AVCJ

Eight Roads leads $12m round for Japan's Toreta

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Eight Roads Ventures Japan has led a JPY1.2 billion ($11.8 million) investment in Toreta, a Tokyo-based reservation and customer management platform aimed at restaurants.

Existing shareholders Femto Growth Capital, World Innovation Lab (WiL), Salesforce Ventures and iSGS Investment Works also participated in the round, as did new investors NTT Docomo Ventures and Mitsui Sumitomo Insurance Venture Capital. David Milstein, partner and head of Japan at Eight Roads, will join the board at Toreta.

Launched in 2013, Toreta aims to bring digital reservation management to Japanese restaurants, which mostly keep such records in paper ledgers. Currently the platform is used in about 7,000 establishments; the company will use the new capital to enhance its development process and strengthen its sales and support marketing system in order to grow the customer base.

AVCJ Research shows a number of previous funding rounds for Toreta, starting with a JPY100 million commitment from Femto in 2013. With the latest round the company has raised more than $18 million in total.

Eight Roads' other investments in Japan's food space include Retty; the firm - then called Fidelity Growth Partners Japan - led a JPY1 billion Series C round for the company in 2015, and WiL led a JPY1.1 billion investment earlier this year. Other operators in this space include Gurunavi and FoodKing.

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