IMJ, Opt invest $4.4m in Japan's Enechange
Enechange, which manages an energy price comparison site aimed at Japanese customers, has raised JPY500 million ($4.4 million) from Opt Ventures and IMJ Investment Partners.
According to a release, the company will use the new capital to invest in advertising to increase brand awareness, while also supporting its long-term goal of expanding its geographical reach beyond Japan and adding additional business lines. The company also plans to expand its partnership with UK-based smart power meter developer SMAP Energy.
Enechange was founded in 2015 to take advantage of the deregulation of Japan’s electricity and gas industries planned for 2016 and 2017, respectively. It offers price comparison services to electricity and gas customers; provides statistics, data mining and consulting services to electricity companies; and runs a price comparison site for SIM cards.
The company claims to have helped 10 million customers change to more affordable energy providers since its launch. It plans to focus on its statistics and analytics services as it expands outside Japan.
Opt Ventures is the VC investment unit of Japanese advertising company OPT. The firm is currently raising its first fund, which launched in 2015 and reached a first close of INR4 billion the same year. It provides early and growth stage capital to Japanese companies in the IT sector.
Investments include Sorabito, operator of an online marketplace for heavy machinery, for which Opt participated in a JPY500 million round along with investors including Gree Ventures and GMO Venture Partners.
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