Donuts

What Donuts does

DONUTS Co., Ltd. (株式会社DONUTS) is a privately-held Japanese technology and entertainment conglomerate founded in February 2007 by former DeNA employees Nishimura Keisei (Representative Director and CEO) and Negishi Shin. The company operates five principal business segments: cloud back-office ERP (Jobcan series serving more than 300,000 companies across nine modules), original-IP mobile and browser games (DONUTS GAMES, with titles including Tokyo 7th Sisters, D4DJ Groovy Mix, Black Star Theater Starless, and Bōsō Retsuden Tanjō no Tora), live streaming and video (Mixch, with over 18 million cumulative downloads and 5 million+ monthly visitors), cloud-based electronic medical records (CLIUS), and publishing media (fashion magazines Ray, Zipper, andGIRL, and mamagirl, plus the SAPPORO COLLECTION and OKINAWA COLLECTION fashion events). The company employs 857 people across eight domestic offices (Tokyo HQ plus Kyoto, Osaka, Kochi, Niigata, Fukuoka, Sapporo, Akita) and overseas subsidiaries in Thailand, Vietnam, and South Korea, and has been self-funded with no external institutional investment since founding.

The technology stack is largely conventional: web-based SaaS for the Jobcan and CLIUS suites, native iOS and Android applications for consumer products, Unity for game development, and live-streaming infrastructure for Mixch. Jobcan is the most strategically central asset — a unified nine-module back-office system covering attendance management, expense reporting, workflow, recruitment, labor management, payroll, accounting, and quotation/invoicing, with embedded AI-OCR for invoice and receipt data capture and AI-assisted journal entry creation in the accounting module. In games, DONUTS operates a strict "self-IP, self-development" model: all released titles are original, with cross-media value derived from associated music catalogs, character designs, and live events. The entertainment ecosystem is being deliberately integrated — Mixch streams DONUTS-run fashion events, Favo sells event photography with revenue-share to creators, ANYLAND (subsidiary since January 2026) handles fan club management, RISE EARTH manages talent, and the publishing media titles cover overlapping female demographics.

Revenue is generated through a mix of recurring subscription (Jobcan per-user pricing at ¥525/user/month base tier with volume discounts scaling to ¥210/user at 1,000+ users; CLIUS subscription for healthcare providers), freemium in-app purchases (games and Mixch virtual gifts), transactional magazine sales, and a newer transaction-fee model (Favo). The company has maintained a stated "no price increase" policy on Jobcan since launch, relying on volume discounts and user growth rather than ARPU expansion. Disclosed solo-entity revenue for fiscal year ending March 2025 was ¥18.18 billion (approximately US$121 million), supported by ~3 million Jobcan paid IDs and a 17+ year track record of consecutive growth.

Name

Donuts

Legal name

株式会社DONUTS

Website

https://donuts.ne.jp

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

DONUTS Co., Ltd. is a privately-held Japanese conglomerate operating the Jobcan back-office ERP suite (300,000+ companies), original-IP mobile games under DONUTS GAMES, the Mixch live-streaming platform (18M+ downloads), the CLIUS cloud electronic medical record system, and fashion media including Ray, Zipper, and the Sapporo/Okinawa Collection events.

Ownership category

akta.pro rank

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Cloud Service (Jobcan ERP): DONUTS operates a 9-service cloud ERP system for back-office operations. Revenue comes from per-user subscription fees with tiered pricing based on company size. Jobcan serves over 300,000 companies with paid IDs approaching 3 million.
2. Game Business: Mobile and browser-based games generating revenue through freemium model with in-app purchases. Major titles include Tokyo 7th Sisters, Black Star Theater Starless, D4DJ Groovy Mix, and Single Bike Legend. The game division targets original IP creation for long-term value.
3. Video/Live Streaming (Mixch): Mixch is a live streaming and video posting app with over 18 million cumulative domestic users. Revenue derives from virtual gift purchases, Super Comments, and advertising. The platform connects viewers with streamers and facilitates monetization for creators.
4. Healthcare (CLIUS): Cloud-based electronic medical record system (EHR) serving healthcare providers. CLIUS handles reservations, consultations, online medical care, and practice management analytics.
5. Publishing Media: Magazine publishing including Ray, Zipper, andGIRL, and mamagirl. Revenue from magazine sales and associated media advertising.
6. Event Photo Sales (Favo): New service Favo sells event photos (concerts, fashion shows) with a portion of sales revenue going to creators/performers. Revenue share model connecting photographers, creators, and fans.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels9 records

Core offering

DONUTS operates a diversified portfolio of web-based and mobile software products across five main business domains: the Jobcan cloud ERP back-office suite (attendance, expense, workflow, recruitment, payroll, accounting modules) used by 300,000+ Japanese companies; original-IP mobile and browser games via DONUTS GAMES; the Mixch live streaming and video platform with 18 million+ cumulative users; the CLIUS cloud electronic medical record system for clinics; and fashion publishing media including Ray, Zipper, andGIRL, mamagirl and the SAPPORO/OKINAWA COLLECTION fashion events.

