Japan-based mountaineering community app developer Yamap has raised ¥1.2bn ($10.9m) in a series B round led by sports equipment and apparel retailer ICI Ishii Sports, the Bridge has reported.
Confectionary producer Morinaga and Company, diversified conglomerate Japan Asia Group and laboratory services provider SRL also took part in the round, as did Kyushu Wide Area Reconstruction Assistance Fund, Setouchi Kanko Kasseika Fund, Mercury Capital Advisors and 01Booster.
The round was completed by financial services firms Sumitomo Mitsui Banking Corporation, Fukuoka Bank, Yamaguchi Bank, Oita Bank, Hiroshima Bank and Saga Bank, the latter five through their FFG Venture Business Partners, Yamaguchi Capital, Oita Venture Capital, Hiroshima Venture Capital and Sagin Capital and Consulting units.
Founded in 2013 as Sefuri, Yamap has developed a mobile app for mountaineers that offers services including insurance plans, outdoor equipment reviews and a GPS-powered map robust enough to work in remote mountain locations.
The app could be integrated with the ICI Ishii Sports e-commerce platform as part of a relaunch of the latter expected to take place in autumn 2018.
Yamap graduated from computing technology provider IBM’s Blue Hub incubator, and received $47,000 in seed funding from venture capital firm Samurai Incubate and $13,000 from the state-owned Japan Finance Corporation in 2015.
Mobile game developer Colopl subsequently joined investment and advisory firm Dogan and Daiwa Corporate Investment, a subsidiary of investment banking firm Daiwa Securities, for Yamap’s $1.5m series A round the following year.