Investment Business
AirTrip CVC Report
Vol.3～Aiming to contribute to society～
AirTrip Corp.
TSE Prime Market: 6191
29 June, 2022
Revised 1 July,2022“Restart”～Start for the 2nd stage after being listed～～AirTrip Group restarts～

Contents

1. AirTrip CVC Award
2. Investment Policy
3. Investment Performance
4. Return Record
5. IPO Record
6. Current Situation of Investees
7. Introduction of new investees

・This document is mainly based on the content of interviews with investees conducted every six months.
Copyright © AirTrip Corp. All Rights Reserved.

2

1. AirTrip CVC Award

AirTrip CVC Award will be held in Autumn 2022
inviting investees and stakeholders, the event will contribute to increase company’s value

Copyright © AirTrip Corp. All Rights Reserved.

3

2. Investment Policy

Investing in growing companies with a high probability of IPO
Investing in a wide range of business fields and supporting for IPO through mentoring,business support, and management system development support
Investment Policy
●

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Strengths and support system

Through investments in growing companies, we aim toearn returns by increasing the corporate value of ourportfolio companies, pursue synergies throughcollaboration with our portfolio companies, and expand
the AirTrip economic zone.
The investment business is one of the five main
businesses of the AirTrip Group, and in addition to daily
monitoring, the management team personally conducts
interviews with investment targets every six months.
We invest in companies with a high probability of IPO by
focusing on "business growth potential and probability of
return" "synergy with the AirTrip economic zone" and"management team and management system.
We are investing in a wide range of fields with the aim of
expanding the AirTrip economic zone in the future.
As an activity for SDGs and community service, we
donate to Japan Future Sports every IPO of investees

Mentoring〈Mentoring by management team with extensive listing
experience〉
・Mentoring by the management team that launched AirTrip, listed onMothers, and then listed on the first section of the TSE.
・Provide know-how on IPOs of subsidiaries, affiliates and investees.

Provideofknowledge〈Providing insight based on real-world experience of theinvestee〉
・Providing insights based on the real-world experience of investees
which we faced in the process of preparing for the listing, and the
AirTrip Group's experience in preparing for the listing.

Business
Support〈Extensive support for sales, marketing, development.〉
・Cooperation in providing services to AirTrip members.
・Collaboration in advertising and software development utilizing
the resources and knowledge of the AirTrip Group.

management
systemdevelopment
support〈Introductions needed to establish a management system〉
・Support for the establishment of management systems, including
the introduction of lead managing securities companies andauditing firms.

＜Realization of subsidiary listing and affiliate listing / subsidiary in preparation for listing＞【TSE JASDAQ: 4059】

Copyright © AirTrip Corp. All Rights Reserved.

【TSE Mothers: 4260】
42. Investment Policy ～SDGs and Community Serviece～

We donate to Japan Future Sports* every IPO of investees
We have started to donate to Japan Future Sports
as an activity for SDGs and community service since December 2021.
We will contribute to society consistently through Investment Business.

*General Incorporated Foundation Japan Future Sports Promotional Association
We supply sports equipments for those children who has difficulties in playing sports due to family environment and economical reasons to letthem enjoy playing sports easily.
We try to increase population of playing sports in Japan and help every one’s growth and shaping unique personality.
Copyright © AirTrip Corp. All Rights Reserved.

5

3. Investment performance

Total investment including subsidiaries and affiliate
aiming for IPO: 80 companies / 5.8 billion yen
Total collected and most recent appraisal value is 15.2 billion yen＜Total investment amount - Collection and valuation amount＞

Operating investment in 77 companies and 3.3 billion
yen since 2017
We have invested in 77 companies and 3.3 billion yen in about 5
years since 2017, mainly in blue-chip venture companies that arebuilding management systems with the aim of IPO.

TVPI

260%

Invested 2.5 billion yen in three subsidiaries andaffiliate
Investment in three subsidiaries and affiliate that have gone public or
is preparing to go public is 2.5 billion yen, and the latest valuation is
8.9 billion yen.

