Japan-based pop culture e-commerce site Tokyo Otaku Mode has secured $13.7m in funding over three years, from the Japanese government’s Cool Japan Fund, CNET has reported.
Tokyo Otaku previously raised $2.6m in its series A round in April this year from Itochu Technology Ventures, the corporate venturing arm of trading firm Itochu, Mitsubishi UFJ Capital and GaiaX Global Marketing Ventures, which invest on behalf of financial services firm Mitsubishi UFJ and social marketing company GaiaX respectively, 500 Startups and SunEight Investment.
YJ Capital, which acts the local subsidiary for internet company Yahoo,and DG Incubation, a subsidiary of internet company Digital Garage, had previously invested an undisclosed amount in the company in the form of a convertible note.
The Cool Japan Fund aim is to commercialise and enhance overseas demand for businesses derived from Japanese culture and lifestyle.
The new funds will be used by Tokyo Oyaku to hire engineers, establish new warehouses and support advertising and marketing.