TERASS Inc.

TERASS Inc. (株式会社TERASS) is a Tokyo-based real estate technology company that operates what it describes as a next-generation real estate agent firm: a platform on which experienced brokerage professionals can operate as independent agents. The company's stated mission is to make it standard that "good real estate transactions start with good agents," and its vision is to open a world where individuals can shine at life's turning points.

The product set centres on "Terass Cloud," a core operations and management system for brokerage work, supported by "Terass Offer" (a consumer-facing site through which buyers and sellers receive proposals from agents, used for customer acquisition), "Terass Portal" (a tool for seller-side customer communication) and "Terass Picks" (property recommendation). The company also offers mortgage-related services, including a combined home purchase and mortgage flow provided with au Financial Partners under the "terass×au自分銀行" arrangement, and an AI-based rental management tool ("AI賃貸管理") aimed at helping condominium owners maximise asset value and improve management efficiency. Consumer-facing services include home purchase consulting under the "Terass Agent" brand and purchase/sale consultation.

According to the company, agents on the platform can conduct brokerage operations fully remotely, with average working hours reduced by more than 70% while transaction counts and compensation increase. TERASS also publishes "with TERASS," a media property covering the working reality of its agents, and recruits both agents and head-office/business staff.

Founding story

Founder and CEO Ryosuke Eguchi graduated from Keio University's Faculty of Economics, joined Recruit in 2012 and spent five years in advertising sales and web planning for SUUMO's used-housing sales business, then joined McKinsey & Company in 2017 working on M&A-centred management consulting. His formative experience was buying a condominium at age 26: while the purchase itself was positive and demonstrated housing's impact on people's lives and asset formation, he was struck by the inefficiency of brokerage work, including an agent proposing an 11 p.m. visit to collect a missed contract stamp. Drawing on that experience and on business models already established in the United States, he founded TERASS in April 2019 to remove such inefficiencies from Japanese real estate brokerage.

Business model

TERASS operates as a technology-enabled real estate brokerage group rather than selling software subscriptions to incumbent brokerages. Independent, experienced agents affiliate with TERASS and run brokerage transactions—largely remotely—on the company's platform, while TERASS supplies lead generation, customer communication tools, property recommendation, mortgage handling and back-office systems. Because revenue is tied to brokerage activity, the model scales with transaction volume (GMV) rather than seat-based software fees; the CEO has stated the company chose this route after concluding that vertical SaaS for real estate firms faced slow IT adoption and resistance to fixed monthly costs.

Sources indicate revenue is generated from real estate brokerage transactions conducted by affiliated agents on the TERASS platform, with the business tied to brokerage transaction value rather than subscription software fees; related services include mortgage intermediation under a banking agency agreement with au Jibun Bank.

Traction

Japanese startup data and press cite roughly 650 affiliated real estate agents nationwide as of late 2024, an estimated post-money valuation of about JPY 17.0 billion as of July 2025, and cumulative financing including a JPY 220 million Series A (2021), JPY 1 billion Series B (2022) and a JPY 3.1 billion Series C round with secondary component (2025). The company reports that agents on its platform reduce average working hours by more than 70% while increasing transaction counts and compensation.

Latest developments

In July 2025 TERASS announced a Series C third-party allotment which, together with share transfers, totalled JPY 3.1 billion (about $20.9 million), a round reported as involving a secondary transaction with existing shareholders and, per Japanese coverage, an "offensive secondary" strategy that reduced the VC ownership ratio to 35%. In February 2026 the company announced a business alliance with FLIE covering deployment of "FLIE de 物確" to TERASS agents and joint sales of the "FLIE ONE" DX support package to real estate operators nationwide. In January 2026, CEO Ryosuke Eguchi joined Keizai Doyukai.