Japan-based influencer marketing software provider BitStar has secured ¥1.3bn ($11.7m) in a series C round featuring media companies Asahi Shimbun, Asahi Broadcasting and Nagoya Broadcasting Network, The Bridge reported today.
The round included Wright Flyer Live Entertainment (WFLE), a livestreaming subsidiary of digital media company Gree; Colopl Next, the virtual reality fund formed by game developer Colopl; and Intage Open Innovation Fund, which is jointly owned by marketing research firm Intage and financial services group SBI.
Venture capital firm Global Brain led the round, which was filled out by entertainment-focused investment fund Makers Fund. Asahi Broadcasting and Nagoya invested through subsidiaries ABC Dream Ventures and Nagoya TV Ventures respectively.
Founded in 2014 as Bizcast, BitStar operates a software platform that matches prominent video makers on streaming service YouTube with companies for promotional campaigns.
The company also offers related support to users through its E-dge service, such as merchandise production and the managing of TV appearances. Its most recently launched tool, Costar, is an analytics platform that lets companies measure the impact of campaigns.
BitStar has signed a partnership agreement with WFLE as part of the series C round to convert YouTube videos into 3D virtual reality experiences. It will also work with Asahi Broadcasting and Asahi Shimbun on next-generation media offerings.
ABC Dream Ventures invested an undisclosed amount in BitStar in October 2017, though it is not clear if that commitment formed part of the series C round. Global Brain had supplied $2.7m in series B funding for the company four months before.
Colopl provided an undisclosed seven-figure dollar amount of series A funding for BitStar in 2015, after East Ventures had injected seed funding the year before. The company has raised approximately $18m in total, according to The Bridge.