Micoworks, a Japanese startup that develops and provides marketing platforms, announced that it is setting up development teams in the Philippines and Taiwan after it raised ¥3.5 billion (about $24.5 million) in Series B funding.
The establishment of a development team in the Philippines highlights the Japanese startup’s recognition of Asia as a key market due to the rapid rise of Conversational Commerce in the region, according to the announcement.
The funding round was anchored by growth-stage venture capital firm Vertex Growth and backed by JAFCO Group, Mitsubishi UFJ Capital, SMBC Venture Capital, Mizuho Capital, and existing investors such as All Star SaaS Fund and Eight Roads Ventures Japan.
The company, led by CEO Osamu Yamada, said the latest funding round brings its total funds raised to date to approximately ¥6.3 billion. It will use the new funds to enhance its product features and further expand into the Asian region, particularly in Taiwan, Thailand, and other ASEAN countries.
“Our goal is to become Asia’s No.1 Brand Empowerment Company by 2030, and to achieve this, we will expedite our product development and bolster our organizational structure for global expansion,” said Micoworks CEO Osamu Yamada.
Micoworks develops and provides the MicoCloud and Micomii marketing platforms that are designed to optimize communication between companies and their customers.
Micomii is a LINE mini-application service for restaurants, while MicoCloud is a marketing platform that optimizes communication between companies and their customers.
In addition to offering highly extended functions for the official LINE account, it collects data across multiple channels. This data collection enables optimal communication tailored to customer needs.
Since February 2019, Micoworks has been providing the LINE-based marketing platform MicoCloud and the LINE Mini App service Micomii for restaurants.
As of December 2023, the startup said over 1,000 brands, including consumer-facing companies like Tokio Marine & Nichido Fire Insurance, Pasona, and JR Tokai Tours, have utilized MicoCloud.
“We are delighted to lead Micoworks’ Series B funding round, alongside other leading investors in Japan,” said Vertex Growth General Partner Hock Chuan Tam. “The highly scalable platform of Micoworks, which leveraged on the popular and widely used LINE messaging platform, facilitates personalized customer communications from acquisition to engagement.”