tsukuruba
Tsukuruba operates cowcamo, a Tokyo-based used and renovated housing marketplace serving 600,000+ members through brokerage, AI-based pre-listing valuation, fixed-price renovation packages, in-house construction (cowcamo Komuten), and MUFG bank agency mortgage distribution.
- Company typePublic
- Founded2011
- HeadquartersTokyo, Japan
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What tsukuruba does
Tsukuruba Inc. (TSE Growth: 2978) is a Tokyo-based digital real estate platform company that operates cowcamo, a marketplace for used and renovated residential properties in the Greater Tokyo metropolitan area, serving approximately 600,000 registered members and 3 million+ annual users. The company's offering spans the full housing lifecycle through sub-brands and subsidiaries: cowcamo for property search and brokerage, urucamo for pre-listing AI-based valuation and buyer matching, LifeCatalog for fixed-price renovation packages (seven design styles), cowcamo Komuten Co., Ltd. for renovation construction (established October 2025, operational February 2026), SUITE by cowcamo for the 200M+ JPY luxury segment, and TSUKURUBA BOX Inc. for co-working and community spaces.
The business operates two reportable segments: the cowcamo Platform Business (consumer web and mobile apps, B2B services for property developers and flippers, and platform infrastructure) and the cowcamo Agent Service Business (personalized purchase/sale support and renovation planning through direct agents and physical showrooms in Ebisu, Kiyosumi-Shirakawa, Kichijoji, and Ikebukuro). Revenue is generated through transaction brokerage commissions, fixed-price renovation packages, proprietary designed property sales (the self-developed segment grew +126% YoY in Q1 FY2026), ancillary services such as insurance and financial planning referrals, and bank agency fees from a MUFG-led mortgage distribution partnership.
The technology stack combines proprietary customer and property databases (built from 25,000+ cumulative listings and 4,500+ transactions) with patented AI property valuation (urucamo, Patent No. 7857758), CRM-backed agent tools, and a recently deployed suite of third-party AI development agents (Claude Code, Cursor, Devin) used by all engineers. Tsukuruba reported FY2025 revenue of 8,099 million JPY (+48% YoY) with operating profit of 274 million JPY, and is guiding FY2026 revenue to 12,000 million JPY (+48% YoY). The company is led by CEO Shuntaro Nomura, who succeeded co-founder Hiroki Murakami in September 2025.
tsukuruba firmographics
Firmographics- Name
- tsukuruba
- Legal name
- 株式会社ツクルバ
- Website
- https://tsukuruba.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Tsukuruba operates cowcamo, a Tokyo-based used and renovated housing marketplace serving 600,000+ members through brokerage, AI-based pre-listing valuation, fixed-price renovation packages, in-house construction (cowcamo Komuten), and MUFG bank agency mortgage distribution.
- Ownership category
- akta.pro rank
tsukuruba industry classification
Industry- Product category
- Real Estate Brokerage and Renovation Services
- akta.pro primary industry
- B2B Marketplaces & Wholesale Platforms (BPAMAGAD)
Keywords
Where tsukuruba is headquartered
LocationHeadquarters
- HQ city
- Tokyo
- HQ country
- Japan
- HQ region
- Asia
Offices1 record
Markets served
tsukuruba business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Technology or R&D, Operations, Infrastructure, Supply Chain
Revenue model
- Brokerage Commission (Real Estate Trading Intermediary): Revenue from facilitating buying and selling of used renovated properties through cowcamo platform. The company earns commission on property transactions. Transaction volume grew with deal count increasing 11% YoY in Q1 FY2026 and revenue per transaction up 3% YoY.
- Renovation Services and Design Production: Revenue from renovation planning, design, and production services. Includes fixed-price renovation packages (LifeCatalog) and custom renovation projects. Also includes resales business support services for property developers and flippers.
- Proprietary Designed Property Sales (Self-developed/Produced Properties): Revenue from the sale of cowcamo-produced properties where the company purchases, renovates, and resells properties with its own design. This self-developed property segment showed 126% YoY growth in Q1 FY2026 and is a major growth driver.
