Fan-community app maker OPENREC raises $8.84M late-stage round
What's the deal? Tokyo-based OPENRECDealroom has a profile for this one. Try Dealroom → has raised US$10.8M (≈$8.84 million) in a late-stage round backed by iyo Venture Fund No. 8, Japan Growth CapitalDealroom has a profile for this one. Try Dealroom → Investment, and JP Investment Regional Impact No. 1, plus loans from Shoko Chukin BankDealroom has a profile for this one. Try Dealroom → and Japan Finance CorporationDealroom has a profile for this one. Try Dealroom →. That brings the company's total funding to US$29.2M.
What's the endgame? OPENREC runs mellow-fan , a platform that bundles online fan communities, live events, and merchandise into one experience. It will use the capital to strengthen its role as a "fandom infrastructure" linking talent agencies, artists, and fans — and to build its own IP for overseas expansion.
Why now? The company rebranded its live-streaming service OPENREC.tv into mellow-fan on July 1, 2026. It is also preparing its largest event yet, the Streamer Hyper Game Tournament FINAL , at the Tokyo Dome on November 28 and 29.
By the numbers: OPENREC says revenue grew 1.5 times year on year, with gains across subscriptions, merchandise, events, and advertising. At recent events, merchandise sales exceeded 100% of ticket revenue, and the company expects a significant improvement in profit levels.
The signal: The round sits around the 91st percentile by size among all-time late-stage VC deals in Japan, a notable figure in a market where streaming platforms are shifting from pure video toward hybrid online-and-live fan economies. OPENREC is betting that owning the full fan relationship — not just the stream — is where the value lies.
Read more: prtimes.jp
Image credit: Anirudh Koul
