Japan-based online asset manager Money Design has closed a $13.4m series C round following an extension provided by VC firm Fenox Venture Capital, Tech in Asia reported on Monday.
Money Design raised a first tranche in November 2016 from investors including taxi and limousine services provider Nihon Kotsu, human resources firm Recruit Holdings and financial services provider Kyoto Bank.
Founded in 2013, Money Design has developed a robo-adviser dubbed Theo. The artificial intelligence-powered adviser is accessed through a smartphone app and helps users invest in a customised portfolio based on responses to a risk assessment survey.
In late 2015, conglomerate Itochu, advertising agency Dentsu’s corporate venturing arm Dentsu Ventures and business education provider Globis Corporation’s investment unit Globis Capital Partners contributed to a ¥1.5bn ($13m) funding round alongside Tokyo University’s investment arm Edge Capital.
Chibagin Capital, a unit of financial services firm Chiba Bank, and Fukuoka Technology Partners, a unit of financial services provider Fukuoka Financial Group, supported a ¥810m funding round in September 2015.
Credit card provider Marui Group, outsourcing services firm Benefit One, brokerage services provider Tokyo Tanshi and VC firm Shizuoka Capital have also backed Money Design.