Japan-based Collaboration Software Startup Raises $5M in Venture Round

Fukuaka-based startup Nulab, which has offices in New York, Amsterdam, Singapore, Tokyo, Kiyoto, intends to utilize the newly raised capital to develop its new security app, Nulab Pass, to accelerate international market expansion

Fremont, CA: Nulab, a Japan-based software as a service (SaaS) startup developing online collaboration tools, raised US$5 million from venture capital firms Now, XTech Ventures, and Shinshei Corporate Investment Limited.

Founded in 2004, Nulab creates products such as Backlog, an online project management and bug tracking software, Cacoo, a cloud-based diagramming software and Typetal, a chat app. The startup launched NuSpace, its first community platform built to help startups and developers collaboratively work on projects, attend tech events, and enroll in seminars. Its products are used by more than 4 million people across 190 countries.

The startup, which has offices in New York, Amsterdam, Singapore, Tokyo, Kiyoto, intends to utilize the newly raised capital to develop its new security app, Nulab Pass, to accelerate international market expansion. Nulab is working on implementing single sign-on for all its software to ensure that users can sign in to multiple apps with just one ID and password.

Earlier, in 2017, Nulab raised US$887,000 from East Ventures in its first round of financing.

According to industry data, remote working has grown 159 percent since 2005 across the globe. As of 2019, only 32 percent of Japanese companies have flexible working policies, and about 80 percent of employees in Japan expressed the desire to work remotely.

One of Nulab’s investors, X Tech Ventures, provides businesses and startups with strategic consulting and technology research and development services as well as customers with services to develop strategic alliances, design and develop new products, and integrate technology solutions.

 Shinsei Corporate Investment Limited, a venture capital firm, provides investment in early-stage, high risk, and growth-stage startups in Japan.

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