- Ancillary Services and Attach Rate Services: Revenue from insurance products, financial planning consultation referrals, and interior services purchased by customers during or after property transactions. These attach-rate services grew alongside the core business.
- Bank Agency Services: Revenue from mortgage loan intermediation services through partnership with Mitsubishi UFJ Bank (MUFG). The company acts as a bank agency for housing loans, earning referral fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Real estate brokerage services are commissioned based on transaction value |
| Unit Pricing | Pay-as-you-go | Fixed-price renovation packages with 7 design styles |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels10 records
tsukuruba product offering
Product offeringCore offering
TSUKURUBA operates cowcamo, a distribution platform for used and renovated residential properties that combines an online marketplace with agent services to support the full property lifecycle from search and purchase through renovation and resale. The business comprises a Platform Business (consumer web/app, B2B data services for developers, and platform infrastructure) and an Agent Service Business (purchase/sale support, renovation planning, and interior coordination). Supplementary offerings include the urucamo pre-listing AI matching platform, LifeCatalog fixed-price renovation packages, SUITE by cowcamo luxury property service, and bank agency services for mortgage intermediation under a MUFG partnership.
Product overview
TSUKURUBA Inc. operates primarily through its core platform, cowcamo, a comprehensive used and renovated housing marketplace that supports the full transaction lifecycle. The business comprises two main segments: the cowcamo Platform Business (covering consumer web/app services, B2B offerings for developers, and platform infrastructure) and the cowcamo Agent Service Business (providing purchase/sale agents, renovation planning, and interior coordination). Supporting products include urucamo (pre-listing matching with AI valuation), Life Catalog (fixed-price renovation packages in 7 design styles), SUITE by cowcamo (ultra-premium 200M+ yen property service), and proprietary products like original flooring. The company also operates showrooms in Ebisu, Ikebukuro, Kiyosumi-Shirakawa, and Kichijoji to showcase renovation designs.
Differentiator
Problem solved
Functional benefit
Brands
- cowcamo (カウカモ): Used and renovated housing distribution platform - marketplace for used residential properties and renovation. Consumer platform for property listing, search, buying, and selling of renovated homes in Japan.
- urucamo (ウルカモ)
- SELEC
- LifeCatalog
- SUITE by cowcamo
- カウカモ工委店 (cowcamo Komuten)
Products and services
- cowcamo (カウカモ) Marketplace platform for used and renovated housing enabling users to search, buy, sell, and renovate properties, supporting the full property lifecycle from discovery to transaction in Japan.
- cowcamo Platform Business (カウカモプラットフォーム事業) Technology platform segment encompassing consumer-facing web and app services, B2B services for property developers, and platform infrastructure for data management across the cowcamo ecosystem.
- cowcamo Agent Service Business (カウカモエージェントサービス事業) Agent services including purchase and sale support, renovation planning, and interior coordination for individual and corporate customers using cowcamo properties.
- urucamo (ウルカモ) Matching platform connecting property sellers considering listing with prospective buyers before formal listing, featuring patented AI-powered property inspection/valuation with buyer reaction visualization.
- LifeCatalog (ライフカタログ) Fixed-price renovation package with seven design styles allowing buyers to customize interiors at predictable costs as part of the cowcamo property purchase experience.
- SUITE by cowcamo Premium service for luxury properties priced over 200 million yen in central Tokyo, offering full support from property sourcing to renovation design and high-value transaction advisory.
- cowcamo app Mobile application for property searching, listing updates, building-centric search, and management, available on iOS and Android platforms.
- cowcamo MAGAZINE Editorial content platform featuring curated property articles, neighborhood guides, and lifestyle inspiration for home buyers in the Tokyo area.
- cowcamo Original Flooring (カウカモオリジナルフローリング) Original engineered wood flooring developed in-house in three style variations (Kasumi, Hakujitsu, Tasogare) for use in cowcamo-produced and designed properties.
- Bank Agency Services (MUFG mortgage intermediation) Bank agency service intermediating housing loans from Mitsubishi UFJ Bank for cowcamo customers, operating under bank agency permit No. 504 and earning referral fees.
