APAC Digest: MyMusicTaste Series C; Jiraffe funding; MeLeap Series A

Korea Investment Corp increases alternative asset investments
South Korean 10,000 won note is seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji

In separate investment news from the Asian region, MyMusicTaste has closed a Series C round while Jiraffe has raised additional venture funding and Meleap has closed a $2.6 million Series A round.

MyMusicTaste raises $11m Series C

Seoul-based MyMusicTaste, a platform for fans to organise campaigns for bringing their favourite artists to their respective cities, has raised an $11 million Series C round led by new investors KTB Network, with backing from Stonebridge and Yellow Dog.

According to a report by TechCrunch, existing investors – SoftBank Ventures Korea, Samsung Venture Investment Corporation, Formation 8, Bokwang Investment and Golden Gate Ventures – also backed the round. Its aggregate funding currently stands at $22.3 million.

Investment proceeds will see it expand into more music genres, as well as establish regional offices in Los Angeles, Europe and Southeast Asia. In addition, it plans to hire more data scientists and software engineers.

Set up in December 2013 by CEO Ethan Jaeseok Lee, the idea to crowdsource concert destinations emerged as a way to reduce the financial risk for artists and organisers when organised concerts.

Jiraffe raises $3.5m in funding

Japan’s Jiraffe, which operates the Hikakakupurchase price comparison website for used items, has raised JPY 400 million ($3.52 million) from investment firms Imercury Capital, Gree, Mercari Capital and Adventure Capital. Existing investors Dream Incubator and Shunsuke Sasaki, the founder and executive director of Japanese gaming company Pokelabo, also participated in the round.

Founded in October 2014 by CEO Teruaki Aso, it has raised approximately JPY 600 million ($5.7 million), including capital reserves.

Earlier this year, it launched a marketplace for used smartphone called “Smama (Smartphone-no-Market)” and engaged in a capital tie-up with CASH to provide a pawnbroker app for spot cash under the same name.

Meleap closes $2.6m Series A

Tokyo-based augmented reality startup Meleap, which has developed the Hado augmented reality(AR)-powered sports game series, in addition to establishing an expanding arcade store franchise, has raised JPY 300 million ($2.64 million) from Incubate Fund, DBJ Capital, and SMBC Venture Capital. This follows JPY 60 million in seed funding raised in January 2016.

The investment proceeds from this round will see it establish branch offices in Los Angeles, California and Kuala Lumpur in addition to strengthening its arcade store development and customer support, as well as internationalisation.

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