Japan hiking app provider gets Series B
Japan-based hiking app provider Yamap has raised a JPY1.2 billion ($11.1 million) Series B funding round from a group of domestic investors including Advantage Partners-owned outdoor sports equipment retailer Ishii Sports.
Additional investors included Revic Capital, SMBC Venture Capital, I Mercury Capital, Japan Asia Group, Morinaga, Setouchi DMO, seed-stage accelerator 01Booster, and SRL Inc, a company that controls a number of clothing brands. Venture funds associated with a number of local banks also participated, including Fukuoka Bank, Yamaguchi Bank, Oita Bank, Saga Bank, and Hiroshima Bank.
According to a release, the company will look to expand operations through collaborations with Ishii Sports, which has an existing footprint of 33 stores across Japan and is regarded as the local segment leader with a hiking community membership registry of about 1 million people. Advantage acquired a 100% stake in Ishii Sports in 2016 for an undisclosed sum.
Founded in 2013, Yamap positions itself as crossing a number of marketing categories including health lifestyle, tourism and recreation. It offers a hiking and mountaineering app that uses GPS to help users navigate in remote areas, as well as access to maps and a social network. The company received a JPY170 million Series A round in 2016 led by mobile gaming services company Colopl.
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