Tokyo-based SmartNews, the startup offering curated news apps both in Japan and the US, announced today that it has fundraised 3.8 billion yen (about $37.8 million) in the latest round, meaning the total of their previous funds has reached over 9.1 billion yen (equaling to about 80 million to 90 million in US dollars but depends upon the exchange rate when each funding round was secured).
This round was led by the Development Bank of Japan with participation from other investors including SMBC Venture Capital and Japan Co-invest Limited Partnership in addition to Kotaro Chiba, a notable angel investor and co-founder of Japanese mobile game company Colopl (TSE:3668).
The company isn’t disclosing its valuation but TechCrunch reports that it is between $500 million and $600 million, in post money.
The company issued a statement saying that the funds will be used to strengthen human resources, product development and marketing efforts in Japan as well as the rest of the world. They also announced that the news app has surpassed 18 million downloads globally.
- CNet Japan Startup Award nominees: Mobile news services Gunosy and Smartnews
- Japan’s SmartNews invites former WSJ Online executive on board, poised for US expansion
- Japan’s news curation app SmartNews raises $35M from Gree, Atomico, and others
- Japan’s curated news reader app SmartNews launches in US
- Smartnews’s media channel subscriptions off to a good start in Japan
Edited by “Tex” Pomeroy