Japanese house construction management SaaS Andpad closes series B with $22.6M

Image credit: Oct

See the original story in Japanese.

Tokyo-based Oct, the Japanese startup developing and providing the Andpad house construction management platform, announced on Thursday that it has closed a series B round by raising funds from the investment arms of four regional banks in Japan in addition to existing investors.

Participating investors are Senshu Ikeda Capital, Iyogin Capital, Kyogin Lease & Capital, Chibagin Capital, Globis Capital Partners, DNX Ventures, Salesforce Ventures, and Beenext. This is additional funding in a series b round following the previous announcement back in March of this year, brings the total funding sum in the round up to about 2.4 billion yen (about 22.6 million US).

Launched back in 2016, the platform has been adopted by more than 1,600 companies by March of this year. Through respective partnerships with the regional banks participating in this round, the company wants to more focus on expanding their business into provincial areas, aiming to help address labor shortage and improve productivity in the entire Japanese construction industry.

Translated by Masaru Ikeda