Power Law outcomes
Unicorns in Japan
Dealroom tracks 20 unicorns headquartered in Japan — companies that reached a verified $1B+ valuation — worth $42.4B combined, plus 41 thoroughbreds generating $100M+ in annual revenue. Updated July 2026.
20Unicorns ($1B+ valuation)
1Valued at $10B or more
41Thoroughbreds ($100M+ revenue)
$42.4BCombined unicorn valuation
Every unicorn in Japan
All 20 companies headquartered in Japan that reached a verified $1B+ valuation, ranked by latest valuation. Click a company for its full Dealroom profile.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Rakuten | eCommerce & Marketplaces | Tokyo | 1997 | $11B | IPO 2000 |
| 2 | Mercari | eCommerce & Marketplaces | Tokyo | 2013 | $5.3B | IPO 2018 |
| 3 | Paidy | Fintech | Tokyo | 2008 | $2.7B | Private |
| 4 | Sakana AI | Defence | Tokyo | 2023 | $2.6B | Private |
| 5 | SmartNews | Consumer Services | Tokyo | 2012 | $2B | Private |
| 6 | Preferred Networks | AI | Tokyo | 2014 | $2B | Private |
| 7 | DeNA | Other | Tokyo | 1999 | $1.8B | IPO 2005 |
| 8 | Money Forward | Fintech | Tokyo | 2012 | $1.7B | IPO 2017 |
| 9 | SmartHR | Other B2B Software | Tokyo | 2013 | $1.6B | Private |
| 10 | Advasa | Fintech | Tokyo | 2017 | $1.5B | Private |
| 11 | Shift | AI | Tokyo | 2005 | $1.3B | IPO 2014 |
| 12 | Spiber | Other | Tsuruoka-Shi | 2007 | $1.2B | Private |
| 13 | Renewable Japan | Energy | Tokyo | 2012 | $1.2B | IPO 2021 |
| 14 | ANYCOLOR | eCommerce & Marketplaces | Tokyo | 2017 | $1.1B | IPO 2022 |
| 15 | SMS Japan | Health Tech & Medtech | Tokyo | 2003 | $1.1B | IPO 2008 |
| 16 | PeptiDream | Biotech & Life Sciences | Tokyo | 2006 | $1.1B | IPO 2013 |
| 17 | Sansan | Fintech | Tokyo | 2007 | $1.1B | IPO 2019 |
| 18 | Genki Robotics | Robotics | Tokyo | 2025 | $1B | Private |
| 19 | Freee | Fintech | Tokyo | 2012 | $854M | IPO 2019 |
| 20 | Uzabase | Fintech | Tokyo | 2008 | $421M | IPO 2016 |
Thoroughbreds — the $100M+ revenue tier
Dealroom's revenue milestone: 41 Japan companies past $100M in annual revenue, proof of traction beyond paper valuations.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Renesas | Semiconductors | Tokyo | 2002 | $47B | IPO 2003 |
| 2 | RENOVA Japan | Energy | Tokyo | 2000 | $3.3B | IPO 2017 |
| 3 | Sakura Internet | Other | Osaka | 1998 | $1.1B | IPO 2005 |
| 4 | Timee | Other | Tokyo | 2017 | $1B | IPO 2024 |
| 5 | Raksul | eCommerce & Marketplaces | Tokyo | 2009 | $881M | IPO 2018 |
| 6 | Macromill | Marketing | Tokyo | 2000 | $731M | Private |
| 7 | PKSHA Technology | Cybersecurity | Tokyo | 2012 | $731M | IPO 2017 |
| 8 | MIXI | Consumer Services | Tokyo | 1999 | $671M | IPO 2006 |
| 9 | Medley | Health Tech & Medtech | Tokyo | 2009 | $574M | IPO 2019 |
| 10 | Euglena | Biotech & Life Sciences | Tokyo | 2005 | $489M | IPO 2012 |
