Global Brain, others lead $4m Series C round for Japan photo app
Japanese early stage investor Global Brain Corp. has joined Energy and Environment Investment and publishing firm Kodansha to invest JPY400 million (about $4 million) in Toyko-based Mind Palette, the start-up behind fashion-focused photo sharing app Snapeee.
Launched in 2011, Snapeee allows users to capture and decorate photos and then share them via social networks. According to a release, the app claims to have accumulated over 8 million - mostly-female - users to date, with around 10,000 new accounts being registered daily.
Japan is the app's biggest market with 1.8 million users follow by Taiwan with 1.4 million users. The app is looking to expand further into Thailand and Indonesia and aims to reach 10 million users worldwide by the end of the year.
According to AVCJ Research Data, this is the start-up's fourth round of fundraising. CyberAgent Ventures was the first to invest, contributing an undisclosed amount through its "Startups 2010" acceleration program. The business then received JPY100 million from Itochu Technology Ventures and GREE in November, 2011. Itochu then returned in April, 2013, to take part in an undisclosed round led by SMBC Venture Capital; other investors included Dentsu Digital Holdings, Mitsubishi UFJ Capital and Suneight Investment.
The company hopes to use this latest investment - and the tie-up with Kodansha, which publishes fashion magazines like ViVi - to help promote the app and expand its user base.. It is s also plans to add an e-commerce payments feature in the future.
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