Japanese startup Timee, which operates a platform connecting workers seeking side gigs with labor-strapped businesses, plans to go public in Tokyo this July, aiming for a valuation of roughly $1 billion, according to sources familiar with the matter. Founded in 2017, Timee’s app allows users to work shifts as short as one hour at restaurants, convenience stores, and hotels, offering quick payment. With 7 million registered users, Timee is riding a wave of increased demand for flexible labor in Japan.
Daiwa Securities and Morgan Stanley are joint global coordinators for the listing, which could be approved by the Tokyo Stock Exchange as early as next week. The startup’s growth reflects a shift in Japan’s labor market towards more flexible working styles, driven by demographic challenges and inflationary pressures. Timee’s competitors include Mercari, which launched a side-gig service in March, and major staffing agencies Recruit and Dip, which plan to introduce new on-demand work services later this year. Backers of Timee include Itochu and CyberAgent, with investors like venture capital firm Jafco expected to sell shares in the IPO.