Sorabito, Japan’s heavy machinery e-marketplace operator, raises $8.2m

Photo from Sorabito's website

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.

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.