Japan-based renovation technology developer Renoveru is set to raise ¥4bn ($36.8m) next month in a series E round featuring NTT Urban Development Corporation, the real estate division of telecommunications firm NTT.
NTT will provide the equity portion of the round, which will include primary and secondary investment as well as loans from financial institutions. NTT Urban Development recently established a strategic business alliance with the company.
Founded in 2010, Renoveru runs an online-to-offline platform that helps users navigate the purchase and renovation of vacant properties. It also provides access to services from professionals and companies in the real estate, architecture and finance industries.
The company has a network of 350 real estate, interior design and construction partners, providing personalised home services to more than 2,800 customers, it said.
The funding will be used for technology development and recruitment. More specifically, Renoveru plans to make strategic investments in both startups and more mature companies, improve its products and hire IT, construction and architectural engineers.
Renoveru secured $11.9m from diversified conglomerate Mitsui in 2017, having raised an undisclosed amount from investors including real estate developer and rail operator Tokyu Corporation, marketing firm Vector and price data aggregator Aucfan the year before.
The 2016 round also featured education services provider Globis, internet company GMO, insurer Mitsui Sumitomo Insurance and financial services firm Seibu Shinkin, which invested through Globis Capital Partners, GMO Venture Partners, Mitsui Sumitomo Insurance Venture Capital and Seibu Shinkin Capital respectively.