Total value of collections and the latest valuation is 15.2
billion yen, 260% TVPIThe total amount of exited investment collections and the latest
valuation of stock holdings is 15.2 billion yen. The ratio to theinvestment amount of 5.8 billion yen was 260%, securing a solid TVPI
(investment multiple).

※The total investment amount does not include investments in listed stocks and funds other than Magmag.
※Total amount of collections and the latest valuation is the sum of the value of shares sold and the value of shares held.
※For listed subsidiaries and affiliate to be listed, the figures are calculated based on the stock price andCopyright © AirTrip Corp. All Rights Reserved.
public offering price on the day before the report was released.

6

4. Return Record

1.9 billion yen recovered through IPO and EXIT
Collected 403% return on investment of 0.5 billion yen＜IPO and EXIT deal collections＞

Collected 1.9 billion yen through the listing of 11
portfolio companies and stock transfer EXIT
Collected 1.9 billion yen and achieved 403% return through IPO andstock transfer EXIT. Further progress in collection since the previous
announcement.

TVPI

403%

Only a few companies were deemed uncollectible (sameas last announcement)■Companies in liquidation etc.：2 cases
・TECHNIQUE CONSULTING Inc. (Head Office: Chuo
Ward,Tokyo; Representative Director / CEO: Yoshihiro Sato)
・LS Corp.(Head Office: Chuo Ward, Tokyo; Representative
Director: Leo Liang)■Dormant Company：1 case・Dazzle.inc(Head Office: Shibuya Ward, Tokyo; Representative
Director / CEO: Yasuo Yamada)
Copyright © AirTrip Corp. All Rights Reserved.

※Recovery amount is the total of 10 IPOs and 1 EXIT through share transfer※For listed stocks continuously held by minority investors, the market value at the end of the previous quarter is used as the collection amount.

75. IPO Record

11 companies have achieved IPO by our investment（including 1 subsidiary and 1 affiliate）
IPO

Mental Health Technologies[TSE Growth：9218]
Listed on March 2022
Public Appeal : 6.0billion yen

Last One Mile
[TSE Growth: 9252]
Listed in September 2021
Public Appeal：4.6 billion yen
Opening price：6.8 billion yen

Hybrid Technologies（Affiliated Company listed）[TSE Growth: 4260]
Scheduled to be listed on December 23, 2021
Public Appeal：4.9 billion yen

ROBOT PAYMENT[TSE Growth: 4374]
Listed in September 2021
Public Appeal：6.9 billion yen
Opening price：13.9 billion yen

Openning price : 8.4 billion yen

Headwwaters

Magmag （Subsidiary Company listed）[TSE Growth: 4011][TSE Standard: 4059]

Listed in September 2020

Cyber Security Cloud

Listed in September 2020

[TSE Growth: 4493]

Public Appeal：2 billion yen

Public Appeal：2.2 billion yen

Listed in March 2020

Opening price：26.3 billion yen

Opening price：9.2 billion yen

Public Appeal：9.2 billion yen
Opening price： 21.2 billion yen
Piala

AI CROSS

Branding Technology[TSE Prime: 7044]

Wagokoro[TSE Growth: 4476][TSE Growth: 7067]

Listed in December 2018July 2020

[TSE Growth: 9271]

Listed in October 2019

Listed in June 2019Market change to the first section of the Tokyo Stock Exchange

Listed in March 2018

Public Appeal：3.8 billion yen

Public Appeal：2.4 billion yen,

Public Appeal：7.6 billion yen

Public Appeal：4.4 billion yen

Opening price：6.9 billion yen

Opening price：7.7 billion yen

Opening price：17.5 billion yen

Opening price：12.5 billion yen

Copyright © AirTrip Corp. All Rights Reserved.
※Market capitalization based on public offering and market capitalization based on Opening price are estimated by Us, AirTrip Corp.

8

6. Current situation of Investees ～Investees list～

Cumulative Investees 77 companies
Total investment amount is about 3.3 billion yen※As of May 2022･･･etcCopyright © AirTrip Corp. All Rights Reserved.

