Dai-ichi Life has led the final close for the Japan-based financial technology developer’s $38.8m series C round, which was already backed by Tokyo University of Science Investment Management Company.
Japan-based microfinance holding company Gojo & Company completed a ¥4.22bn ($38.8m) series C round following a tranche led by insurance provider Dai-ichi Life in late September, it announced yesterday.
The close included Aizawa Investments and SBI Investment, subsidiaries of securities firm Aizawa Securities and financial services provider SBI Group respectively, in addition to business development firm Dream Incubator’s Dimension fund and investment fund 15th Rock Ventures.
Dai-ichi Life also led the round’s first tranche in February 2019, participating alongside university investment vehicle Tokyo University of Science Investment Management Company and various individuals.
The $24.4m second close in August this year included retailer Marui Group, financial services firm Seven Bank, the government-owned Japan International Cooperation Agency and TransLink Capital Partners, the venture capital vehicle co-founded by insurer Sompo Japan Nipponkoa.
Founded in 2014, Gojo offers microfinance services to improve access to finance, particularly for women in developing countries. It currently focuses on Asian markets such as India, Sri Lanka, Cambodia and Myanmar.
The company intends to use the series C funding to improve its technology capabilities concerning microfinance operations and to expand its presence in other parts of Asia. It has now raised close to $70m in total.
Gojo closed its $17.2m series B round in mid-2018, securing $5.4m from Dai-ichi Life and Nippon Venture Capital in October 2017 and adding $1.9m from consulting firm Link and Motivation and insurer Nippon Life’s Nissay Capital subsidiary four months later, before Jafco joined later in the year.
– This article first appeared on our sister site, Global Corporate Venturing.
