Japan Post Capital leads $29m Series E for SmartNews
Tokyo-based news app operator SmartNews is said to have achieved unicorn status following a JPY3.1 billion ($29.2 million) Series E round led by Japan Post Capital.
The investment brings SmartNews’ total capital raised to date to JPY12.2 billion, according to a release. The post-deal valuation is reportedly approximately $1.1 billion. According to CB Insights, the company is one of three unicorns in Japan, alongside deep learning technology specialist Preferred Networks and cryptocurrency start-up Liquid.
SmartNews is a news aggregation service that aims to curate the most relevant articles for users through artificial intelligence-enabled filtering. This includes an emphasis on identifying articles deemed to be interesting based on reader information inputs such as location or user preferences. The app has been downloaded more than 40 million times globally since it was launched in 2012.
The latest funding round will be used to advance an operational expansion in the US, where the company maintains offices in San Francisco and New York, as well as an R&D base in Palo Alto. SmartNews currently has about 360 publisher partners in the US and operates an in-house mobile ad network that has attracted brands including Google, Netflix, and Paramount.
The company received a $38 million Series D in 2016 led by Development Bank of Japan with support from SMBC Venture Capital and Sumitomo Mitsui Trust Investment. Previous investors also include Japan’s Globis Capital Partners, US-based Social Ventures Partners, and UK-based Atomico Venture. Strategic backing has been provided by gaming company Gree and social media service Mixi.
Japan Post Capital was established in 2017 to support Japanese start-ups that have the potential to leverage the network and brand power of Japan Post Group. A similar venture was launched last year in the form of Japan Post Investment Corporation. It combines the resources of Japan Post Bank and Japan Post Insurance to back later-stage pre-IPO companies, including technology start-ups.
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