96. Current situation of investees ～IPO schedule～

75% investees progressed more than N-3 period
We expect some IPOs every single term

N,N-1
N-2,N-3period
the rate ofinvestees

75%※Figures in the pie chart are the number of companies.
※Aggregation based on expected status as of June 29th, 2022

Copyright © AirTrip Corp. All Rights Reserved.

106. Current situation of Investees ～Lead Managing Underwriter and Audit Firm～

More than half of investees have selectedlead managing underwriter and audit firm
which are critical factors for IPO
Selection of lead managing underwriter

Selection of Audit Firm

Copyright © AirTrip Corp. All Rights Reserved.

116. Current situation of Investees ～Assumed market capitalization at listing～

67% of investees aiming to exceed 10 billion yen
in market capitalization at IPO
which exceeds average value of TSE Mothers* IPOs

Over 10billion yen

67%

Copyright © AirTrip Corp. All Rights Reserved.
＊present=TSE Growth※Average market capitalization based on assumed IPO offering price in 2021. Approximately 10 billion yen (based on our calculations)※Companies with an undetermined offering price are excluded

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7. Introduction of new investees ～Investees table～

10 new investees since December 2021
discover and invest new prospective investees continuously
FIRST CABIN HD CO., LTD. [invested in Dec 2021]【URL：https://first-cabin.jp/】
Operates "First Cabin," a new style of compact hotel
inspired by the first class of airplanes

M&A DX Inc. [invested in Dec 2021]【URL：https://subaru-inc.co.jp/】
Developing a comprehensive one-stop service
business for M&A, inheritance, and businesssuccession by integrating analog and digitaldomains

EDGE, inc [invested in Jan 2022]【URL：https://edge-inc.co.jp/】
Providing the "Airy Series," a communication
platform specialized in solving HR andorganizational issues that have emerged in theCorona Disaster

KP technologies co.. Ltd [invested in Mar 2022]【URL：https://www.kp-tech.co.jp/】

Gazelle Capital２ [invested in Mar 2022]【URL：https://gazellecapital.vc/ 】

corntec, Inc. [invested in Mar 2022]【URL：https://corntec.jp/】

Operates "Kensetsu PAD", a cloud-based orderand supply platform that centrally manages
documents generated by construction contracts

Venture capital that specializes in investing instart-up IT companies bringing DX to legacy
industries

Supporting DX livestock production by"PIGI", a livestock management service using
AI and big data

HUMAN LIFE Co.,Ltd. [invested in May 2022]【URL：https://humanlife.co.jp/】
Developing diverse businesses centered on Internet
line sales, including "ZEUS WiFi," a mobile data
communication business that uses cloud SIM andcan be used internationally

Zeal Communications inc. [invested in May 2022]【URL：https://zeal-c.jp/】
Leading provider of digital risk consulting andreputational risk services

Copyright © AirTrip Corp. All Rights Reserved.

neton,Inc. [invested in Apr 2022]【URL：https://neton.co.jp/】
Provides "Saiyo-Kakaricho" a cloud-based
recruiting service used by more than 46,000
business sites in Japan as of April 2022

Prime Strategy Co.,Ltd. [invested in May 2022]【URL：https://www.prime-strategy.co.jp/】
Cloud integrator working to realize hyper-automation invarious fields through the development of “KUSANAGI
Stack”

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7. Introduction of new investees ～FIRST CABIN HD CO., LTD.～

Formed a capital and business alliance with First Cabin HD
a company that operates compact hotels with the image of first-class airplanes
and develops business as a franchise headquarters
Company Overview

About BusinessCompany：FIRST CABIN HD CO., LTD.

About “CABIN”

Business：Operation of compact hotels and franchise headquarters
business

A new style of compact hotel inspired by the image of first class airplanes

Establish：April 2019

All facilities are within 5 minutes walk from the nearest station.

Representative：President & Representative Director Hiroyuki Mera

Convenient for urgent use when you have transportation problems.

Capital：1,400 million yen

Not only overnight stays, but also short stays are available on an hourly basis.

