Japan-based digital product development agency Monstar Lab closed a ¥2.4bn ($22m) funding round in February that included internet company Digital Garage’s DG Incubation subsidiary, 36Kr reported last week.
The round also featured management consulting firm SigmaXYZ, financial services provider San-In Godo Bank and venture capital firm Fenox Venture Capital.
Monstar Lab helps businesses transform digitally, operating out of offices in 15 countries. It also provides in-house products and services including music distribution, mobile games, co-working spaces and robotic process automation tools.
The company received $2m from investors including San-In Godo in November 2017, having collected $6.3m from Fenox, internet company Yahoo Japan’s YJ Capital subsidiary, media company San-In Chuo Television Broadcasting, construction firm Tanabe Corporation, financial services firm Shinsei Bank’s Shinsei Corporate Investment unit and undisclosed existing investors three months earlier.
San-in Godo and financial services provider Resona had invested $2.3m in Monstar Lab in 2016 through respective subsidiaries Gogin Capital and Resona Capital, following $3.3m from DG Incubation and human resources firm Pasona Group’s Pasona Tech subsidiary a year earlier.
SMBC Venture Capital and Mitsubishi UFJ Capital, VC subsidiaries of financial services firms Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ, had joined VC firm East Ventures to supply $1.2m for the company in 2014.
