Oct, the Japan-based developer of a construction management app called &AndPad, secured approximately $5.6m from investors including corporates Globis and Salesforce yesterday to increase its series B round to ¥2bn ($18.8m).
Financial services firms Senshu Ikeda Bank, Iyo Bank, Bank of Kyoto and Chiba Bank invested through their respective venture capital units: Senshu Ikeda Capital, Iyo Bank Capital, Kyoto Bank Lease Capital and Chibagin Capital.
The round was filled out by VC firms DNX Ventures (formerly known as Draper Nexus Ventures) and Beenext. Education provider Globis and enterprise software producer Salesforce took part through subsidiaries Globis Capital Partners and Salesforce Ventures.
Oct’s cloud-based &AndPad platform helps architects and contractors to keep track of construction schedules and communicate with workers on site. It also offers sales support, facilitating budget creation and customer data management.
The company plans to form partnerships with the financial services investors and will use the series B proceeds to expand &AndPad into different regions in Japan while improving areas such as human resources and productivity.
Oct has raised more than $22m since it was founded in 2014, it said. Salesforce Ventures, DNX Ventures, Beenext and individual investors provided $3.8m in March 2018, while Globis Capital Partners joined the existing investors in the series B round’s $12.7m first tranche earlier this year.
