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- KAKEHASHI
KAKEHASHI Valuation, Funding & Investors
KAKEHASHI is valued at $293M as of October 2019.
Last KAKEHASHI valuation
$293M
Series B · Oct 2019
Last KAKEHASHI funding round
$97M
Series D · Jun 2025
Cumulative funding KAKEHASHI raised
$147M
across 5 funding rounds
Key investors in KAKEHASHI
DNX Ventures
Salesforce Ventures
SMBC Venture Capital
Globis Capital Partners
STRIVE
Coral Capital
About KAKEHASHI
KAKEHASHI is a Tokyo-based medical coordination service bridging patients with treatments in Japan. It arranges inbound medical tourism for cancer therapies at facilities like National Cancer Center Hospital and outbound referrals for advanced procedures. KAKEHASHI supports super-aging society needs with interpreter services and visa assistance, partnering with 200 clinics since 2015.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Services, Subscription
Valuation
$293M (Oct 2019)
KAKEHASHI Valuation
KAKEHASHI is currently valued at $293M, based on its Series B in October 2019.
The $24M round included STRIVE, DNX Ventures, Mizuho Capital, Dentsu Group, Coral Capital and 4 other investors.
KAKEHASHI valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2019 | Series B | $293M |
KAKEHASHI Funding History
KAKEHASHI has raised a total of $147M across 5 funding rounds.
KAKEHASHI's first fundraising round was a $8M Series A in May 2018. The most recent completed round was a $97M Series D in June 2025.
KAKEHASHI funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2025 | Series D | Goldman Sachs (lead); JIC Venture Growth Investments; DNX Ventures; Aozora Corporate Investment; Daiichi Life Group; Mitsubishi UFJ Capital; JPS Growth Investment | $97M | - | Kakehashi is a Japanese health-tech company focused on digitalizing pharmacy operations in Japan's third-largest healthcare market, which remains largely paper-based. Its flagship SaaS product, Musubi, is a cloud-based medication record and patient guidance tool that automates tasks like medicine record writing, provides personalized medication advice, CRM for pharmacies, automated prescription ordering, and AI-enabled inventory forecasting. The company raised approximately USD 97 million (¥14 billion) in a Series D round in June/October 2025, led by Goldman Sachs Alternatives with participation from JIC Venture Growth Investments, Japan Post Investment, Mitsubishi UFJ Capital, and existing investors DNX Ventures, Dai-ichi Life Insurance, and Aozora Bank. The round included a mix of primary and secondary shares plus debt. The new funding will support product expansion, team growth for existing and new businesses, and M&A activities. In February 2025, Kakehashi acquired Noah Medical System, a pharmacy business systems developer, for JPY 3 billion (USD 20 million). This aligns with broader market trends where private equity firms are backing healthcare productivity improvements amid demand for pharmacy operation enhancements. |
| Oct 2020 | Undisclosed stage | Salesforce Ventures; DNX Ventures; Sony; Sumitomo Mitsui Trust Investment; Coral Capital; Chiba Dojo; Innovation Growth Ventures; Japan Co-Invest Limited Partnership; Sony Innovation Fund | $17M | - | - |
| Dec 2019 | Strategic investment | PHC Holdings (lead) | $900K | - | - |
| Oct 2019 | Series B | STRIVE; DNX Ventures; Mizuho Capital; Dentsu Group; Coral Capital; Chiba Dojo; Aflac Global Ventures; Globis Capital Partners; SMBC Venture Capital | $24M | $293M | Kakehashi Inc. is a Japanese healthtech startup focused on rebuilding the healthcare system by leveraging technology to improve patient experiences and support healthcare providers, particularly through products like Musubi, a cloud-based electronic medical history and medication instruction tool for pharmacies. The company has grown significantly, covering over 14,000 pharmacies nationwide (more than 20% market share) and contributing to better medication adherence, patient-pharmacist relationships, and pharmacy management amid regulatory changes like revisions to the Pharmaceutical and Medical Device Act. Kakehashi aims to create an ecosystem connecting pharmacies, medical institutions, and stakeholders for next-generation healthcare, including selection for Japan's Ministry of Economy, Trade and Industry’s PHR demonstration project and joint research with universities. The specified 2019 funding round matches a deal where Kakehashi raised approximately 8 billion JPY, backed by investors including Aflac Innovation Partners (aligned with Aflac Global Ventures), Chiba (likely Chiba Dojo), and others consistent with the query's list such as Coral Capital, Dentsu, DNX Ventures, Globis Capital Partners, Mizuho Capital, SMBC Venture Capital, and Strive. DNX Ventures has supported Kakehashi since its 2016 seed stage, highlighting long-term partnership in addressing Japan's healthcare challenges. Later developments include a Series D round in 2025 raising approximately JPY 14 billion (~$97 million USD) led by Goldman Sachs, involving new shares, secondary transfers, venture debt, and loans to invest in M&A, emerging technologies, human resources, and platform expansion. This funding supports evolution into a full healthcare supply chain platform from upstream to downstream. |
| May 2018 | Series A | STRIVE (lead); ITOCHU Technology Ventures; Salesforce Ventures; DNX Ventures; Globis Capital Partners; 500 Global; SMBC Venture Capital | $8M | - | - |
Who has invested in KAKEHASHI?
