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Vertical and industry software · Japan

ANDPAD

andpad.jp ↗

ANDPAD runs the top construction-management SaaS platform for Japanese contractors.

Hard to displace
Assessed 25 July 2026 · Evidence as of 25 July 2026
Strong structural protection; the business model survives ai pressure.
On the recordSince 25 July 2026 · Checkable from 2026-2027 · Every call on the record Checkpoint: ANDPAD AWARD conference, plus any IPO S-1 disclosure of core SaaS margins
The call

ANDPAD sits on top of Japan's construction SaaS market with no shipped foreign rival product yet in view, while its own fintech and adjacency bets remain the main untested part of the picture.

ANDPAD is a software platform that helps construction companies in Japan manage projects, payments, and compliance all in one place. It is hard to replace because it connects hundreds of thousands of Japanese construction firms together on a single network, is woven into local government requirements and bank systems, and has built relationships through regional banks. The main threat would be if Procore, a big American construction software company, decides to actually build a Japan-specific product and hire a Japanese team to sell it, which it has not done yet despite having a support website there.

Why
01
AI pressure: None apparent. AI shows up inside ANDPAD itself, via Stellarc and Knowledge AI features, not as an outside product taking users. Could AI do the core job? Only partly.
02
Bigger players: Procore (US). Procore runs a localized Japanese support site but has not shipped a Japan-native product or landed named contractor wins. Could a giant copy it? Probably.
03
What protects it. 233k plus contracted companies, 680k plus users, plus regulatory integrations and regional-bank distribution baked into daily workflows.
What would change this call
Procore announces a Japan-native product SKU or names a Japan country manager. Would show a real foreign incumbent finally competing for ANDPAD's customers.
ANDPAD files IPO S-1 disclosing core-SaaS margins separate from fintech/adjacency revenue. Would reveal whether ANDPAD's core platform is profitable without subsidized adjacencies.
A named regional bank ends its ANDPAD channel partnership or backs a rival platform. Would signal erosion of ANDPAD's offline distribution moat.
Key numbers
  • 233,000-265,000 contracted companies (2026-07-13)
  • 680,000-690,000+ registered users (2026-07-13)
  • Series D raised $84.14M (~JPY 12.2bn) (2022-09)
Named risks
  • Invoice-factoring service ANDPAD Hayauketori faces regulatory exposure as it scales beyond April 2025 beta. Severity: medium
  • Adjacency sprawl across Builder Work, ANDPAD BM, and Convex could dilute core SaaS focus ahead of a potential IPO. Severity: medium
  • Foreign incumbents Procore or Autodesk could enter Japan via country-manager hire, native product, or bank-channel partnership. Severity: low
  • No public revenue or profit disclosure creates opacity for anyone evaluating financial health before a listing. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
ProcorecontestingRuns only a localized Japan support site, no competing domestic product shipped as of 2026-07
AutodeskcontestingAdjacent BIM/enterprise incumbent, no Japan-native construction SaaS product shipped to date
PhotoructioncontestingTokyo-based domestic construction DX startup, no reported customer losses from ANDPAD
DougongyuncontestingChina-based construction SaaS peer, operates in separate Asia-Pacific market, not direct Japan competitor
Questions people ask
Is ANDPAD profitable in 2026?
ANDPAD does not publicly disclose revenue or profit figures since it remains privately held and unlisted as of July 2026. No primary financial statements have been released; the company has only signaled intent to pursue an IPO in recruiting materials, without a confirmed filing date.
Who owns ANDPAD?
ANDPAD is privately held, backed by investors including Globis Capital Partners, Salesforce Ventures, Sequoia Capital, DNX Ventures, BEENEXT, and regional Japanese banks like Chiba Bank and Iyo Bank. It changed its name from Oct to ANDPAD Inc. in May 2020 and remains unlisted as of 2026.
Could AI replace ANDPAD's platform?
ANDPAD is embedding AI into its own platform rather than being displaced by it, launching the Stellarc AI agent suite in December 2025 and Knowledge AI in May 2026 to codify veteran workers' expertise. Its moat rests on proprietary site data and network effects across 233,000+ contracted firms, not just software.
Who is ANDPAD's biggest competitor?
Procore, the US-listed construction SaaS leader, is the most-cited global peer, but as of July 2026 it runs only a localized Japanese support site with no competing domestic product shipping in Japan. Domestic peer Photoruction is a smaller Tokyo-based construction DX rival.
Is ANDPAD going public?
ANDPAD has signaled IPO intent, with recruiting materials describing the company as aiming for listing, but no confirmed IPO filing date exists as of July 2026. The company remains privately held with funding rounds including investors like Salesforce Ventures and Sequoia Capital.
How many companies use ANDPAD?
ANDPAD reports approximately 233,000 to 265,000 contracted companies and over 680,000 registered users as of July 2026, according to the company's own news archive, making it the self-reported leader in Japan's construction management SaaS market.
Timeline
  • 2026-05-08Launched ANDPAD Knowledge AI to codify veteran workers' tacit expertise
  • 2025-12-09Launched ANDPAD Stellarc, an AI agent platform for the construction industry
  • 2025-10Relocated headquarters from Chiyoda-ku to Minato-ku, Tokyo
  • 2025-09-17Launched Builder Work, a construction-industry recruitment service
  • 2025-07-09Fujisawa City became first Japanese municipality to adopt ANDPAD
  • 2025-05-27Sekisui House adopted ANDPAD
  • 2025-04-30Launched beta of ANDPAD Hayauketori invoice-factoring service
  • 2024-04Made Convex a subsidiary and raised Y1.2bn in debt financing
  • 2020-05-13Changed corporate name from Oct to ANDPAD Inc.
  • 2016ANDPAD product launched
Revision history
25 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
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