We're excited to share that Darwin Ventures has led the Series C for famed platform Zehitomo!
Even with Darwin Ventures' expansion into the Japanese market last year, including opening a local office and ramping up investment activities, our firm has generally preferred to join rounds as a co-investor rather than leading rounds. However, with Zehitomo, a company well-known in Japan's capital markets, our local partners actively invited Darwin to lead the Series C round, and to help Zehitomo achieve prominence in Japan and expansion abroad.
Zehitomo has carved out a notable niche in Japan's digital economy, facilitating connections between consumers of services and service providers, from tutors to graphic designers to home repair specialists. The platform has grown impressively to over a hundred thousand service providers (“pros”) and also crossed the million consumer (“clients”) mark already last year.
The meeting between Darwin Ventures and Zehitomo dates back to 2019, initiated through an introduction by Accord Ventures. Founders Jordan Fisher and James McCarty are striking figures. As American professionals, they both speak Japanese almost natively and are deeply immersed in Japan’s society and culture. After early careers in Japan’s finance industry, they together founded Zehitomo. Their blend of relentless entrepreneurial drive, deep cultural and market insights have enabled them to craft a platform that resonates with local demands.
Zehitomo's CEO, Yuichiro Miura, is no less impressive. Before joining the company, he served on the board of Japan's internet behemoth Recruit, where he oversaw several internet platform operations, giving him impeccable expertise and insights into their business models and execution.
At its core, Zehitomo operates on a lead generation model - the “pros” pay Zehitomo to bring new business to them. Zehitomo effectively addresses a key challenge in Japan’s local economies - visibility and business opportunities for service providers. We know Zehitomo is providing true value in large part due to the ever-larger and more frequent repeat purchases that pros are making on the platform.
How has the team done this? The Zehitomo team is renowned for its innovation, constantly developing unique solutions tailored to the Japanese market, enabling it to distinguish itself in a competitive digital matchmaking landscape where too many have failed and gone, and they’ve survived and thrived.
The potential for Zehitomo to scale and drive positive economic impact in Japan is significant. With a substantial domestic market for residential services valued at over $40 billion, the majority of which remains untapped and offline, Zehitomo stands on the brink of becoming a key player in catalyzing local economic rejuvenation.
CEO of Smart Tissues / R&D at Center for iPS Cell Research and Application (CiRA)
8moThanks for sharing!!