AAA Minna-Denryoku electrifies with pre-series C funding

Minna-Denryoku electrifies with pre-series C funding

Japan-based electricity e-commerce platform operator Minna-Denryoku (MinDen) raised ¥1.5bn ($14.3m) in pre-series C funding from investors including human resources firm DIP and retailer Marui Group on Monday.

DIP participated through its corporate venturing unit, DIP Labor Force Solution Investment Business Limited Partnership, while Marui invested directly alongside state-owned Japan Finance Corporation. The round pushed the company’s overall funding to approximately $28.6m.

Founded in 2011, MinDen provides a renewable energy-focused electricity retail service that can be translated as Face-to-Face Electricity, connecting power generators and consumers through blockchain technology. It also launched Minna Air, a project intended to lead to better air quality, earlier this year.

Marui had already contributed to a $10.7m series B round closed by MinDen in February 2019, investing alongside marketing agency Dentsu, video game publisher Sega Sammy, conglomerate Tokai Holdings, broadcaster Tokyo Broadcasting System (TBS) and financial services firm SBI, the last two through respective vehicles TBS Innovation Partners and SBI Investment.

The investments from Marui, TBS Innovation Partners and Tokai were initially announced the year before alongside a series of strategic alliance agreements.

SMBC Venture Capital, Mizuho Capital and Yokohama Capital – respective investment vehicles for financial services firms Sumitomo Mitsui Banking Corporation, Mizuho Bank and Bank of Yokohama – took part in a $1.6m series A round for the company in 2017 that included investment firm MT Partners.

By Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.

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