Japan's HEARTBEATS adds $7.97M in debt to its $28M funding round
What's the deal? HEARTBEATSDealroom has a profile for this one. Try Dealroom →, a Tokyo-based sports and entertainment fan-engagement startup, has raised US$9.62M in debt financing from five financial institutions. The facility carries terms of up to nine years, with no collateral, guarantees, or warrants.
Who's involved? The lenders span government-backed institutions, megabanks, and city banks: Shoko Chukin BankDealroom has a profile for this one. Try Dealroom →, Japan Finance CorporationDealroom has a profile for this one. Try Dealroom →, Mizuho Bank, MUFG BankDealroom has a profile for this one. Try Dealroom →, and Resona BankDealroom has a profile for this one. Try Dealroom →.
Why now? The debt follows HEARTBEATS's Series C equity round of roughly US$17.7M in July and August 2026, bringing total funds raised across the round to US$27.3M. The structure lets it channel equity into growth investments while using debt for working capital and financial stability.
What's the endgame? HEARTBEATS runs ORICAL, a licensed digital trading-card collection service. As of September 2026, it served 26 partners, including 10 professional baseball teams, and employed 177 staff.
What's the money for? The company says it is in a phase of continued investment in product development, hiring, and partner acquisition. It plans year-round recruitment across all roles.
The signal: The round sits near the smaller end of recently tracked deals, but the mix matters more than the headline figure. By securing warrant-free, unsecured debt alongside equity, HEARTBEATS has built a non-dilutive capital structure — a model that lets founders fund growth without handing over more of the company.
Read more: prtimes.jp
Image credit: Generated with Gemini
