Micoworks Inc. (pronounced ‘Miko Works’), a developer and provider of the MicoCloud and Micomii marketing platforms, which optimize communication between companies and their customers, has announced the successful raising of JPY 3.5 billion (approximately $24.5 million) in a Series B funding round.
Headquartered in Kita-ku, Osaka City, Micoworks is led by CEO Osamu Yamada.
The latest funding round was led by Vertex Growth, a growth-stage venture capital fund anchored by Vertex Holdings, a subsidiary of the global investment company Temasek.
Participating investors in this round included JAFCO Group Co., Ltd., Mitsubishi UFJ Capital, SMBC Venture Capital, and Mizuho Capital. Existing investors, such as ALL STAR SAAS FUND and Eight Roads Ventures Japan, also contributed. To date, the company has raised approximately JPY 6.3 billion, with this round bringing in approximately JPY 2.8 billion.
Under the leadership of CEO Osamu Yamada, Micoworks aims to use these funds to enhance product features, strengthen organizational capabilities, and expand into the Asian market, particularly focusing on Taiwan, Thailand, and other countries where the LINE business platform is prevalent.
Plans include setting up development teams in the Philippines and Taiwan to tap into the burgeoning Conversational Commerce market in Asia.
The investors have expressed strong confidence in Micoworks’ vision and leadership. Tam Hock Chuan of Vertex Growth highlighted the company’s scalable platform and CEO Yamada’s exceptional leadership as key investment attractions.
Mizuki Takahara from JAFCO praised the company’s growth and Yamada’s ambitious vision, while Hiro Maeda of ALL STAR SAAS FUND and Junichi Murata from Eight Roads Ventures Japan commended the company’s progress and market impact.
Micoworks, since its inception in February 2019, has been providing the LINE-based marketing platform MicoCloud and the LINE Mini App service Micomii, primarily for restaurants. As of December 2023, over 1,000 brands, including Tokio Marine & Nichido Fire Insurance, Pasona, and JR Tokai Tours, have utilized MicoCloud.
The recent funding will also support Micoworks’ strategic growth initiatives, focusing on integrating advanced generative AI/ML technology to make ‘MicoCloud’ multi-channel and implementing a high-security infrastructure. These enhancements aim to expand the platform’s capabilities and support the company’s global ambitions, especially in the Asian market.
In line with its growth and expansion plans, Micoworks is actively recruiting talented individuals to join its team, aligning with its goal of becoming Asia’s No.1 Brand Empowerment Company. This expansion comes at a time when the company has seen rapid growth, spurred by post-COVID measures and the increasing importance of online communication following the pandemic.
The expansion of the ‘MicoCloud’ business and enhancement of the development system have maintained a high monthly retention rate of over 99%, significantly increasing the number of installations and end-users. – BusinessNewsAsia.com