i-nest capital makes additional investment in Funova Inc., which operates a multi-brand fitness business

i-nest capital Co., Ltd. (Read: Ai-nesuto Kyapitara, Headquarters: Meguro-ku, Tokyo, Representative: Taku Yamanaka, hereinafter i-nest capital) executed an additional investment in Funova Inc. (Headquarters: Setagaya-ku, Tokyo, President & CEO: Kyosuke Funakubo, hereinafter Funova) through its first fund, "i-nest 1 Investment Business Limited Partnership," in July 2025.

■ Expanding into a diversified fitness business starting with the semi-personal gym "FLATTE"

Funova has built a unique business model that integrates digital and on-site operations, centered around the direct operation of the semi-personal gym "FLATTE" (Concept: "Start casually, continue steadily").

Starting with its direct operations of the semi-personal gym "FLATTE," the company has established a unique operational foundation that allows for the parallel development of multiple business formats. By combining OMO (Online Merges with Offline) operations, including reservations, payments, and customer management, they have achieved a highly reproducible model that does not excessively rely on the individuality of trainers or specific stores.

Leveraging this common foundation, Funova is promoting a "multi-brand fitness business" that expands across multiple brands, such as personal Pilates and 24-hour gyms exclusively for women, rather than being limited to the expansion of a single business format. The operational know-how accumulated in directly managed stores is also applied to franchise expansion and the succession/revitalization (roll-up M&A) of existing fitness businesses facing challenges like a lack of successors.

With this capital increase, Funova plans to accelerate the store expansion of each brand and build a foundation for sustainable growth from 2026 onwards.

■ i-nest capital supports growth with extensive know-how and network

Following the initial investment in November 2021, this marks the second investment (additional investment). At the time of the initial investment, there was only one directly managed store (Komazawa store), but the company is now rapidly expanding to 24 stores (including those scheduled to open in March 2026) across multiple operational formats (direct management and franchise, including acquisitions) and multiple business types. The raised funds are intended to strengthen both business expansion and organizational structure, including the establishment of a management system aimed at an IPO.

i-nest capital is a venture capital firm aiming to create new industries and solve social issues, primarily in the entertainment and lifestyle domains.

In addition to this funding, i-nest capital will contribute to increasing Funova's corporate value by leveraging the extensive support experience and broad network of its partners.

■ Funova Inc.

・Website: https://www.funova.co.jp/

・Contact: https://www.funova.co.jp/#contact

・Established: April 2019

・Representative: Kyosuke Funakubo, President & CEO