Monstar Lab, a Japan-based digital consultancy backed by a range of corporate investors, received ¥3bn ($28.8m) from the state-affiliated Japan Investment Corporation’s JIC Venture Growth Investments unit yesterday.
Founded in 2006, Monstar offers consulting services, professional education programmes and product development projects leveraging robotic process automation tools, and has some 1,200 employees based in 27 cities across 16 countries.
The company raised $39.8m in equity and debt financing round from investors including Dentsu Innovation Partners and Japan Post Capital, on behalf of marketing agency Dentsu and postal services firm Japan Post, as well as cloud integration system developer Serverworks and professional services firm Skylight Consulting, in August 2020.
Financial services firms Shimane Central Shinkin Bank and Fukuoka Financial Group also took part in the round, the latter through its FFG Venture Business Partners fund, investing alongside Alpha Al Imteyaz.
DG Incubation, a corporate venturing arm of internet company Digital Garage, joined management consulting firm SigmaXYZ, bank San-In Godo Bank and Fenox Venture Capital to provide $22m for Monstar in February 2019.
San-In Godo and Shimane Central Shinkin Bank took part in a $2m round for the company in November 2017 that came three months after a $6.3m round featuring Fenox, internet company Yahoo Japan’s YJ Capital unit, broadcaster San-In Chuo Television Broadcasting, construction group Tanabe, financial services firm Shinsei Bank’s Shinsei Corporate Investment subsidiary and unnamed existing investors.
Gogin Capital and Resona Capital, investment vehicles for San-in Godo and financial services firm Resona Holdings, had participated in a $2.3m round for Monstar in 2016 that took place the year after a $3.3m round backed by DG Incubation and human resources firm Pasona Group’s Pasona Tech vehicle.
The company had secured $1.2m in funding in 2014 from SMBC Venture Capital and Mitsubishi UFJ Capital, subsidiaries of financial services providers Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ, in addition to venture capital firm East Ventures.
