Tokyo-headquartered Monstar Lab, the Japanese company sourcing app developments around the world, announced today that it has raised a total of 4.2 billion yen (about $40 million US) in the latest round. Participating investors are Japan Post Capital, Dentsu Digital Fund, Saudi Arabia’s Alpha Al Imteyaz, Serverworks (TSE:4434), FFG Venture Business Partners, Shimane Central Shinkin Bank and Skylight Consulting. The secured amount includes debt financing from financial institutions. Shimane Central Shinkin Bank also participated in the previous round back in November of 2017.
The company said it will use the funds to further expand its digital consulting business globally as well as enhance marketing and product development to increase the value it provides to its clients.
This follows the previous round securing approximately 2.4 billion yen back in February of last year. This round’s stage is unspecified but it seems the seventh funding round as far as we know in our effort of reporting.
In April of last year, Monstar Lab acquired New York-based digital product and mobile app developer Fuzz Productions which is best known for having developed ordering systems for Shake Shack and other restaurants. In August of 2017, Monstar Lab acquired Danish software company Nodes, which is known for developing a number of food delivery apps like Careem Now in the Middle East region. According to Nikkei, the company has been focusing on ordering systems for restaurants in North America, but due to the growing demand for take-away apps because of COVID-19, the company plans to establish a development base in Latin America, where engineering labor costs are cheaper, to make offensive sales efforts in the North American market.
Monstar Lab currently operates in 26 cities in 15 countries around the world, including Europe, the US and Asia. The company with its subsidiaries have about 1,200 employees.
via PR Times