SMBC Venture Capital, the corporate venturing unit of Japan-based Sumitomo Mitsui Banking Corporation, was joined by Dentsu Digital Holdings, Mitsubishi UFJ Capital, PSC, Suneight Investment, and Itochu Technology Ventures in a series B round that injected an undisclosed amount of capital in Mind Palette.
Newspaper reports are estimating the latest series B round to be in the region of at least Y100m ($1m).
The Japan-based photo social media and smartphone applications business has gained popularity in the Japanese market with apps such as Snapeee, a social media platform through which people connect by means of photos, based on the key themes of “mobile”, “photo life” and “communication.” Other popular applications include its Purikura product, a photo decoration service.
In November 2011 Mind Palette received Y100m in a series A round from Itochu Technology Ventures and Gree Ventures.