Global Brain backs $13m round for Japan's Base
Japanese venture capital firm Global Brain has led a JPY1.5 billion funding round for domestic online shopping start-up Base.
The GP invested via its sixth fund, which is targeting about $175 million and achieved a first close of $130 million in late 2016. Tokyo-listed financial services company Money Forward also contributed and will support a fintech product rollout.
According to a statement, the company will establish a new subsidiary known as Pay by spinning out its existing payment service platforms. The operational expansion will include the hiring of additional staff. Global Brain invested JPY300 million in the company in 2014.
Although Japan’s e-commerce space benefits from strong internet penetration and economic fundamentals, the start-up ecosystem is said to be constrained by intense competition and scaling difficulties. Recent activity by Global Brain includes a JPY1.1 billion round for Creema, an online retailer focused on handmade items, and a JPY8.4 billion round for peer-to-peer marketplace Mercari.
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