Japan’s cloud-based invoicing startup Misoca raises $653,000



See the original story in Japanese.

Nagoya-based StandFirm, the startup behind cloud-based invoicing platform Misoca, announced today it has raised 70 million yen ($653,000) from SMBC Venture Capital and Incubate Fund. The company previously fundraised 30 million yen ($280,000) from Incubate Fund in September 2013.

Misoca has been seeing an over 10% increase in user acquisition every month, and has acquired 20,000 businesses as users. The company launched a new service called Misoca Payment in August, allowing users to collect payments from their business accounts. Upon joining SMBC Venture Capital as a shareholder, Misoca is expected to strengthen this payment collection system.

StandFirm CEO Ryuichi Toyoshi said they plan to provide solutions around the collection of claims using various solution methods, including an automated reconciliation system with “virtual banking accounts,” which is patented by Sumitomo Mitsui Bank, the parent company of SMBC Venture Capital.

Misoca is partnered with cloud-based accounting services Freee and MoneyForward, and they recently announced that they will partner with Japanese accounting software giant Yayoi and Accounting SaaS Japan.

StandFirm will use the funds to strengthen engineering, marketing, and management resources. They aim to integrate with more third-party services before and after invoicing to give users a better experience.