Japan-based app development services provider Monstar Lab has received $6.3m in a round backed by corporate investors including YJ Capital, the venture capital subsidiary of internet company Yahoo Japan.
The round also featured media company San-In Chuo Television Broadcasting, construction firm Tanabe Corporation, VC firm Fenox Venture Capital and Shinsei Corporate Investment, a subsidiary of financial services firm Shinsei Bank, as well as unnamed existing backers.
Monstar develops bespoke mobile apps and software products for clients, and specialises in areas such as consumer and enterprise apps, business software, internet-of-things and augmented or virtual reality apps.
The company will use the funds to expand from its existing markets in Asia to North America and Europe, having recently acquired a majority stake in Denmark-based app agency Nodes.
The round took Monstar’s overall funding to just over $13m. SMBC Venture Capital and Mitsubishi UFJ Capital, the respective VC arms of financial services firms Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ, joined VC firm East Ventures to invest $1.2m in 2014.
Pasona Tech and DG Incubation, subsidiaries of human resources firm Pasona Group and internet company Digital Garage respectively, provided another $3.3m for Monstar in late 2015.
Two more financial services providers, San-in Godo Bank and Resona, subsequently added $2.3m in November 2016 through subsidiaries Gogin Capital and Resona Capital.