URL：https://first-cabin.jp/

More reasonable than a business hotel and comparable to a capsule hotel.

Refresh yourself in a short time and be active in a variety of business andprivate situations.
Copyright © AirTrip Corp. All Rights Reserved.

14

7. Introduction of new investees ～M&A DX Inc.～

Formed a capital and business alliance with M&A DX
which provides comprehensive services related to M&A,
inheritance and business succession
Company Overview

About BusinessCompany：M&A DX Inc.
Business：Comprehensive service business related to M&A,
inheritance and business succession

Developing a comprehensive one-stop service for M&A, inheritance and businesssuccession by integrating analog and digital domains.
Providing one-stop service with high satisfaction by in-house production of 15
services.

Capital：5 million yen

Excessing in "human resource capabilities" with a specialist ratio of over 70%,
"data matching" utilizing data accumulated on past achievements and needs and"networking capabilities" collaborating with financial institutions and professionalfirms nationwide, mainly in Tokyo, Nagoya, and Osaka.

URL：https://subaru-inc.co.jp/

Achievement of speedy M&A closing in as little as 21 days.

Establish：January 2018
Representative：Representative Director Akitoshi Makita

Copyright © AirTrip Corp. All Rights Reserved.

15

7. Introduction of new investees ～EDGE, inc～

Formed a capital and business alliance with EDGE
operator of the "Airy Series" that uses the power of technology to solve
human resource and organizational issues that have become apparent in the COVID-19 disaster
Company Overview

About BusinessCompany：EDGE, inc

About “Airy Freshers Cloud”

Business：Resolving HR and organizational issues

Services to eliminate wasteful follow-up of job offers.

Establish：April 2017

A total of 5,479 companies have used the system, and 98.6% of those who haveused it say "it has been effective in preventing job offers from being declined".

Representative：Representative Director Motohiro Sahara
Capital：61.9 million yen
URL：https://edge-inc.co.jp/

Received the AI/Artificial Intelligence Special Category Award and the 6th IMS Japan
Award Special Prize at "the e-Learning Awards 2021".
By quantitatively and objectively evaluating 1-on-1s, it is possible to accurately grasp
the actual status of 1-on-1s and visualize issues.

Copyright © AirTrip Corp. All Rights Reserved.

16

7. Introduction of new investees ～KP technologies co.. Ltd～

Formed a capital and business alliance with KP technologies
operator of the construction industry-specific platform "Kensetsu PAD"

Company Overview

About BusinessCompany：KP technologies co.. Ltd

About “Kensetsu PAD”

Business：Service that specialize in construction

A cloud-based order and supply platform that enables people involved in document
work to view, share, and store documents anytime, anywhere by managing all the
documents generated from contracts, orders, and invoices in construction
contracting on the cloud by technology.

Establish：February 2020
Represantative：Representative Director Yoh Aoki
Capital：63 million yen
URL：https://www.kp-tech.co.jp/

Create new value for legacy industries by establishment of a symbiotic
infrastructure between construction industry and digital technology.

Copyright © AirTrip Corp. All Rights Reserved.

17

7. Introduction of new investees ～Gazelle Capital 2nd Fund～

Funded Gazelle Capital 2nd Fundwhich investing in unlisted companies in the start-up phasethat are challenging SaaS and DX businesses
Company Overview

About BusinessCompany：Gazelle Capital, Inc.

About Gazelle Capital 2nd FundBusiness：Investment and support activities for start-up companies

A fund operated by Gazelle Capital, Inc.

in the early stages of establishment
Establish：May 2019
Represantative：Kotaro Ishibashi
URL：https://gazellecapital.vc/

A VC fund specializing in the SaaS and DX domains and investing mainly inentrepreneurs who are cutting into legacy industries with the power of IT and theInternet.
Legacy industries are facing challenges in technological innovation and efficientmanagement, and promoting DX, which is also a government policy, will bring new
possibilities

Copyright © AirTrip Corp. All Rights Reserved.

