Minna Denryoku, the Japan-based operator of a marketplace for electricity retail, has raised ¥1.18bn ($10.7m) in series B funding from investors including several corporates, TechCrunch Japan has reported.
Marketing firm Dentsu, entertainment producer Sega Sammy, diversified conglomerate Tokai Holdings and retail group Marui participated in the round along with SBI Investment, a subsidiary of financial services provider SBI, and venture capital firm TBS Innovation Partners.
Minna Denryoku runs an online marketplace where renewable power producers can connect to consumers who can choose to support a particular energy provider based on their profile. That provider is then compensated by the platform.
The funding will go to the further development of the company’s blockchain-powered peer-to-peer energy distribution system. Details of Minna Denryoku’s earlier funding were not publicly available.
