Gree, GMO in $4.6m round for Japan's Sorabito
Sorabito, the Japanese operator of an online marketplace for heavy machinery, has received JPY500 million ($4.6 million) from investors including Gree Ventures and existing backer GMO Venture Partners.
According to a statement, the round also included participation from Opt Ventures, SMBC Venture Capital and JA Mitsui Leasing as well as returning investors Fumiaki Koizumi and Hidetoshi Takano. The capital will be used to enhance the company's Allstocker platform, which facilitates the sale of construction and agricultural equipment across Asia.
Sorabito claims Allstocker is Asia's largest online marketplace for big machines, with more than 30,000 companies using the site monthly. Expansion plans for the Amazon-style platform include the introduction of machine inspection, safe payment and distribution services.
GMO participated in a JPY100 million investment in the company last year. The firm focuses on Series A investments in internet-enabled companies in Japan and Southeast Asia. Gree makes early-stage investments in internet and mobile companies with global potential across Asia, with an emphasis on Japan.
US-based industrial market researcher Markets Reports Store has estimated that Asia Pacific will account for 49% of a projected $10.3 trillion global construction market in 2020. This will reflect an increase from 40% in 2010 despite the slowing growth rate of China's construction industry.
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