18

7. Introduction of new investees ～corntec, Inc.～

Formed a capital and business alliance with Corntec
provider of “PIGI”, a livestock management service utilizes AI and big data

Company Overview

About BusinessCompany：corntec, Inc.

About “PIGI”

Business：Design, construction, and consulting for swine plants

The system identifies the number of pigs by analyzing camera images, determines
their weight, and utilizes this transition data for shipping forecasts and otherpurposes, thereby supporting DX livestock production that reduces humanintervention and relies less on intuition and experience.

Establish：October 2019
Represantative：President & Represantative Director
Yuichiro Yoshikado
Capital：52.5 million yen*
URL：https://corntec.jp/*capital reserve contained

Significantly reduces lengthy weigh-ins and solves labor and time problems.
No need for skill, so anyone can take measurements.
Preventing deterioration of meats by high measurement accuracy of AI.

Copyright © AirTrip Corp. All Rights Reserved.

19

7. Introduction of new investees ～neton,Inc.～

Formed a capital and business alliance with Neton
provider of "Saiyo-Kakaricho", a cloud-based recruiting service
that solves the recruiting problems of small and medium-sized companies
Company Overview

About BusinessCompany：neton,Inc.

About "Saiyo-Kakaricho"

Business：Operation of "Saiyo-Kakaricho"a recruitment cloud launched in 2017 with a policy of “creating the best encounterof companies and job hunters”

Establish：October 2004
Represantative：Representative Director / CEO Satoshi Kishima
Capital：736 million yen*
URL：https://neton.co.jp/

Steadily increasing results, growing to a service used by a cumulative total of over
46,000 business establishments in Japan.
Supporting corporate recruiting activities with the aim of resolving nationwide
recruitment difficulties and human resource shortages and contributing to thecreation of a society in which small, medium, and regional companies can be strong
and active.

*capital reserve contained
Copyright © AirTrip Corp. All Rights Reserved.

20

7. Introduction of new investees～HUMAN LIFE Co.,Ltd.～

Formed a capital and business alliance with HUMAN LIFE
operating diversified business including “ZEUS WIFI”, a mobile data communication business thatcan be used domestically and internationally using cloud SIM
Company Overview

About BusinessCompany：HUMAN LIFE Co.,Ltd.

About “ZEUS WIFI”
Mobile data communication devices that can be used domestically andinternationally using Cloud SIM

Business：Mobile data communication business, etc.
Establish：December 2018
Represantative：President & Represantative Director Mizuki Itagaki
Capital：315 million yen
URL：https://humanlife.co.jp/

The cloud server automatically connects the optimal SIM card from the vast numberof SIM cards inserted into the cloud server.
Easy to use when traveling abroad or on business trips by simply purchasing anoverseas data plan without renting an overseas Wi-Fi routerFree handset rental & no installation required, available from the day you receive
the handset

Copyright © AirTrip Corp. All Rights Reserved.

21

7. Introduction of new investees ～Zeal Communications inc.～

Formed a capital and business alliance with Zeal Communications
operating Digital Risk Business which protect corporate brand value
from reputational risks in the digital world
Company Overview

About BusinessCompany：Zeal Communications inc.

Digital Risk Consulting
Strengthen brand value by preventing damage caused by slander and rumors on
the webBusiness：Digital Risk Business, HR Business
Establish：October 2008
Represantative：President & Represantative Director Shinya Yabusaki
Capital：80 million yen
URL：https://zeal-c.jp/

Reputational Risk Services
Preventing the "occurrence," "spread," and "spread of damage" of web risks thatcan lead to flaming
Total support from building a structure that does not catch fire, including not only
solving problems on the Web and SNS, but also reviewing internal systems, risk
training, and insurance in case of an emergency.

Copyright © AirTrip Corp. All Rights Reserved.

