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East Ventures leads seed funding round in Japan's TwitCasting

  • Andrew Woodman
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East Ventures has led a JPY64.8 million ($633,000) round of seed funding in Moi Corp., the Japanese company behind social video application TwitCasting.

The service, which was launched in 2010 and is available on both Android and Apple iOS, lets users stream live videos and tweets from their mobile devices. It currently has more than 2.4 million users: 80% from Japan, 10% from Brazil and 10% from other countries.

The recent surge in TwitCasting's popularity in Japan has been partly due to the popular comedian Atsushi Tamura using the application on his TV show - however this has meant the company has been in need of expansion capital to meet the demand.

"TwitCasting has been seeing 'hockey stick' growth since last summer, and we were behind the speed of the growth in terms of human resources and the system infrastructure," said Yosuke Akamatsu, CEO of Moi Corp. in a statement. "This funding will enable us to rapidly deliver a good communication platform and acquire the core team members."

The company also announced that Taiga Matsuyama, a partner at East Ventures, has taken a seat on the company's board of directors.

East Ventures is a Tokyo-headquartered early stage fund founded in 2010 which focuses on consumer web and mobile start-ups in Japan, Indonesia and Singapore.

 

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