Diversified conglomerate Mitsui & Co has invested ¥1.3bn ($11.9m) in Japan-based property buying and renovation management services provider Renoveru, The Bridge has reported.
Renoveru, which was launched in 2010, operates an online-based service that enables users to browse and buy properties while also organising renovations online and offline.
Home builders can use the platform to connect to and share renovation plans with qualified service providers such as construction supervisors, architects or carpenters, and Renoveru provides building materials and equipment through another subsidiary.
The funding will support the development of a smart home business in partnership with Mitsui that will involve Renoveru installing equipment such as smart locks and other internet-of-things products in homes. Renoveru has not disclosed details of its earlier funding.
Other Renoveru investors include real estate group Tokyu Corporation, marketing firm Vector Group, price comparison platform Aucfan, Seibu Shinkin Capital, Globis Capital Partners, and GMO Venture Partners and Mitsui Sumitomo Insurance Venture Capital, subsidiaries of internet company GMO and insurer Mitsui Sumitomo Insurance.