22

7. Introduction of new investees ～Prime Strategy Co.,Ltd.～

Formed a capital and business alliance with Prime Strategy
Developed and provides the ultra high-speed CMS execution environment "KUSANAGI”

Company Overview

About BusinessCompany：Prime Strategy Co.,Ltd.
Business：Website construction, maintenance, operation, collection,
security support, etc.
Establish：December 2002
Represantative：Represantative Director Kengyu Nakamura
Capital：40 million yen
URL：https://www.prime-strategy.co.jp/

About "KUSANAGI”
Ultra-fast CMS execution environment which speeds up websites and reduces
opportunity loss during access concentration
Received the "Tokyo Innovative Service Special Award" in the "World Dissemination
Competition" hosted by the Tokyo Metropolitan Government in November 2021, inrecognition of its technology and achievements.
Maintaining and manage websites with an integrated system from applications to
middleware and servers.

Copyright © AirTrip Corp. All Rights Reserved.

23

Appendix～New investees since June 2022～

Copyright © Air Trip Corp. All Rights Reserved.

24Introduction of new investees ～start-up studio Inc.～

Formed a capital and business alliance with start-up studio
operator of "Uniforce”, DXs management of financial disclosure operations

Company Overview

About BusinessCompany： start-up studio Inc.
Business：BPO agency, outside CFO, IPO support, etc.

About "Uniforce”
Cloud service which enables DXing and streamlining of cumbersome financial
disclosure management operations.

Establish：August 2020

Experience in supporting numerous projects at audit firms, affiliated consulting
firms, and securities firms.

Represantative：Represantative Director Kazuya Sunada
Capital：105 million yen
URL：https://startup-studio.co.jp/

Core members with strengths in the areas of back-office support services, advisory
services related to finance, accounting, and taxation, and IPO support services
were involved in the design of the service.
Provide a wide range of support from tool implementation support, handling ofdetailed consultation in financial disclosure operations, project progress support,
and even back-office operations support.
Copyright © AirTrip Corp. All Rights Reserved.

25

Introduction of new investees ～AK Corp.～

Formed a capital and business alliance with AK
Operator of “g-port”, a group home for disabilities

Company Overview

Company：AK Corp.
Business：Operation of “g-port”
Establish：September 2017

About Business

About "g-port”
Communal living support facilities with 20 facilities in Okinawa alone.
Overturning the conventional concept of group homes, providing the value of"comfortable and fulfilling life" to disabilities.

Represantative：Represantative Director Kenji Uemura
Capital：11 million yen
URL：http://gport.co.jp/

Providing from living spaces to exclusive rooms for supporting comfortableenvironment to be adaptable to every person.
Solving the problem of a shortage of group homes in Japan by expanding life
spaces that maximize comfort for users.
Copyright © AirTrip Corp. All Rights Reserved.

26

Introduction of new investees ～XIAN,Inc～

Formed a capital and business alliance with XIAN,Inc
operating marketing DX business and "mediable", a video platform

Company Overview

About BusinessCompany：XIAN,Inc
Business：Performance-based remuneration marketing DX,
Operation of “mediable”
Establish：October 2019
Represantative：Represantative Director
Takashi Yabumoto, Takaji Sugino
Capital：8 million yen

About "mediable”
Subscribe video platform for video creators that anyone can easily start.
Provide a system that allows you to create a community of fans who supports you
by making videos of what you "like" and "want to do," and to be active as a media
outlet.
Creating the new world that every one person can be media with the idea of“creating an era in which each and every one of us can play an active role as amedia”.

URL：https://xian.inc/
Copyright © AirTrip Corp. All Rights Reserved.

27

・These materials contain forward-looking statements related to industry trends and the Company’s business development based on the Company’s current expectations, estimates, and forecasts.
・ A variety of risks and uncertainties are inherent in the assertions made in these forward-looking statements. Known and unknown risks, uncertainties, and other factors may result in differences fromthe statements included in assertions related to forward-looking statements.
・ The Company’s actual future business and operating performance may differ from the forward-looking statements contained in these materials.
・ The assertions related to forward-looking statements made in these materials are based on the best information currently available to the Company and will not update or revise any forward-looking
statements to reflect future events or conditions.
・This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

AirTrip Corp.
(Tokyo Stock Exchange PRIME Section：6191)
19th Fl. Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6219
TEL 03-3431-6191
https://www.AirTrip.co.jp