Press Release

March 29, 2023
JAFCO Group Co., Ltd.

Notice Regarding Investment in 23 Inc. by DISCO Inc. (Portfolio Company)
JAFCO Group Co., Ltd. (Headquarters: Minato-ku, Tokyo; Keisuke Miyoshi, President&CEO)
hereby announces that DISCO Inc. (Headquarters: Bunkyo-ku, Tokyo; Masaro Niidome, President),
which is a portfolio company of a fund it operates and manages (JAFCO BO7 Investment Limited
Partnership; hereafter referred to as “JAFCO”), has invested in 23 Inc. (Headquarters: Fukuoka
City, Fukuoka Prefecture; Atsushi Shimizu, President; hereinafter referred to as "Two-Three").

Two-Three is a creative company mainly composed of young creators under the age of 25 whounderstand and connect with the digital natives of Generation Z (“Gen Z”). Founded in 2020, it has
Gen Z engineers throughout Japan, from Hokkaido to Okinawa, capable of creating concepts andideas from a Gen Z perspective. Two-Three’s strength lies in its integrated approach from planning
through to installation of such concepts and ideas.
Under its mission to be a total creative company that supports various challenges taken on bystartups to municipalities, Two-Three has contributed to the growth of its clients in various
industries and business phases, ranging from startups aiming for global expansion, restaurants thatare beloved by the community, to municipalities facing many issues.
In addition to engineers, Two-Three also has video creators and designers on staff, making it aversatile company. It also flexibly handles spot projects (e.g. coding/planning/editing only), while
engaging in machine learning and mobile application development using the latest technologies.
In the future, it plans to develop its own products in addition to client work, aiming for further
organic growth.

For more information, please contact
pr@jafco.co.jp, JAFCO Group Co., Ltd.

Press Release

March 29, 2023
JAFCO Group Co., Ltd.

DISCO plans to develop truly needed services in response to the changing times for high school
students choosing a college or university, for students who are considering employment, and for
educational institutions/companies/municipalities that will accept them, by leveraging TwoThree’s understanding of the Gen Z sights and collaborating with their diverse and talented humanresources consisting of engineers, designers and video creators. DISCO also aims to create new
businesses that address regional issues by cooperating with young creators from all over Japan.
JAFCO will not only work to enhance the corporate values of DISCO and Two-Three, but also
the corporate value of the Disco Group as a whole by maximizing the synergy between the twocompanies,
Two-Three is currently developing the following businesses to provide solutions to various
issues of its clients:
Web development
In-house designers with expertise in the no-code tool STUDIO as well as landing-pagecoding allows handling of numerous requests with short turnaround times.

Two-Three also undertakes individual parts of the production process, such as coding,design, development based only on the no-code tool, etc., and offers quick modification afterrelease.

Application development


Offers high cost performance and quick turnaround based on Flutter language.

Two-Three performs the entire process from planning to development, offering highly
customizable applications developed from scratch.

LINE bot development
LINE bot allows shorter turnaround time and lower development costs compared toapplication development. Development of a chatbot allows implementation of additional
functions, including product ordering and information provision.

Video production
The rise of YouTube and TikTok and improvements in camera technology have made video
production relatively easy. As it has become possible to handle large data traffic, video
contents are more accessible to recipients than before. In this context, there is a growing
For more information, please contact
pr@jafco.co.jp, JAFCO Group Co., Ltd.

Press Release

March 29, 2023
JAFCO Group Co., Ltd.

demand for videos that are widely distributed and increase engagement, rather than a single,
well-crafted creative piece.


Two-Three has video creators in a wide range of genres and can respond to all kinds ofrequests, including YouTube video production, cinematic promotional videos, 3DCG
production, commercial production, drone shooting, and more.

Two-Three also take orders for editing only or one piece only, responding to staffing
shortages on a spot basis.

Gen Z insightThe consumption behavior of Gen Z, who are digital and smartphone natives, is said to bedifferent from that of other generations as represented by Instagram Shopping andexperience-oriented consumption. In addition to consumer behavior, it is now required tocorrectly understand Gen Z insights in the context of new graduate recruitment and measures
to attract university students for events, etc.

Two-Three has a large number of creators between the ages of 18 and 25, making it possible
to extract insights and develop plans from the perspective of Gen Z.

For more information, please contact
pr@jafco.co.jp, JAFCO Group Co., Ltd.

Press Release

March 29, 2023
JAFCO Group Co., Ltd.

About 23 Inc.
Company name23 Inc.

Websitehttps://23-creative.co.jp/ (Japanese only)

EstablishmentSeptember 2020

Location

Fukuoka Growth Next, 2-6-11 Daimyo, Chuo-ku, Fukuoka-shi, Fukuoka
Prefecture
As a "comprehensive creative company" supporting challenges taken on byBusinessdescription

companies and municipalities, 23 Inc. fully utilizes its talented humanresources, ranging from engineers, designers, to entrepreneurs, to support
the entire process of those challenges from initial market research,planning, to product development.

About DISCO Inc.
Company name

DISCO Inc.

Websitehttps://www.disc.co.jp/en/

Establishment

October 1973

Location

Iidabashi First Building 9F, 2-5-1 Koraku, Bunkyo-ku, Tokyo
Offers Caritas Job Hunting and Caritas College Prep services that support

Businessthe recruitment of human resources for companies and educationaldescription

institutions. Also holds Career Forum, a job hunting event for international
students with a history of over 30 years, in major cities around the world.

About JAFCO Group Co., Ltd.
Company name

JAFCO Group Co., Ltd.

Websitehttpｓ://www.jafco.co.jp/english

Establishment

April 1973

Location

24F Toranomon Hills Mori Tower, 1-23-1 Toranomon, Minato-ku, Tokyo

Business
description

Largest venture capital firm in Japan with over 1,000 portfolio IPOs. Also
has experiences of 20 years in buyout investment and over 30 years inoverseas venture investment.

For more information, please contact
pr@jafco.co.jp, JAFCO Group Co., Ltd.