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.