Quantifiable outcome
- Customer satisfaction rating of 4.6 out of 5.0 for purchase experience
- +4 more outcomes
Companies that use tsukuruba
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
tsukuruba technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
tsukuruba partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core and minor.
- Mitsubishi UFJ Bank, Ltd. (三菱UFJ銀行)coreTsukuruba entered into a bank agency agreement with MUFG to offer housing loan intermediary services. The company serves as a bank agency for MUFG, handling mortgage loan introductions and processing for cowcamo customers. The bank agency business commenced in June 2025. MUFG Bank is the affiliated bank under the bank's agency permit (Kanto Finance Bureau Director (Bank Agency) No. 504).
- Mitsui Sumitomo Marine Insurance (三井住友海上)minorPartnership to offer fire insurance products to cowcamo customers, providing comprehensive insurance coverage as part of the home purchase experience.
- KaukaMo Housing and Living Survey (KaukaMo Ko-muten Co., Ltd.)coreSubsidiary company established in October 2025 for renovation design and construction services. Provides one-stop property search through renovation construction under the cowcamo umbrella, eliminating fragmentation between real estate and construction sectors. Allows faster and smoother home creation experience.
- Subsclife Inc. (Subsclife株式会社)minorFurniture subscription company invested in and partnered with in October 2019. Provides furniture subscription services that complement the home buying and renovation experience for cowcamo customers.
- Mitsubishi UFJ Bank (三菱UFJ銀行)coreInitial partnership for housing loan handling through MUFG, which later evolved into the full bank agency business in June 2025.
- au Jibun Bank (auじぶん銀行)minorPartnership for housing loan products offered to cowcamo customers through au Jibun Bank.
- Resona Bank (りそな銀行)minorPartnership for affiliated housing loan products offered to cowcamo customers.
- Sony Bank (ソニー銀行)minorPartnership to offer internet-based mortgage loan services for cowcamo customers. Enhanced cooperation for housing loan services.
- Tsukuruba Box Inc. (株式会社ツクルバボックス)coreGroup subsidiary handling the Box Business Division, including co-working space operations (co-ba ebisu) and related community services. Also manages TSUKURUBA BOX Inc. subsidiary with Yuta Kobayashi as Executive Officer and General Manager of Box Business Division.
- Money Forward, Inc. (株式会社マネーフォワード)minorBusiness alliance formed in July 2021 to provide integrated financial services for home buyers using the cowcamo platform.
- e-office Inc. (株式会社いいオフィス)minorBusiness alliance formed in July 2021 to support co-working and flexible workspace services related to the company's community/space services.
- Marui Group (株式会社丸井グループ)coreBusiness and capital alliance formed in July 2020. Collaboration to enhance services for customers seeking used and renovated properties, integrating retail and financial services expertise.
- Star Mica Group (スター・マイカグループ)minorBusiness partnership with major renovation-ready property supplier formed in December 2019. Star Mica Group is a major supplier of renovation-ready properties that complements cowcamo's platform inventory.
Scale indicators18 records
Recent moves11 records
Expansion highlights6 records
tsukuruba competitors and assessment
Company assessmentBroad incumbents
- Mitsubishi Estate Holdings: Japan's largest real estate developer with extensive residential, office, and commercial property operations. Relevant comparable for Tsukuruba's broader residential platform ambitions given the affiliated Cosmos Initia residential subsidiary (where the new Tsukuruba CEO previously worked).
- Tokyu Fudosan Holdings: Major Japanese real estate developer and services company with residential brokerage, development, and lifestyle services. Comparable to Tsukuruba in providing integrated residential services in the Tokyo area, though primarily a developer-incumbent rather than a marketplace specialist.
- Nomura Real Estate Solutions: Subsidiary of Nomura Real Estate Holdings providing brokerage, agency, and consulting services for residential and corporate real estate in Japan. Comparable to Tsukuruba's agent services business and overall focus on residential property intermediation, though backed by a major developer parent.
- Recruit Holdings (SUUMO): Operates SUUMO, Japan's dominant real estate portal with national listing coverage spanning used, new, and rental residential property. A broader incumbent that competes for the same property-search consumer intent as cowcamo but across a much wider category footprint.
