Makuake, Inc. (4479) Stock Price

Makuake operates a support-purchase platform that connects businesses and entrepreneurs seeking to launch new products or services with individuals who support them through advance purchases. The platform enables project creators to pre-sell products and experiences before mass production, while consumers purchase them as a form of support.

The company's primary customers are enterprises and business operators looking to launch products or services, and individuals (domestic and international supporters) who make support purchases. Revenue primarily comes from fees paid by business operators when projects are successfully funded, and system usage fees from supporters. Project creators can choose between funding models—All-in or All-or-Nothing—where funds are released to the operator based on goal achievement.

The business operates as a single segment focused on support purchasing. In addition to the flagship Makuake platform, it comprises related services including Makuake Incubation Studio (supporting the commercialization of corporate technologies), Makuake STORE (advertising distribution, assurance systems, and EC sales), Makuake SHOP (physical retail partnerships), and Makuake Insights (leveraging purchase data). Through curator-led submission support, review processes, advertising services, and progress monitoring, the company ensures project quality and buyer confidence, building a customer base with high repeat rates.

The company positions expansion of transaction volume at the center of its growth strategy and advances its business based on this key performance indicator. Specifically, it is redefining Makuake from an "online debut market for new products" to a "general retail market" from the fiscal year ending September 2025 onward. By transitioning into a business growth partner for merchants, the company aims to expand transaction volume, including total crowdfunding sales and fees from its assurance system. Recent quarterly results show transaction volumes of approximately 4,887,249 thousand yen (approximately 4.89 billion yen) in the third quarter and approximately 4,666,478 thousand yen (approximately 4.67 billion yen) in the fourth quarter. The company seeks to strengthen its revenue base by further increasing these figures.

To differentiate itself, the company prioritizes operational investments including curator-supported project submissions, rigorous review processes, and enhanced customer support. Specifically, it invests in strengthening the capabilities of the Project Legal Division and Curator Division responsible for project screening, as well as in talent recruitment and development. The company standardizes review criteria, expands monitoring systems, and establishes refund procedures to prevent issues. Through ancillary services such as Makuake Insight, Makuake Incubation Studio, advertising distribution services, the assurance system, and Makuake STORE/SHOP, the company deepens ongoing support for merchants. It maintains high repeat usage rates—with repeat executor ratios exceeding 60% of project launches and supporter repeat purchase rates around 75%—to differentiate itself from competitors.

The company is transforming from a simple pre-sales platform into a model offering end-to-end support spanning planning, pre-sales debut, and distribution expansion. This enables merchants to access necessary data, sales channels, and advertising expertise as they move toward mass production and general distribution, building long-term partnerships. Regionally, the company operates offices in Osaka, Ishikawa, Aichi, Hiroshima, Fukuoka, and Seoul in addition to Tokyo. By expanding offices and increasing listed projects domestically and internationally, the company aims to drive growth in quarterly project launches (approximately 1,423 projects in the most recent fourth quarter) and access unique users (over 10.02 million in the most recent period).

The company positions technological innovation as a means to execute growth and continues investing in service development and operational automation. Specifically, it advances new web and app feature development, improves search, recommendation, and CRM functions, streamlines screening through AI utilization and standardization of judgment criteria, and reduces labor through system automation of internal operations. Additionally, the company prioritizes strengthening system stability and information management. Through these technology investments, the company aims to achieve both enhanced user experience and scalable business operations.