Japan-based business ratings and reviews mobile app Retty, has secured JPY 1bn ($8.2 m) in series C funding from investors including internet media company Gree yesterday.
Gree, which invested through its Gree Ventures subsidiary, was joined by Mizuho Capital, the venture capital arm of financial services firm Mizuho, and Fidelity Growth Partners Asia, a venture capital and private equity unit for asset management firm Fidelity.
Retty has raised approximately $12.9m since it was founded in 2010, including $3.2m in a 2013 series B round featuring Mizuho Capital and Itochu Ventures, the corporate venturing unit of conglomerate Itochu.
Gree Ventures, NTT Investment Partners, an investment subsidiary of telecommunications network NTT, and financial services firm Mitsubishi UFJ’s venture capital unit Mitsubishi UFJ Capital invested $1.2m in Retty in 2012.
Internet services provider CyberAgent contributed to a $285,000 seed round the previous year.
Retty’s app works by plugging into its users’ social contacts to show ratings and reviews of the best restaurants. It also allows online booking for restaurant chains with which it has partnered.
The service had about 1 million monthly visitors in 2013, but it is expected to hit 8 million by the end of this month. The new funding will support a city-by-city expansion in the US, as well as Singapore and Hong Kong in Asia.