Tokyo-based Sorabito, operator of Japan’s heavy machinery e-commerce marketplace Allstocker, has announced raising ¥900 million ($8.2 million) from Sumitomo Corporation and Itochu Construction Machinery.
In a statement, Sorabito, founded in May 2014, said it will use the fresh funds to further improve its existing AllStocker service and accelerate the development of a range of new services.
The Allstocker marketplace, which sells used construction machinery in Japan, enables customers to conduct online payments, as well as providing shipping logistics services and on-site inspections, with availability in both the English and Japanese languages.
Since the establishment, with the support of construction machinery rental companies nationwide, the company has been providing options for disposing and procuring machinery such as a regular bidding price-posting type market called, “ALLSTOCKER Market”, a regularly-held bid-up type internet auction called, “ALLSTOCKER Auction”, and competitive bidding services that consolidate offers by buyers worldwide and present purchase prices.
The latest funds add to Sorabito’s $8.7 million in funding raised in its seed round, venture round, and Series B round. The Series B round raised $3.3 million on May 10, 2018, led by Spiral Ventures Pte.
Sumitomo Corporation, one of the investors in the latest funding activity, has a globally-operated construction machinery sales service and construction machinery rental company with the largest network and business size in the trading industry.
Meanwhile, Itochu Construction Machinery, which has been a partner of Sorabito for a year and a half, have a large number of offices and investments in and outside of Japan in the construction machinery and its relating industries.
“Sorabito believes that the partnership with these two companies will be a foundation for building the world’s No.1 construction machinery platform,” said Sorabito CEO Takayuki Aoki.
Sorabito is also backed by GMO Venture Partners, Gree Ventures, JA Mitsui Leasing, Opt Ventures, and SMBC Venture Capital.