(Bloomberg) — Daisuke Sasaki has seen his cloud-based accounting company’s valuation swell to $3.7 billion despite having yet to show a profit, but he’s not letting that pressure him.
Shares of Freee K.K. have quadrupled since going public on the Tokyo Stock Exchange in December, along with rising demand for cloud services amid the remote-working trend.
“We don’t have a set timeframe for when the company will swing to profits,” Sasaki, founder and chief executive of Freee, said in an interview on Aug. 17. “Our business is about subscription.”
The Tokyo-based firm’s stock is one of the many technology names that have surged during Covid-19, fueled by investor euphoria over stay-at-home and DIY themes. While the pandemic roiled the outlook for companies around the world, U.S. accounting software giant Intuit Inc. beat recent earnings estimates, helped by better-than-expected growth for its cloud-based service for small businesses.
Agreement includes $10M investment to be used for growth initiatives
SAN FRANCISCO, Sept. 28, 2020 /PRNewswire/ — Molekule, the company reinventing air purification, today announced that it closed a partnership agreement with Sourcenext, (listed on the first section of the Tokyo Stock Exchange, code: 4344), a market maker for brands in Japan including software, hardware, and IoT products. The agreement signals the next phase of growth for Molekule, which includes global expansion. In a commitment to Molekule’s innovation, Sourcenext has also invested $10 million into the company. The funds will be used for growth initiatives as the company prepares to meet strong global demand for an air purification solution that destroys airborne pollutants, including viruses and chemicals.
“Molekule’s breakthrough and patented PECO technology is unique in the marketplace, offering a new solution that both captures and destroys air pollutants,” said Nori Matsuda, Founder and