Direct peers
- Apaman Shop Holdings: Operates one of Japan's largest real estate brokerage franchise networks with both digital platform and physical storefront presence. Comparable to Tsukuruba in combining online property search with agent-assisted transactions across the Japanese residential market.
- Cosmos Initia Co., Ltd. Mitsubishi Estate Holdings subsidiary active in the purchase-and-resale of used residential properties, with retail brokerage and renovation operations. Comparable to Tsukuruba's cowcamo Komuten and self-developed property segments in buying, renovating, and reselling used Tokyo-area homes.
- GA Technologies (RENOSY): Japanese proptech operating the RENOSY platform for end-to-end residential property transactions, including brokerage, renovation, mortgage, and asset management. Most direct comp to Tsukuruba's cowcamo given similar full-stack consumer model and revenue streams (brokerage + renovation + financial services).
- AtHome (atHome Co., Ltd.): Japanese real estate portal operator providing property search and listing services across used, new, and rental residential real estate nationally. Comparable to cowcamo as a Japanese digital real estate marketplace serving consumers in the property-discovery phase.
- LIFULL (LIFULL Homes): Operates one of Japan's largest real estate portals (LIFULL Homes) with consumer-facing property search and listings across used, new, and rental residential categories. Comparable to cowcamo in being a digital property marketplace serving Japanese consumers, though broader in scope.
Emerging players
- Star Mica Group: Japanese real estate company specializing in the purchase, renovation, and resale of used condominiums, with focus on investment-grade residential properties. Partner of Tsukuruba since Dec 2019 for renovation-ready property supply; comparable in the buy-renovate-resell segment of the used Tokyo condominium market.
Market position
Strengths5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
tsukuruba social profiles
Digital presencetsukuruba financial estimates
Financial estimateRevenue estimate
Valuation estimate
tsukuruba leadership team
Management profileNumber of profiles
Profiles13 records
tsukuruba subsidiaries and ownership
Company hierarchySubsidiaries3 records
tsukuruba funding detail
Funding detailFunding overview
Funding rounds5 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
tsukuruba M&A and investment
M&A and investmentM&A1 record
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about tsukuruba
What does tsukuruba do?
TSUKURUBA operates cowcamo, a distribution platform for used and renovated residential properties that combines an online marketplace with agent services to support the full property lifecycle from search and purchase through renovation and resale. The business comprises a Platform Business (consumer web/app, B2B data services for developers, and platform infrastructure) and an Agent Service Business (purchase/sale support, renovation planning, and interior coordination). Supplementary offerings include the urucamo pre-listing AI matching platform, LifeCatalog fixed-price renovation packages, SUITE by cowcamo luxury property service, and bank agency services for mortgage intermediation under a MUFG partnership.
Is tsukuruba a public or private company?
tsukuruba is a public company. It is classified as public and is currently operating.
When was tsukuruba founded?
tsukuruba was founded in 2011. It employs 251 to 500 people.
Where is tsukuruba based?
tsukuruba is headquartered in Tokyo, Japan, in the Asia region.
How does tsukuruba make money?
Five revenue lines are on record. Brokerage Commission (Real Estate Trading Intermediary) is the primary driver. The others are renovation Services and Design Production, proprietary Designed Property Sales (Self-developed/Produced Properties), ancillary Services and Attach Rate Services and bank Agency Services.
Who are tsukuruba's main competitors?
Broad incumbents on record are Mitsubishi Estate Holdings, Tokyu Fudosan Holdings, Nomura Real Estate Solutions and Recruit Holdings (SUUMO). Direct peers are Apaman Shop Holdings, Cosmos Initia Co., Ltd., GA Technologies (RENOSY), AtHome (atHome Co., Ltd.) and LIFULL (LIFULL Homes). Star Mica Group is listed as an emerging player.
Does tsukuruba have an API?
No public API is recorded for tsukuruba.
What industry is tsukuruba in?
tsukuruba's product category is Real Estate Brokerage and Renovation Services. Its primary akta.pro industry code is BPAMAGAD, B2B Marketplaces & Wholesale Platforms.