Yahoo Japan Corporation has concluded a share transfer agreement to acquire dely Inc, a video-centric culinary media venture that operates recipe discovery portal Kurashiru, for $83.8 million, according to an announcement released on July 11.
Through this $83.8 million investment, Yahoo Japan’s holding in the startup would be 45.6 per cent. The company’s subsidiary, YJ2 Investment Partnership, acquired a 15.9 per cent stake of the media startup when it made its first investment back in 2016.
With this deal, Yahoo Japan has bought out the interest of existing shareholders including SoftBank, Gumi Ventures Fund II L.P and others.
Founded in 2014, dely, Inc. owns and manages an online platform, CLASSIL, for recipe video service. Through this capital investment, Yahoo Japan and dely have agreed to construct a strategic partnership in various fields related to food and recipe with “Kurashiru” at its core, so that the companies can create synergies with a mid-long term perspective.
Meanwhile, Tokyo-based dely will be able to tap into Yahoo Japan’s resources in the media and commerce space, which will help boost its operations.
Yahoo Japan Corporation is a Japan-based provider of Internet search services. The company operates in two business segments: the marketing solution segment is engaged in the planning and sale of search linkage-type advertisement products and display advertisement products.
SoftBank Group Corp said on July 10 that its unit SoftBank Corp would buy 221 billion yen ($2 billion) worth of shares in Yahoo Japan Corp, a 10.78 per cent stake, held by U.S. investment firm Altaba Inc.
Established in 2014, Japan-based dely, Inc. operates internet media businesses. The company provides food videos, cooking videos, and other content throughout Japan.
It closed a JPY three billion ($27.19 million) investment last year. Investors participating in this round included TSE-listed JAFCO; YJ Capital, the investment arm of Yahoo Japan; Gumi Venture, the investment arm of Japanese major game developer Gumi and Das Capital, an investment fund operated by Japanese serial entrepreneur/investor Shinji Kimura.
The startup closed a $4.5 million funding round in November 2016 and an earlier investment in September 2014 from Anri, which saw them commence a food delivery business that they pivoted away from.