# COVER Corporation

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cover-2

- Industry: Media
- Headquarters: Tokyo, Japan
- Website: www.cover-corp.com
- Total disclosed funding: $2.1M
- Latest round: Series A (Jun 1, 2018)
- Investors on record: 6

## About

COVER Corporation, based in Japan, excels in providing virtual entertainment and digital experiences through innovative VTuber productions and engaging media initiatives.Founded in 2016 and headquartered in Tokyo, Japan, COVER Corporation specializes in the production of virtual idols known as VTubers. The company has successfully completed 6 deals, with its most recent funding event being an IPO on March 27, 2023, which raised JPY 9.32 billion. The CEO of the company is Motoaki Tanigo. The IPO valued COVER Corporation at JPY 45.84 billion, with total funds raised amounting to JPY 10,718.60 million.COVER Corporation specializes in virtual entertainment and digital experiences, primarily through its flagship offerings such as the VTuber production agency and various media mix initiatives. The company creates and manages virtual idols and characters, referred to as VTubers, who engage audiences through streaming platforms and social media, captivating a global fan base. Their services extend to the Metaverse, where they facilitate immersive experiences and collaborations with brands and events, such as the 'hololive night' event in partnership with the Los Angeles Dodgers. COVER targets a diverse client base, including content creators, brands seeking to leverage digital influencers, and entertainment consumers interested in innovative virtual engagement. The company's products and services are marketed primarily in Japan, North America, and other regions where virtual entertainment is gaining popularity.COVER Corporation generates revenue through a combination of partnerships, direct-to-consumer interactions, and media licensing agreements. The business model includes revenue streams from subscription services, where clients pay for ongoing access to exclusive content and experiences featuring their virtual idols. Additionally, the company engages in B2B transactions, collaborating with brands for promotional events and media projects that leverage their VTuber talents. Pricing structures for these services are structured around different tiers, offering varying access and benefits, though specific figures are not disclosed. The establishment of entities such as hololive RECORDS further indicates a strategy for diversifying revenue through music and entertainment avenues associated with their trademarked products.In March 2023, COVER Corporation raised JPY 9.32 billion in an IPO, selling 12.43 million shares at JPY 750 per share at the Tokyo Stock Exchange, Mother's section. The funds raised will be utilized to enhance their offerings in virtual entertainment and expand their presence in the Metaverse. Future plans include launching new products and services designed to captivate audiences and exploring potential expansions into additional international markets. The company's strategic initiatives aim to leverage recent financial gains to solidify its position in existing markets while targeting growth regions where virtual entertainment continues to rise in popularity.

## Funding rounds

- Series A, Jun 1, 2018, $1.8M — Mizuho Capital, STRIVE, OLM Ventures, TC Consulting
- Seed, Aug 1, 2017, $0.3M — Mizuho Capital, gumi ventures, TLM

## Investors

- Mizuho Capital (https://capitalatlas.ai/funds/mizuho-capital) — Seed, Series A
- gumi ventures (https://capitalatlas.ai/funds/gumi-ventures) — Seed
- TLM (https://capitalatlas.ai/funds/tlm) — Seed
- STRIVE (https://capitalatlas.ai/funds/strive) — Series A
- OLM Ventures (https://capitalatlas.ai/funds/olm-ventures) — Series A
- TC Consulting (https://capitalatlas.ai/funds/tc-consulting) — Series A