AAA Oct locks in series B funding

Oct locks in series B funding

Japan-based construction management software developer Oct has closed a series B round featuring enterprise software producer Salesforce and education provider Globis at ¥2.4bn ($22.6m), The Bridge reported on Tuesday.

Salesforce unit Salesforce Ventures and Globis subsidiary Globis Capital Partners were joined in the round’s second tranche by Senshu Ikeda Capital, Kyoto Bank Lease Capital, Iyo Bank Capital and Chibagin Capital, vehicles for Senshu Ikeda Bank, Bank of Kyoto, Iyo Bank and Chiba Bank respectively.

Beenext and DNX Ventures also took part in the second close, having backed a $12.7m first tranche also featuring Globis Capital Partners, Salesforce Ventures and various private investors earlier this year. Most of the same backers added $5.6m last month.

Oct’s cloud-based AndPad software platform helps architects and building contractors organise construction projects and communicate with workers operating onsite.

The company hopes to leverage the involvement of regional banks Senshu Ikeda, Bank of Kyoto, Iyo Bank and Chiba to extend its presence in provincial Japan, with the goal of addressing construction worker shortages and enhancing the sector’s productivity.

Oct has now raised approximately $25.8m altogether, including $3.8m supplied by Salesforce Ventures, Beenext, DNX Ventures and assorted angel investors in March 2018.

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