会社野村総合研究所Outside
- StakeAizawa Securities Group3.1%
- スパークス・グループ株式会社Outside
- Stakefor Startups3.1%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Venture Capital (by revenue)
All 28 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- NEC Capital Solutions¥24.3B · 9.7%
- JAFCO Group¥21.6B · 25.9%
- Mixi¥4.44B · 22.6%
- 株式会社くふうカンパニーホールディングス¥2.9B · 14.5%
- Colopl¥2.67B · 44.2%
- GREE Holdings¥2.62B · -27.3%
- Japan Asia Investment¥2.12B · -19.5%
- Dream Incubator¥1.9B · 51.6%
- Ceres¥1.69B · -63.9%
- CyberAgent¥1.66B · -91.1%
- Money Forward¥1.55B · 17.8%
- Gaiax¥1.12B · 36.2%
- Shikigaku.¥1.03B · 47.9%
- Aizawa Securities Group¥832M · -86.8%
- United¥399.5M · -46.6%
- AirTrip¥345M · 30.1%
- Vector¥288M · -179.9%
- Monex Group¥190M
- SYLA Holdings¥182M · 4.4%
- Trenders¥131.3M · 97.9%
- INCLUSIVE Holdings¥109.6M · 19.3%
- Adventure¥83.6M · -86.1%
- FreakOut Holdings¥58.7M · -11.9%
- MarkLines¥39.2M · 45.3%
- Showcase¥29.6M · -56.8%
- The Miyazaki Taiyo Bank¥22M · 27.3%
- Capita¥15.8M · 6.0%
- Fuva Brain¥9.6M · -50.6%
Revenue · Op. margin
Related industries
- Major Banks
- Regional Banks
- Online & Retail-Affiliated Banks
- Securities & Asset Management
- Life Insurance
- Non-life Insurance
- Credit Cards & Consumer Credit
- Cashless Payments
- Consumer Finance
- Leasing
- Crypto & Blockchain
- Investment Funds
- Consulting
- HR & Staffing
- Business Process Outsourcing
- M&A Advisory
- PR & IR Services
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