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VCs invest $1.3m in Japan mobile rewards platform

  • Andrew Woodman
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Gree Ventures, CyberAgent Ventures and Incubate Fund have together invested $1.3 million in Yoyo, the start-up behind mobile rewards platform Candy.

Yoyo is headquartered in Singapore and was founded by Yosuke Fukada and Yoshiki Okazaki, former employees of Japanese internet company DeNA. The Candy platform operates across Southeast Asia and specifically targets pre-paid phones, which make up 90% of the mobile market in the region.

The service makes it possible for mobile users to complete simple tasks, such as downloading apps or completing surveys, in order earn free airtime for their mobile phones. In turn, the platform gives its corporate clients access to a large pool of people for their promotional and information-gathering needs.

According to a release, Candy is currently available in the Philippines, Indonesia and Thailand, and has over 250,000 users. Yoyo plans to use the funds raised to strengthen its management team, develop new revenue streams, boost marketing efforts, add staff and improve in-house infrastructure.

The news comes days after Gree Ventures - the corporate VC arm of the Japanese mobile gaming firm Gree - held an initial close on its second fund, AT-I Investment, of JPY5 billion ($50 million). The firm typically targets Series A investments in sectors as such a consumer internet, mobile services, marketing technology and cloud services.

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