Japanese SaaS startup Nulab raises $5m from VCs

The Nulab offices

Japan-based software as a service (SaaS) startup Nulab has raised $5 million from venture capital firms NOW, XTech Ventures and Shinsei Corporate Investment Limited, according to a statement.

Founded in 2004, Nulab creates collaboration software that helps international teams of all sizes from a few people to hundreds of employees working in different departments and time zones.

The company, which has offices in New York, Amsterdam, Singapore, and Japan, said that it will use the latest proceeds to expand into the Asia Pacific, North America and Europe.

The company also claims that its products including project management and issue tracking tool Backlog; cloud-based diagramming software Cacoo and chat app Typetalk are used by more than 4 million people in over 190 countries.

New York-based X Tech Ventures offers businesses and startups with strategic consulting, and technology research and development services. It offers customers with services to develop strategic alliances, design and develop new products, and integrate technology solutions.

Shinsei Corporate Investment Limited, which operates as a venture capital firm, provides investment in early-stage, high risk, and growth-stage startups in Japan.

Last June, Japanese software-as-a-service startup Yappli bagged 3 billion yen ($27 million) in an investment round led by Eight Roads Ventures Japan.

Earlier, Japanese house construction management SaaS Andpad had raised $22.6 million Series B funding round from the investment arms of four regional banks in Japan in addition to existing investors, according to The Bridge.

In 2018, Japan’s private cloud services market recorded an increase of 40 per cent as compared to previous year. During 2018-2019, the country witnessed over 200 SaaS-based startups and the number is expected to further increase in upcoming years, according to ResearchAndMarkets.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.