Japanese news aggregation platform SmartNews has bagged $92 million in its Series E round financing. The round was led by Japan Post Capital Co. Ltd. and ACA Investments Pte Ltd with the help from Globis Capital Partners Co., Ltd., Dentsu, Inc, and D.A. Consortium Inc. (Hakuhodo DY Group). The post-money valuation of the firm stands at $1.2 billion.
Prior to this round, the firm had secured $38 million in July 2016 from the Development Bank of Japan. The current infusion takes the total amount raised by the firm to $180.3 million. SMBC Venture Capital, GREE, Atomico, Social Venture Partners, Globis Capital Partners, and others are few of the backers of the firm. The current infusion takes the total amount raised by the firm to $180.3 million.
The company was founded by Kaisei Hamamoto and Ken Suzuki in 2012. The platform offers quality news to the users with the help of its machine learning technology and relationships with over 400 U.S. publisher partners.
The firm which has offices in Tokyo, San Francisco, Palo Alto, Shanghai, and New York plans to utilize the money for the expansion of its global engineering teams for mobile, backend and machine learning development.
Ken Suzuki talking about the funding said, "The close of our newest funding round represents an important milestone for SmartNews. Our investment partners have recognized the value that we provide to our readers and the media ecosystem we help support. Together, we will continue to provide quality information to those who need it, both in the US and worldwide."
It will be interesting to see how the firm utilizes the funds to grow its presence overseas.
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