SoVa raises about ¥230 million pre-Series A for its accounting service
The April 2023 announcement brought venture firms and accounting specialists into the Japanese back-office business.
SoVa announced its pre-Series A on 12 April 2023 after completing the financing in March. The approximately ¥230 million raise combined institutional investors with professionals from the accounting industry.
At that stage, the product organised more than 100 types of tax, labour and registration procedures so a business could identify what it needed to do, when to act and which documents to prepare. SoVa said more than 300 companies had used the service in the year and a half since launch.
The backers included JAFCO, Globe Advisors Ventures and East Ventures. Chugin Infinity Fund No. 2 participated through J-KISS share acquisition rights, adding a regional banking connection to the syndicate.
Use of funds
Develop accounting and back-office service products
Hire specialists and strengthen the organisation