Nissay, Globis, SMBC invest $3m in Japan's Itandi
Japanese VC investors Nissay Capital, Globis Capital and SMBC Ventures have committed JPY300 million ($2.9 million) to Itandi, an IT solutions provider to the real estate industry.
Set up in June of last year, Tokyo-based Itandi's services include Heyazine, a free online portal for finding real time information on rental property prices, and REcS, a subscription-based software-as-a-service real estate management system. The firm currently has JPY322 million in capital.
According to a release, this latest investment will be used to enhance the company's existing platforms - both of which are in their beta stage - and bolster its marketing. The firm is also looking to strengthen its management base.
This is the eighth investment from Globis Fund IV, a JPY15 billion vehicle which reached a first close of JPY8 billion in January with a final close anticipated by the end of the year.
The Itandi investment is one of two made by Nissay this week. The firm has also backed WPC Corp, a maker of a recyclable wood and plastic composite building material sold internationally under the brand name Einwood.
WPC, which was set up in 2004, aldo develops recyclable building materials and specializes in the planning, design and construction of environmentally friendly architecture.
Nissay made both investments via its Nissay Capital No.5 Investment Enterprise Partnership, a JPY 10 billion fund which reached a final close in January 2011.
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