Product overview

DONUTS operates a diversified portfolio of web-based products and services across 5 main business domains: Cloud Services (jobcan series - 9-module back-office ERP serving 300,000+ companies), Game Entertainment (original IP games including D4DJ Groovy Mix, Tokyo 7th Sisters, Bōsōzoku Tang no Tora, Black Star, etc.), Video/Live Streaming (Mixch app with 18M+ downloads, vertical drama app Tatelda), Medical Services (cloud-based electronic medical records CLIUS), and Publishing Media (fashion magazines Ray, Zipper, andGIRL, mamagirl; fashion events Sapporo Collection, Okinawa Collection; idol media). The core jobcan ERP platform operates as a unified system with add-on modules, while entertainment properties include original game IPs, live streaming platforms, fashion media brands, and idol/talent management services.

Differentiator

Problem solved

Functional benefit

Brands

• ジョブカン: Cloud-based ERP back-office system including attendance management, expense management, workflow, recruitment management, labor management, payroll calculation, accounting, and estimation/invoice services
• ミクチャ
• タテドラ
• Ray
• Zipper
• andGIRL
• SAPPORO COLLECTION
• CLIUS
• ときめきVR

Products and services

• Jobcan (ジョブカン) Cloud-based back-office ERP suite serving 300,000+ Japanese companies with nine integrated modules covering attendance management, expense reports, workflow automation, recruitment, labor management, payroll calculation, accounting, and quotation/invoicing.
• Mixch (ミクチャ) Live streaming and video posting app with 18 million+ cumulative downloads and 5 million+ monthly visitors, enabling communication through live broadcasts, video content, virtual gifts, and Super Comments.
• CLIUS (クリアス) Cloud-based electronic medical record system centralizing appointment scheduling, in-person consultations, online diagnosis, and practice management analytics for Japanese clinics and healthcare facilities.
• Tatedra (タテドラ) Vertical short drama app optimized for smartphone viewing, delivering serialized content in approximately 2-minute episodes for on-the-go entertainment, free with in-app purchases.
• Tokimeki VR (ときめきVR) VR fan meeting service enabling one-on-one casual interactions between popular VTubers and fans.
• Ray Women's fashion magazine targeting women in their 20s, originally launched in 1988, distributed through bookstores and online at 920 JPY per issue.
• Zipper

Quantifiable outcome

• 300,000+ companies use Jobcan
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

17 partnerships are on record, tiered minor, core and major.