24 investors have backed KAKEHASHI across its funding rounds, including DNX Ventures, Salesforce Ventures, SMBC Venture Capital, Globis Capital Partners, STRIVE and Coral Capital.
Lead investors include Goldman Sachs, PHC Holdings and STRIVE.
KAKEHASHI Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | May 2018 | ||
| 2 | Participant | May 2018 | ||
| 2 | Lead | May 2018 | ||
| 2 | Participant | Oct 2019 | ||
| 2 | Participant | Oct 2019 | ||
| 2 | Participant | May 2018 | ||
| 2 | Participant | May 2018 | ||
| 1 | Participant | May 2018 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Participant | Oct 2019 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Lead | Jun 2025 | ||
This data is available for Pro users. Sign up to see all 24 KAKEHASHI investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialKAKEHASHI Competitors
KAKEHASHI competitors include listed companies like EM Systems Co. and Vitalhub, and private ones like Healthie, Allm, Redox and Diverge Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $273M | - | ||
| Private | - | - | $294M | - | ||
| Private | - | - | $311M | - | ||
| Publicly listed | $152M | $31M | $266M | 1.6x | ||
| Private | - | - | $264M | - | ||
| Publicly listed | $78M | $10M | $342M | 2.7x |
KAKEHASHI Public Comps
KAKEHASHI is still privately-owned, but its public comps include AdvancedAdvT, Echo IQ, Value HR, EM Systems Co., Goodwill E-Health Info, Vitalhub, Software Service, Infinitt Healthcare, Beijing Sunwayworld and American Well.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $72M | $13M | 2.5x | 2.4x | 14.1x | 8.9x | |||
| $65K | ($13M) | 4656.6x | 994.2x | (23.1x) | (26.6x) | |||
| $65M | $9M | 4.4x | 4.1x | 30.9x | - | |||
| $152M | $31M | 1.5x | 1.6x | 7.2x | 9.0x | |||
| $60M | ($35M) | 5.8x | 5.6x | (10.1x) | (19.1x) | |||
| $78M | $10M | 3.2x | 2.7x | 23.5x | 10.7x | |||
| $272M | $60M | 0.9x | 0.8x | 4.1x | 5.9x | |||
| $75M | $27M | 1.1x | - | 3.2x | - | |||
This data is available for Pro users. Sign up to see all KAKEHASHI competitors and their valuation data. Start Free Trial | ||||||||
Common questions about KAKEHASHI
| When was KAKEHASHI founded? | KAKEHASHI was founded in 2016. |
| Where is KAKEHASHI headquartered? | KAKEHASHI is headquartered in Tokyo, Japan. |
| Is KAKEHASHI publicly listed? | No, KAKEHASHI is a private, VC-backed company. |
| What is KAKEHASHI's valuation? | KAKEHASHI was last valued at $293M in its Series B in October 2019. |
| How much funding has KAKEHASHI raised? | KAKEHASHI has raised $147M across 5 funding rounds. |
| What was KAKEHASHI's last funding round? | KAKEHASHI's last funding round was a $97M Series D in June 2025, led by Goldman Sachs. |
| Who are KAKEHASHI's investors? | KAKEHASHI's investors include DNX Ventures, Salesforce Ventures, STRIVE, Coral Capital, Chiba Dojo, Globis Capital Partners, SMBC Venture Capital, ITOCHU Technology Ventures, JIC Venture Growth Investments, Aozora Corporate Investment and 14 others. |
| Which companies are comparable to KAKEHASHI? | Companies comparable to KAKEHASHI include Healthie, Allm, Redox, EM Systems Co., Diverge Health and Vitalhub. |
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