Japanese Startup Surges 300% on Demand for Cloud-Based Accounting
- Freee’s market value rose since December IPO to $3.7 billion
- Still-unprofitable firm focused on subscriber growth, CEO says
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Daisuke Sasaki has seen his cloud-based accounting company’s valuation swell to $3.7 billion despite having yet to show a profit, but he’s not letting that pressure him.
Shares of Freee K.K. have quadrupled since going public on the Tokyo Stock Exchange in December, along with rising demand for cloud services amid the remote-working trend. The stock rose 1.3% Monday to a new high.