Tokyo-based startup Mind Pallete, known for developing the very popular photo sharing app Snapeee, announced today that it has raised a round of series B funding from six Japanese VC firms: SMBC Venture Capital, Dentsu Digital Holdings, Mitsubishi UFJ Capital, PSC, Sun Eight Investment, and Itochu Technology Ventures. Detailed figures were not disclosed but I assume the total is a multi-million dollar figure at least.
The startup was launched with seed investment from CyberAgent Ventures in November of 2010, and subsequently the Snapeee photo app was launched in May of 2011. They previously fundraised an unknown amount of investment from GREE and Itochu Technology Ventures. The service has reached the top spot in the AppStore’s free photo category in 13 Asian countries including Hong Kong, Taiwan, Singapore, Thailand, and mainland China.
The app has 80% of its 4 million strong user base outside its home market of Japan, with its core users being females in their teens and 20s. The startup has partnered with many apparel and music labels, helping them promote their products using the photo sharing platform. With the new funding, the startup expects to intensify this advertising partnership business, which has been showing good results thus far.
For our readers not yet familiar with how the Snapeee app works, we encourage you to check out our previous story featuring Japan’s cutest mobile apps, which mentioned Snapeee.