Japan-based funeral services platform developer Yoriso received ¥2bn ($18.8m) in funding from investors including financial services firms SBI, Sumitomo Mitsui Trust, Shinsei Bank and Nanto Bank on Monday.
Venture capital firms Yamaguchi Capital and AG Capital also took part in the round, while SBI, Sumitomo Mitsui and Shinsei invested through subsidiaries SBI Investment, Sumitomo Mitsui Trust Investment and Shinsei Corporate Investment respectively.
Founded in 2009 as Minrevi, Yoriso runs an online platform that enables users to book funeral services from funeral homes while accessing and leaving reviews. The company began offering simple, frill-free funerals and memorial services itself in 2013.
Yoriso has now raised a total of almost $31m according to The Bridge, including approximately $2.3m of series B funding in 2015 from undisclosed investors.
Mitsui Sumitomo Insurance Venture Capital, Globis Capital Partners and Mizuho Capital, investment vehicles for insurer Mitsui Sumitomo Insurance, education provider Globis and financial services firm Mizuho Bank, joined Spiral Ventures Japan, Global Brain and Japan Finance Corporation to provide $9m in a 2017 series C round.
The latest funding will support Yoriso’s expansion into adjacent end-of-life services such as inheritance management, insurance provision and eventually primary care. It also plans to spend money on marketing, and will increase the size of its marketing, engineering and customer support teams.
