Asia Digest: Japan’s Upsider raises $115m Series C; Zeals mops up $38.7m

REUTERS/Yuriko Nakao

DST Global Partners and World Innovation Lab have led a $115-million Series C round for Japan’s Upsider while chat commerce company Zeals has raised $38.7 million.

DST Global Partners, WiL lead $115m Series C in Japan’s Upsider

Japan’s corporate credit card issuer Upsider has raised a 15-billion-yen ($115 million) Series C round led by DST Global Partners and World Innovation Lab (WiL), AVCJ reported.

Existing and foreign investors Arena Holdings and Tybourne Capital Management were the main underwriters for the third-party allotment.

The 15-billion-yen fundraise includes approximately 5.4 billion yen of capital increase through a third-party allotment and around 10 billion yen of an additional loan facility.

The capital increase will be used for diversifying products, increasing recruitment and expanding into overseas markets.

Upsider provides corporate cards and payment solutions, targeting fast-growing companies, including startups aiming for IPOs.

Japan’s Chat Commerce raises $38.7m

Japan’s chat commerce company Zeals has raised a total of 5 billion yen ($38.7 million) in funding, according to an announcement.

JIC Venture Growth Investments led the 3.5-billion yen Series E round with participation from Z Venture Capital, a venture investment arm of Z Holdings, Japan Post Capital and Salesforce Ventures.

Concurrently, Zeals closed debt facilities aggregating 1.5 billion yen with Mizuho Bank and MUFG Bank.

Chat commerce, also known as conversational commerce, is redefining how large enterprises engage with their customers and enabling them to transact through chat applications.

Zeals provides chat commerce services to companies in a wide range of industries, including cosmetics, food, human resources, education, telecommunications, automobiles, finance, real estate, fashion and entertainment.

The funds from this round will be used to accelerate new product development, implement rapidly evolving natural language generation (NLG) technologies, diversify go-to-market channels and support overseas expansion.

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