Japan’s Sansan raises $38M from Toyota- and Sumitomo Mitsui-backed fund for Asia...

Japan’s Sansan raises $38M from Toyota- and Sumitomo Mitsui-backed fund for Asia expansion

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The Nikkei reported early this morning that Tokyo-based Sansan, the company that operates the business card-based CRM (customer relationship management) solutions, has secured 4.2 billion yen (about $38 million) from Mirai Creation Investment Limited Partnership, the investment fund backed by Toyota Motor and Sumitomo Mitsui Banking Corporation (SMBC). DCM Ventures and Salesforce.com also participated in this investment.

Sansan claims that the funds will be used to boost the Asia expansion of the company’s business card management app, especially in India and Singapore. The company recently unveiled that it has finally discovered monetization streams for its freemium business card management app Eight by allowing clients to insert their recruiting information and ads into the app’s timeline.

Prior to this funding, Sansan previously fundraised $16.8 million in a series C round from DCM Ventures, Salesforce Ventures, Nissay Capital, and others back in January last year.

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