Japan’s news app war continues and Gunosy has won the latest round. In a filing approved by the Tokyo Stock Exchange today, Gunosy confirms that it will IPO on April 28. The startup is looking to raise JPY 5.32 billion (US$44.5 million) and expects an initial market cap of JPY 31.4 billion (US$263 million). Both figures are subject to change as the number of shares to be issued might be adjusted.
KDDI, Japan’s third largest carrier by subscriber base behind Docomo and SoftBank, is betting on the success of news curation app Gunosy. The telco announced a 1.2 billion yen (US$11.8 million) funding round today – after already providing US$12 million in March to fund a Gunosy television advertisement campaign. According to The Bridge, Jafco and B Dash Ventures joined KDDI for the latest investment.
Popular Japanese news reader app Gunosy has closed a funding round led by local telco KDDI, according to The Bridge. The amount was not disclosed, but The Bridge estimates somewhere between US$12 million and US$14 million. A chunk of the new investment will go toward TV advertisements, which have a proven track record in Japan of attracting users. The most notable example is social chat app Line, whose famous sticker characters even have their own TV show. Other apps advertising on TV there include KakaoTalk, DeNA’s Comm, and several mobile games.