IDOM CaaS Secures $2.3M Investment to Revolutionize Auto Loans in Japan
Deal News | Dec 10, 2024 | Aim Group
IDOM CaaS Technology (ICT), a car subscription service and subsidiary of used-car trader IDOM Inc., has raised 350 million yen ($2.3 million USD) through an investment underwritten by Rheos Capital Works. This significant financial injection will support ICT's core business of credit development and enhance its vehicle provisioning schemes via unique credit screening methods. The investment indicates ICT's commitment to revolutionizing automobile distribution in Japan by addressing declining car loan approval rates. ICT has already amassed a total investment of 2.9 billion yen through third-party share allotments, enabling general investors to indirectly invest via a public trust. The firm's initiatives, noted for their speed and efficiency, aim to create a socially meaningful new form of automobile distribution, as emphasized by ICT's president Naoki Yamahata, alongside Rheos Capital's Hideto Fujino. ICT recently moved its headquarters to Tokyo, backed by $5.3M in funding, further solidifying its growth and innovation trajectory.
Sectors
- Automotive
- Financial Services
- Investment
Geography
- Japan – The entire business transaction and investment activities involving IDOM CaaS Technology and Rheos Capital Works are focused within Japan.
Industry
- Automotive – The article discusses IDOM CaaS Technology's involvement in the automotive industry, specifically in car subscription services and addressing auto loan challenges in Japan.
- Financial Services – The article highlights IDOM CaaS Technology's focus on credit development and investment activities underwritten by Rheos Capital Works, involving unique credit screening processes.
- Investment – The article involves investment activities, including third-party allotment of shares and involvement of public investment trusts, making it relevant to the investment sector.
Financials
- $2.3 million USD – The investment amount secured by IDOM CaaS Technology from Rheos Capital Works.
- 350 million yen – The amount in yen equivalent to the $2.3 million investment secured by IDOM CaaS Technology.
- 2.9 billion yen – The total investment raised by IDOM CaaS Technology through third-party allotment of shares.
- $5.3 million USD – Funding associated with ICT's relocation to a new head office in Tokyo.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| IDOM CaaS Technology (ICT) | Target Company | Company | A car subscription service focusing on credit development and unique credit screening solutions, a subsidiary of IDOM Inc. |
| Rheos Capital Works | Investor | Company | Underwriter for the investment in IDOM CaaS Technology, providing funding through a public investment trust. |
| IDOM Inc. | Parent Company | Company | Phygital/hybrid used-car trader and parent company of IDOM CaaS Technology. |
| Hideto Fujino | President, CEO and CIO of Rheos Capital Works | Person | Leader of Rheos Capital Works, involved in the investment with IDOM CaaS Technology. |
| Naoki Yamahata | President and CEO of IDOM CaaS Technology | Person | Leader of IDOM CaaS Technology, commenting on the investment and business strategies. |