Japan-based news aggregator SmartNews has secured $92m in a series E round co-led by Japan Post Capital, postal service Japan Post’s corporate venture capital unit, it announced today.
Private equity firm ACA Investments is leading the round, which the company expects to formally close next month, and which values it at $1.2bn. The first tranche closed in August this year.
The round is being filled out by marketing firm Dentsu; Globis Capital Partners, the corporate venturing vehicle for education services provider Globis; and DA Consortium, a vehicle for diversified holding group Hakuhodo DY.
SmartNews runs a curated news app that encompasses content from more than 400 US-based publishing partners, utilising machine learning to provide news that is of interest to each user. It had 20 million monthly active users as of August 2019.
The funding will go to supporting growth both in the US and internationally, as well as the recruitment of additional engineering staff.
Ken Suzuki, SmartNews’ co-founder and chief executive, said: “The close of our newest funding round represents an important milestone for SmartNews.
“Our investment partners have recognised the value that we provide to our readers and the media ecosystem we help support. Together, we will continue to provide quality information to those who need it, both in the US and worldwide.”
The company said it has now raised $182m since it was founded in 2012. It received $4m from Globis Capital Partners in 2013, adding $36m in series B funding from Gree ventures, the corporate VC arm of digital media company Gree, and investment firm Atomico the following year.
Gree subsequently led a $10m bridge round for SmartNews in 2015 that included Globis Capital Partners, Atomico, social network operator Mixi and Social Venture Partners.
SmartNews secured a further $38m in a 2016 series D round led by Development Bank of Japan and backed by financial services firm Sumitomo Mitsui Banking Corporation’s SMBC Venture Capital unit, Japan Co-Invest Limited Partnership and Kotaro Chiba.
