被投資人執行回購的新創公司還能重獲新生嗎？
Can a startup subjected to investor-led redemption still find a path to revival?

海擇短評 Haize Comment：

被投資人執行回購的新創公司還能重獲新生嗎？

被投資機構執行回購的公司是否一定無路可走？日本的一家旅宿預訂公司"百戰練磨(Hyakusenrenma)"以自身作為例子告訴我們，置之死地一樣可以後生。

百戰錬磨(Hyakusenrenma)是一家來自日本宮城縣仙台市的日本公司，成立於2012年，專注於通過"可持續旅遊"來促進地區振興。其核心服務以旅宿預訂網站STAY JAPAN為主，將住宿與當地文化和生活方式深度結合，以OTA形式提供旅客民宿、農泊、古民家等獨特的日式住宿體驗。

百戰錬磨的股東陣營也相當顯赫，除了京王電鐵、日本航空(JAL)，甚至拿過日本最大旅行社JTB與日本主權基金Cool Japan的融資；其中，2016年Cool Japan與AID Partners Capital共同領投百戰錬磨達14億美金。

2016年到2019年的日本OTA競爭格局演變大家都知道了。百戰錬磨並不是在日本市場勝出的住宿類OTA，甚至也不是在非標住宿或是民宿等細分領域勝出的OTA；在經歷了一段財務壓力後，它的估值並沒有增長到讓Cool Japan有合理盈利的程度，最後被Cool Japan要求進行資金回購(redemption)。而我們今天討論它的原因是，它不但奇蹟般地避免了清算，而且很好的生存下來。我們認為這與疫情期日本政府開始更大手筆的進行地方振興補貼有關，百戰練磨與地方政府及企業合作，再次推動了一系列的農泊和可持續旅遊方案，使公司能夠通過政府補貼重新站穩腳跟，STAY JAPAN也擴大了服務範圍。

近期百戰練磨與另一間地方創生企業"雨風太陽"的合作，就是很經典的互補模型， 雨風太陽提供狩獵、釣魚等體驗產品，與百戰練磨提供的住宿產品結合，為日本農村地區導入旅客。

當然，如果用資本市場的角度衡量，目前百戦錬磨並非獨角獸，但至少它已成功的擺脫回購風險，再創新路。

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Can a startup subjected to investor-led redemption still find a path to revival?

Is a company subject to redemption by its investors always doomed? The Japanese accommodation booking company *Hyakusenrenma* provides a powerful example that survival is possible even when facing dire circumstances.

Founded in 2012 in Sendai, Miyagi Prefecture, "Hyakusenrenma" focuses on promoting regional revitalization through "sustainable tourism." Its core service, "STAY JAPAN", offers travelers unique accommodation experiences such as farm stays, traditional homes, and rural inns, deeply integrated with local culture and lifestyle.

The company's investors include prominent names like Keio Corporation, Japan Airlines (JAL), and Japan's largest travel agency JTB. It also received significant financing from "Cool Japan", Japan's sovereign wealth fund. In 2016, "Cool Japan" and AID Partners Capital led a $1.4 billion investment in Hyakusenrenma.

However, between 2016 and 2019, Japan’s online travel agency (OTA) market became highly competitive. Hyakusenrenma didn’t emerge as the leading OTA, even in niche markets like alternative accommodations. The company's valuation stagnated, prompting Cool Japan to demand a redemption of its investment. Despite the financial pressure, Hyakusenrenma miraculously avoided liquidation and managed to survive.

This resurgence is largely attributed to increased government subsidies for regional revitalization during the pandemic. By collaborating with local governments and businesses, Hyakusenrenma introduced a series of farm-stay and sustainable tourism initiatives. Government subsidies helped the company regain stability, and STAY JAPAN expanded its service offerings.

A recent partnership between Hyakusenrenma and "Ame Kaze Taiyo", another regional revitalization company, exemplifies a complementary model. "Ame Kaze Taiyo" offers hunting and fishing experiences, which are combined with Hyakusenrenma’s accommodation products to attract tourists to rural Japan.

From a capital market perspective, Hyakusenrenma is not yet a unicorn, but it has successfully navigated past the redemption risk and is charting a new path forward.

標籤 Label： Hyakusenrenma  AmeKazeTaiyo  OTA  StayJapan  CoolJapan  SustainableTourism  RegionalRevitalization