Kepple Releases Startup Trend Report "Current State of Domestic Startups 2025 Analyzed from Employee Numbers"

Kepple Inc. (Representative Directors: Takeshi Yamashita, Hayato Yoneazu, hereinafter "Kepple") has aggregated the number of employees of domestic startups from December 2024 to December 2025 based on information from its proprietary startup database "KEPPLE DB." The company has now released a startup trend report titled "Current State of Domestic Startups 2025 Analyzed from Employee Numbers," which summarizes the analysis results.

This report explains the latest trends in the domestic startup ecosystem, revealed through a multifaceted analysis of employee number changes, including shifts in the startup working population, sector-specific employee growth rates, employee change rates before and after funding, and the correlation between valuation and employees. Furthermore, for university-launched startups, the report delves deeper into sector-specific employee numbers, rankings of companies with increased employee numbers, and employee numbers/company counts by region.

Kepple believes that by observing changes in employee numbers in addition to funding amounts and deal counts, it can track startup trends more precisely. "KEPPLE DB" is equipped with a function to check monthly employee number trends. By analyzing and publishing employee number trends as a new indicator of startup dynamics, Kepple aims to promote awareness of startups and create employment opportunities.

Download "Current State of Domestic Startups 2025 Analyzed from Employee Numbers" for free here: URL: https://share-na2.hsforms.com/1yZ6HIszYTympwroXW0Tx_gc12qu

**Table of Contents** - Introduction - 2025 Highlights - Noteworthy IPOs - About this Report - Startup Working Population - Trends in Startup Working Population - Trends in Startup Working Population (Annual Comparison) - Sector-specific Employee Change (Increase/Decrease) and Rate - Sector-specific Employee Numbers and Company Counts - Sector-specific Average Employee Numbers per Company (Median) - Percentage of Companies with 50+ Employees by Sector - Trends in Employee Numbers by Sector - Employee Growth Rate by Sector - Employee Number Trends of Listed Companies in Space Sector 2025 - Employee Number Trends of Listed Companies in HR Sector 2025 - Employee Number Trends of Listed Companies in Construction Sector 2025 - Employee Number Change Rate Before and After Funding - Correlation Between Valuation and Employee Numbers - University-launched Startups: Sector-specific Employee Numbers (Top 8 Sectors) - University-launched Startups: Sector-specific Company Counts (Top 8 Sectors) - University-launched Startups: Healthcare Sector Monthly Employee Number Trends - University-launched Startups: Healthcare Sector Comparison with Overall - University-launched Startups: Manufacturing Sector Monthly Employee Number Trends - University-launched Startups: Manufacturing Sector Comparison with Overall - University-launched Startups: Ranking of Companies with Increased Employee Numbers - University-launched Startups: Regional Employee Numbers and Company Counts - University-launched Startups: Regional Sectoral Employee Number Ratios - Overall (Excluding University-launched): Regional Sectoral Employee Number Ratios - Conclusion - Appendix: List of Featured Companies

**Partial Report Content Introduction** Space Sector Maintains Top Position, Listed Growth Companies Drive Employment

Sector-specific Employee Growth Rate (Top)

The top 8 sectors with the largest employee growth rate (year-on-year) are shown in the figure. In these sectors, companies that achieved IPOs on the Growth market were observed. Similar to last year, "Space" ranks first. Axelspace Holdings, which develops small satellites, went public in 2025, and the company increased its employees by +10 people, while its subsidiary Axelspace increased by +23 people.

In second place, "Sports," employee numbers increased mainly in fitness-related companies. LOIVE (formerly LIFE CREATE), which operates hot yoga studios, and Fitcrew, which operates fitness gyms, went public in 2025, increasing their employees by +282 people and +27 people, respectively.

In third place, "Business Software," employee numbers increased mainly in areas such as business management tools and operational efficiency tools. PRONI, which develops order placement and reception platforms, went public, increasing its employees by +16 people.

--- ### **About Kepple Inc.** Kepple's mission is "Create New Industries" (new industries for the world), promoting various businesses to contribute to the development of the startup ecosystem. Its business development is diverse, including "M&A Support" which provides new growth opportunities for both startups and operating companies, "Open Innovation Support" which comprehensively supports co-creation between companies and startups, "Startup Support" which aids startup recruitment, and "Fund Management Support" which assists a wide range of middle-back office operations for funds. In the future, Kepple plans to expand its support to startups and investors worldwide.

### **Kepple Inc. Business Lineup** **M&A Support** Leveraging abundant knowledge and extensive network cultivated through startup support, Kepple assists in the optimal execution of stock/business transfers, acquisitions, and integrations. Connecting challengers and successors, it fosters sustained value creation for companies.

**Open Innovation Support** Kepple comprehensively supports corporate open innovation activities, including advisory services such as valuation and due diligence, exploration support utilizing its unique startup database "KEPPLE DB," and collaboration support with overseas startups.

**Startup Support** Provides high-class human resource recruitment support services like "Startup Scout," staffed by experienced professionals such as startup-specialized career advisors, certified public accountants, and analysts.

**Fund Management Support** Supports a wide range of middle-back office operations related to fund management, primarily fund accounting, fund and investment management, and reporting to investors.

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