• Kawasaki Frontale (川崎フロンターレ)minorGTM or Marketing Partner · 6 June 2026Collaboration partnership between Mixch and J-League soccer club Kawasaki Frontale. Mixch provides promotional models, stadium advertising, and fan engagement activities for home games.
• UP-T (アップティー)minorGTM or Marketing Partner · 17 May 2026SAPPORO COLLECTION 2026 SPRING/SUMMER jointly operated with UP-T as title sponsor.
• UP-T (アップティー)minorGTM or Marketing Partner · 1 May 2026UP-T presents SAPPORO COLLECTION 2026 with joint event operations. Favo photo service used for event photography sales.
• MIXCHA COLLECTION 2026minorGTM or Marketing Partner · 1 April 2026Mixch-organized fashion event using Favo event photo sales service for the first time.
• ANYLAND (株式会社ANYLAND)minorStrategic or Co-development Partner · 1 January 2026ANYLAND became a subsidiary in January 2026, providing fan club management services that integrate with DONUTS entertainment ecosystem.
• HR EXPO (Human Resources, Labor, Education, Recruitment)minorGTM or Marketing Partner · 28 May 2025Jobcan exhibited at HR EXPO with full Jobcan series demonstrations for back-office product promotion.
• IT Introduction Subsidy 2025 ProgramminorGTM or Marketing Partner · 18 April 2025Jobcan series certified as eligible tool for IT Introduction Subsidy 2025, enabling up to 80% usage fee subsidy for companies adopting Jobcan services.
• Minna no Bank (みんなの銀行)minorStrategic or Co-development Partner · 1 October 2024Basic agreement signed October 2024 for value co-creation using financial services between DONUTS and Minna no Bank (Fukuoka-based digital bank).
• Toei Animation (東映アニメーション)coreStrategic or Co-development Partner · 1 April 2024DONUTS GAMES developing official game for Girls Band Cry anime series (ガールズバンドクライ). Toei Animation provides anime IP while DONUTS develops and operates the game.
• TWIN PLANETcoreStrategic or Co-development Partner · 1 May 2023Three-company joint management of Lumiétoile idol group with DONUTS and IncSToEnter. TWIN PLANET brings IP production expertise from entertainment industry.
• IncSToEnter (株式会社インクストゥエンター)coreStrategic or Co-development Partner · 1 May 2023Three-company joint management of Lumiétoile idol group. IncSToEnter contributes music/video production and marketing capabilities.
• CELLORB (株式会社CELLORB)minorStrategic or Co-development Partner · 1 May 2023VARREL and TOPANGA integrated into CELLORB in April 2024 for esports operations under DONUTS GROUP.
• Rise Earth (株式会社ライズアース)minorStrategic or Co-development Partner · 1 October 2021Rise Earth (talent management) became a group company in 2020, providing idol/talent management services under the DONUTS GROUP umbrella.
• OBC Radio Osaka (大阪放送株式会社)coreStrategic or Co-development Partner · 30 July 2021Capital and business partnership established July 2021. DONUTS became the largest shareholder (34% stake) of OBC Radio Osaka. Collaboration includes joint radio/live streaming content, advertising packages, event tie-ups, media mix projects, and co-advertising. OBC Radio Osaka provides media brand, content production capabilities while DONUTS provides digital platform access and younger demographics through Mixch.
• Bizsoft (ビズソフト株式会社)majorStrategic or Co-development Partner · 1 June 2021DONUTS acquired Bizsoft in June 2021, achieving full subsidiary status. This acquisition expanded Jobcan into the accounting software domain with Jobcan Accounting service.
• TexFarm Foundation (株式会社テクスファームファウンデーション)minorStrategic or Co-development Partner · 1 March 2020Capital and business partnership established March 2020 for美少女図鑑 (Bishoujo Zukan) talent management media.
• Bushimo (ブシロード)coreStrategic or Co-development Partner · 1 January 2019Bushimo partnership for D4DJ Groovy Mix music game. DONUTS develops the game while Bushimo provides the D4DJ IP under licensing.

Scale indicators18 records

Recent moves17 records

Expansion highlights6 records

Direct peers

• freee: freee is a Japanese cloud SaaS company providing HR, payroll, and accounting software to SMBs — directly competing with Jobcan in cloud-based back-office automation for the same Japanese customer base.
• Money Forward: Money Forward operates cloud accounting, HR/payroll, and personal finance SaaS in Japan — directly overlapping with Jobcan's payroll, accounting, and invoicing modules in the same target SMB segment.
• SmartHR: SmartHR is a cloud-based HR and labor-management platform in Japan that competes head-to-head with Jobcan's attendance, payroll, and labor-management modules for SMB and enterprise HR buyers.
• mixi: mixi operates Monster Strike and other mobile games plus social/community products, directly comparable to DONUTS GAMES' original-IP mobile game portfolio and live streaming/social community overlap.
• 17LIVE: 17LIVE is a Japanese/Asian live streaming platform that directly competes with Mixch for live streamers, audience engagement, and virtual-gift monetization in the same Japanese market.
• Medley: Medley operates CLINICS (online medical care) and related healthcare platforms in Japan, comparable to DONUTS's CLIUS cloud EMR business targeting Japanese clinics and healthcare providers.

Broad incumbents

• Cybozu: Cybozu is a Japanese cloud business application incumbent (Kintone, Garoon, Cybozu Office) offering broader workflow/collaboration tools that compete with Jobcan's workflow module in the same enterprise back-office market.
• CyberAgent: CyberAgent operates AbemaTV, Cygames (mobile games), and digital advertising — a broad incumbent whose mobile gaming (Cygames) and media verticals directly overlap DONUTS GAMES and publishing-media businesses.
• Sansan: Sansan operates cloud business contact management and billing automation (Eight, Bill One) — a Japanese cloud SaaS incumbent with comparable enterprise sales motion and back-office digitalization positioning to Jobcan.

Emerging players

• Bushiroad: Bushiroad is a Japanese entertainment company and DONUTS's D4DJ IP licensing partner — comparable in mobile games, music content, and idol franchise development with overlapping music-rhythm-game product.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/DONUTSCoLtd
• Facebookfacebook.com/donuts.co.ltd
• Instagraminstagram.com/donuts_co

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Donuts