Japan-based Book Abstract Flier Secures a Funding Round.
Japan-based Flier, a startup that provides a book abstract application under the similar name, has recently announced that it has manage to raise and undisclosed amount of funding from East Ventures, Nishikawa Associates and Nomad.
Ever since its official launching during October 2013, the company has manage to acquire over 20,000 users, which is more than double the 9,000 users from March 2014. According to the CEO of the company, Yasushi Ohga, Flier will also be utilizing these funds to hire engineers and empower their in-house engineering capacity.
Initially launched during the previous June 2013 and graduating from Tokyo-based incubator Movida Japan’s seed acceleration program. Their team manage to gain a positive reputation from the audience at the incubator’s Demo Day back during November, and has acquired 17 corporate accounts before their pitch during that time.
Although, their business is developed around a simple concept, so they may soon reach the limits of their growth. As they further expand their business, they will have to continue hiring more staff, which will lead to increase in labor costs. In regards to these problems, they explained:
Getabstract has 10 million users, mainly in the US and European regions. The market volume in this space is two million users in Japan, so we still have more room to increase our users. If you look at the Asian market, we can aim to acquire 20 million users in the entire region.
The company has three, full-time writes, and utilizes around 10 freelance writers to provide them with over 20 abstracts (for 20 books) every month or so. They plant to increase it up to 50 abstracts every month, but they will use these fund raise at this time to not hire new writers but to further strengthen their engineering team to empower their web service, while detail have yet to be released.