NANAO, Japan, November 2, 2021 (Newswire.com) – oVice (Headquarters: Nanao City, Ishikawa, Japan, CEO: Jung Sae-Hyung, https://ovice.in) has completed its Series A funding of $18 million with Eight Roads Ventures Japan as the lead investor and joined by follow investors and existing Pre-Series A investors.
- Recent business conditions: Achieved $1 million in annual recurring revenue (ARR) in just 8 months after service release.
After the service release in August 2020, oVice achieved its annual recurring revenue of $1 million (ARR) by April 2021. As of October 2021, it reached $3.0 million in ARR, making it one of the fastest-growing SaaS services in the world. oVice has been used as an online virtual office as well as an event venue by companies from a variety of industries. oVice is used by more than 1,200 companies and has issued more than 10,000 spaces (office and event space).
*1 USD = 100 JPY for simplicity
- Investors in this round
In this round, oVice is joined by Eight Roads Ventures Japan, the lead investor, and other investors with a strong track record of investing in domestic and international tech companies.
Existing investors： One Capital (lead), MIRAISE, DG ventures
New Investors： Eight Roads Ventures Japan (lead), JAFCO, KB Investment, Salesforce Ventures
- Purpose of fundraising and future strategies
1. Overseas markets
Since the release of the service, oVice has been providing its product mainly in the Japanese market. With the gradual increase in sales outside of Japan in correlation to a growing demand for telework and online events, oVice intends to capture greater market share in the spatial communication market abroad.
2. Product development
Continuation of product development and form alliances and partnerships with other companies to establish business ecosystems to cater post COVID-19 hybrid work style.
3. Integration with other tools
Link oVice with a variety of telework-related tools such as video conferencing systems and chat tools.
- Comments from participated investors
One Capital, Inc. CEO: Shinji Asada
“This was oVice’s 3rd time participating in oVice’s fundraising round since the seed level. Even with the increase in demand in remote work due to the COVID-19 pandemic, the growth or the hyper-growth that oVice had in the past 12 months was simply astonishing. It took oVice just 8 months to reach $1 million in ARR, the number that is frequently used and benchmarked as a key PMF target for seed-level SaaS services. This kind of growth is not common and is still continuing to show top-tier growth.
“With this latest round of fundraising, oVice plans to propel investments in projects (stated above) and build a stronger team to support this hyper-growth. oVice would like to welcome anyone who is willing to challenge and join this early phase start-up.”
Eight Roads Ventures Japan. Managing Partner / Head of Japan: David Milstein
“COVID-19 forced people to change their working styles, and while various online activities were available in use, it was still hard to adapt when it came to creating an intimate working environment. Many people still feel that casual communication, such as side conversations and fellowship opportunities, is lost.
“oVice is a new communication service that responds to this human desire for communication, and I am convinced that it will become the de facto standard that supports the hybrid work style in the post-COVID19 environment. We look forward to working with Sae Hyung Jung, who has run multiple startups and along with young and talented teams, and great investors such as One Capital.”
Company Name: oVice, Inc.
Location: 113B, Motofuchumachi, Nanao City, Ishikawa Prefecture
Founder / CEO: Sae Hyung Jung
Established: February 2020
Business: Development and service provider of virtual space that can be used as offices and events
Free Trial: https://ovice.in/trial-form/index.html
Source: oVice, Inc.