Innovators in Japan: Weekly Digest 8/20/2018
The Japanese deal flow has certainly slowed down in the dead heat of summer, but we still have a lot to write about! This week’s Weekly Digest is all about FinTech trends in Japan, what’s real, and where Japan needs more support.
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FinTech in Japan: What’s the BFD?
OK, so I have to start with a brief disclaimer that this feature may come across as a bit critical of Japan’s current FinTech scene. I’m not saying that there isn’t anything good happening. But I wanted to counteract the self-congratulatory hype that’s thrown around time to time without little awareness of what’s happening, or has already happened, abroad. It’s the kind of entrepreneurial nationalism that says “10 banks using APIs to open their systems puts Japan at the top in bank-industry collaboration,” or the kind that talks about cutting edge FinTech when they really mean “accounting software.”
“But wait, there are crypto exchanges like Coincheck! Mobile payment services like Origami and LINEPay are all over the place!” Yes, friends, and I won’t be neglecting the positives. I just want to maintain a fair stance on the current state of FinTech in Japan.
Macro View:
Tech in Asia: Why investors are bullish on Japan’s Venture Capital Growth (Hint: the government’s actually doing a good job this time).
New Rounds:
CRAFT STORE, a marketing and video commerce startup for traditional craftsmen, raised an undisclosed amount speculated at <$1m range and partners with handmade goods marketplace minne.
Graatia, operator of Green Dining, a chef and corporation matching startup for catering, raised ¥20m (~$180k) seed round from several firms including 01 Booster, SG Capital.
Medmain, a Fukuoka-based medical photo analysis AI startup, raised ¥100m (~$910k) from SoftBank’s AI investment arm DEEPCORE and Kyushu Venture firm Dogan β.
Quick Updates:
Cinnamon, office work AI automation startup, opened an R&D center in Taiwan.
d10n Lab, an online crypto forum founded by Hirano Junya, rebrands, adds paid membership access to over 500 exclusive reports; plans to launch investment arm this autumn.
Don Quijote, Japan’s discount retailer giant, announced their interest in buying Walmart’s Seiyu, a Japanese retail chain it bought back in 2002.
Flatt founder, Ide Koki published his thought process on shutting down his live commerce app PinQul after a year.
FOLIO, a theme based mobile investment app, launched its mobile app along with a brand revamp.
Gaudiy, a blockchain startup for corporation-user co-creation, beta launched its eponymous platform across about 100 users.
LINE, Japanese subsidiary of South Korean telecommunications company, established $10 million crypto fund under the moniker Unblock Ventures.
VALU, a social network community for personal support crowdfunding through crypto rewards to statuses of each user’s choice, publicly launched its app.
Yakult, popular Japanese probiotics drink company, placed vending machines to give away free bottles to those who pronounce select Japanese terms across the UK and Ireland.
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