Telecommunications and internet group SoftBank has led a $13m series B round for Toss Lab, the South Korea-based owner of enterprise communication app Jandi, TechCrunch reported yesterday.
The corporate invested through its SoftBank Ventures Asia unit and was joined by SV Investment, Atinum Investment, Must Asset Management, Shinhan Capital, SparkLabs and T Investment.
Jandi is an enterprise collaboration platform that allows users within a business to communicate and work with each other on tasks. Toss Lab CEO Matthew Kim told TechCrunch its revenue has doubled in the past three years.
The funding will be used to grow the company’s staff numbers by 20% to 25% and expand internationally. JP Lee, chief executive of SoftBank Ventures Asia, has joined Toss Lab’s board of directors.
Softbank Ventures, a predecessor fund of SoftBank Ventures Asia, co-led a $2m round for Toss Lab in 2014 with Cherubic Ventures.
The company raised a further $2.5m from mobile chipmaker Qualcomm’s corporate venturing arm, Qualcomm Ventures, and Hnap two years later before securing $1.7m in a 2017 round co-led by Ascent Capital Advisors and Shin Hyun Sung.
SBI Investment, part of financial services provider SBI, then led a $5.2m round in early 2018 that also featured Daekyo Investment, an investment vehicle for educational technology provider Daekyo, as well as Evergreen Investment Partners and Korea Development Bank.
