Metaps, an app monetisation company backed by investors including IT services provider Intec and mobile advertising company MotionBeat, was approved on Friday for an initial public offering in its home country of Japan.
The IPO is scheduled to take place on August 28 and is expected to raise ¥3.8bn ($30.7m) for Metaps, which will initially issue 1.15 million shares on the Tokyo Stock Exchange.
Founded in 2007, Metaps is best known for its app monetisation platform but has diversified into other verticals, such as online payment and artificial intelligence.
Metaps has raised more than $51m in equity capital, including $36m in a February 2015 series C round funded by undisclosed existing and new investors.
Fidelity Growth Partners Japan, a subsidiary of asset manager Fidelity Investments, and Metaps’ existing investors provided $11m for the company in 2013.
Metaps had previously raised $5.5m in 2011 and 2012 from MotionBeat, which invested under its previous name of NGI, Intec subsidiary Intec IT Capital, financial services firm Sumitomo Mitsui Banking Corporation, insurer Mitsui Sumitomo Insurance and venture firms Neostella Capital, Sansei Capital and Nippon Venture Capital.