VCs invest $6.4m in Japan's Monstar Lab
A group of venture capital investors including YJ Capital and Fenox Venture Capital has led a JPY700 million ($6.4 million) funding round for Japanese global outsourcing service developer Monstar Lab.
Shinsei Corporate Investment also participated in the funding round, according to a release, as well as San-In Chuo Television Broadcasting, Tanabe Corporation, and additional unidentified existing investors. The company will use the new capital to grow its customer base in Asia and expand into Europe and the Americas.
Monstar produces a range of consumer and enterprise mobile apps, software, internet-of-things (IoT) applications, and augmented and virtual reality products. Its flagship service, Sekai Lab, allows software development companies to source team members from an international talent pool.
The company is present in Japan, Singapore, China, the Philippines, Vietnam and Bangladesh, and recently announced a partnership with Nodes Group, a Danish mobile app developer with operations in Denmark and the UK. Monstar also has offices in the US, the UK and the Netherlands, with over 800 employees worldwide.
Monstar’s previous investments include a JPY250 million round last November from investors including Resona Capital and Gogin Capital, an investment arm of locally based San-in Gogo Bank. The company is one of several Japanese crowdsourcing-based businesses to attract VC investment, including DCM-backed Sansan and Gree Ventures-supported Lancers.
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