VCs invest $34m in Japan online printing start-up
Japanese online printing service Raksul has managed to raise JPY4 billion ($33.7 million) from a slew of local venture capital investors.
The round included existing backers World Innovation Lab (WiL), Itochu Technology Ventures, GMO Ventures, and Anri, contributing alongside new investors Global Brain, Gree Ventures, Link and Motivation, Dentsu Digital Holdings, Global Catalyst Partners, and online marketing firm Opt.
Thos is the firm's fourth round of funding. The investment comes exactly one year after the start-up's last funding round in which it raised JPY1.45 billion WiL, Global Brain, Itochu, plus social network site Mixi and office stationery firm Plus.
Prior to that company received JPY120 million from Yahoo! Japan and Anri last November, 2013. Nissay Capital, meanwhile invested JPY100 million in the company in April 2012.
Raksul provides printing services in partnership with more than 1,600 printing facilities across Japan. The company is able to offer users discounted services by taking advantage of downtime at its partnership printers to complete orders.
According to a statement, to grow the business and hire new talent, It will be used to provide support to partnering printing companies. This includes bulking buying paper and printing materials in order to secure volume discounts for its partners.
The company which is also looking to expand its overseas services. Raksul already has a 100-person team in Japan and Vietnam but is planning to double this number by year end and boost its user numbers to $1 million
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