| 11 | GA technologies | AI | Tokyo | 2013 | $458M | IPO 2018 |
| 12 | GMO FINANCIAL GATE | Fintech | Tokyo | 1999 | $353M | Private |
| 13 | IStyle | eCommerce & Marketplaces | Tokyo | 1999 | $339M | IPO 2012 |
| 14 | Safie | Other | Tokyo | 2014 | $267M | IPO 2021 |
| 15 | ZIGExN | Other | Tokyo | 2006 | $260M | IPO 2013 |
| 16 | Golf Digest Online | Consumer Services | Tokyo | 2000 | $253M | IPO 2004 |
| 17 | AnyMind | Marketing | Tokyo | 2016 | $218M | IPO 2023 |
| 18 | Rever | Energy | Tokyo | 1904 | $172M | IPO 2020 |
| 19 | Lifull | Consumer Services | Tokyo | 1997 | $169M | IPO 2006 |
| 20 | Akatsuki | Consumer Services | Tokyo | 2010 | $167M | IPO 2016 |
| 21 | MicroAd | eCommerce & Marketplaces | Tokyo | 2012 | $164M | IPO 2022 |
| 22 | Plaid | Other B2B Software | Tokyo | 2011 | $143M | IPO 2020 |
| 23 | Locondo.jp | Jade Group | eCommerce & Marketplaces | Tokyo | 2010 | $143M | IPO 2017 |
| 24 | Vega Corporation Co., Ltd. | eCommerce & Marketplaces | Fukuoka | 2004 | $123M | IPO 2016 |
| 25 | Base Food | eCommerce & Marketplaces | Tokyo | 2016 | $119M | IPO 2022 |
| 26 | TerraSky | Marketing | Tokyo | 2006 | $119M | IPO 2015 |
| 27 | Bank of Innovation | Consumer Services | Tokyo | 2006 | $118M | IPO 2018 |
| 28 | MedPeer | Health Tech & Medtech | Tokyo | 2004 | $82M | IPO 2014 |
| 29 | UUUM | eCommerce & Marketplaces | Tokyo | 2013 | $81M | IPO 2017 |
| 30 | CrowdWorks | eCommerce & Marketplaces | Tokyo | 2011 | $70M | IPO 2014 |
| 31 | Monstar Lab | AI | Tokyo | 2006 | $66M | IPO 2023 |
| 32 | MarketEnterprise,Ltd. | eCommerce & Marketplaces | Tokyo | 2004 | $55M | IPO 2015 |
| 33 | Itsumo. | eCommerce & Marketplaces | Tokyo | 2007 | $45M | IPO 2020 |
| 34 | Beaglee | eCommerce & Marketplaces | Tokyo | 2004 | $43M | IPO 2017 |
| 35 | Digital Holdings | Marketing | Tokyo | 1994 | $40M | IPO 2004 |
| 36 | Adventure | eCommerce & Marketplaces | Tokyo | 2006 | $35M | IPO 2014 |
| 37 | Aeria | Other | Tokyo | 2002 | $34M | IPO 2013 |
| 38 | KAYAC | Other | Kamakura | 1998 | $32M | IPO 2014 |
| 39 | Aiming | Consumer Services | Tokyo | 2011 | $26M | IPO 2015 |
| 40 | Premier Anti-Aging | eCommerce & Marketplaces | Tokyo | 2009 | $10M | IPO 2020 |
| 41 | Colopl | Other | Tokyo | 2008 | $-21M | IPO 2012 |
Frequently asked questions
How many unicorns are there in Japan?
Dealroom tracks 20 unicorns headquartered in Japan as of July 2026, worth $42.4B combined. 1 of them are valued at $10B or more.
What are the biggest unicorns in Japan?
The three most valuable are Rakuten, Mercari, Paidy. Tokyo is the top hub with 19 of them.
What counts as a unicorn — and what is a thoroughbred?
A unicorn is a company that reached a $1B+ valuation, verified by Dealroom. A thoroughbred is Dealroom's revenue-based tier: a startup-era company generating $100M+ in annual revenue — traction, not just paper valuation.