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Japanese VCs invest $4m in social retail app developer

  • Andrew Woodman
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Mitsubishi UFJ Capital and DBJ Capital have joined existing investors DCM Japan, Itochu Technology Ventures and Jafco Ventures, in a JPY400 million ($3.8 million) round of funding for Tokyo-based Tab, the start-up behind the location-based retail recommendation app of the same name.

Originally founded in 2008 as Tonchidot, Tab provides a web service and accompanying smartphone app whereby users can collate a virtual scrapbook of places they would like to visit - and products they want to buy - which can then be shared with friends.

The app is similar to that of US firm Pinterest - where users can collect clips from the internet - but with the difference that the app will inform users if they are in the vicinity of a place that they want to visit, such as a restaurant or shop.

According to a release, the extra funding will be used to further strengthen its customer services and increase the number of users making store visits using the app.

AVCJ Research shows this is the third round of funding the business has received. Itochu and DCM invested $4 millon in the company in late 2009 for an undisclosed stake and then returned the following year to invest $12 million alongside Jafco Ventures and a consortium of strategic investors which included telecoms giant KDDI Corp., publishing firm Recruit and IT company Spire.

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