SoftBank Ventures Asia to lead the deal
Toss Lab, Inc. provider of the enterprise collaboration tool JANDI, raised $13 million in Series B funding. The round was led by SoftBank Ventures Asia and includes investments from SV Investment, Atinum Investment, Must Asset Management, Shinhan Capital, SparkLabs, and T Investment.
With this latest round of funding, the company has become the first player in the collaboration space in Korea to raise over $20 million to date.
JANDI is an enterprise team collaboration platform with a suite of productivity tools that include topic-based group chat, task management, video conferencing, and 3rd party app integrations. Recognized as the leading collaboration software provider in Korea and Taiwan, JANDI has seen a revenue growth of over 100% in the last 3 years, with the highest number of downloads on the Google Play Store among other local collaboration tools.
CEO and Managing Partner of SoftBank Ventures Asia, JP Lee says, “JANDI, which has seen consistent and steady growth since 2014, is aiming to become the leading collaboration tool in Asia.” He adds, “COVID-19 has provided a prime opportunity for collaboration tools like JANDI, as the outbreak has prompted companies to look for solutions that enable a remote workforce, with minimal impact on employee productivity.”
This fundraising welcomes Ticket Monster founder Daniel Shin, Softbank Ventures Asia CEO JP Lee, Kakao ex-CSO Joon-yeol Kang, and SBI Investment Korea CEO Joon-hyo Lee as the boards of directors. In addition, Bespin Global CEO Hanjoo Lee and Sendbird CEO John Kim will join as advisors to the Company.
“New board members and advisors will help Toss Lab to accelerate its global expansion and development of industry-leading collaboration software,” Shin said.
In a time when digital transformation is crucial for companies to sustain operations, JANDI’s enterprise Software as a Service (SaaS) solution has become an essential tool for ensuring business continuity.
JANDI’s 200,000 customers range from SMBs to large enterprise companies such as LG CNS, CJ, Nexen Tire, and Cosmax. With multi-language support including English, Chinese, Japanese, Korean and Vietnamese, JANDI has expanded beyond Korea to Japan, Taiwan, Malaysia, Vietnam and the Middle East.
CEO Matthew Kim says “With this round of funding, we plan to accelerate our sales and marketing efforts and recruit new talent for the global teams. This is one step closer to establishing JANDI as the leader in enterprise collaboration tools in Asia.”
Toss Lab has also customized JANDI specifically for enterprises and users in Asia. From 2019, with the strategy of expanding to markets in Southeast Asia, Toss Lab has put their first step into the Vietnamese market by participating in the Vietnam Startup Wheel competition 2019. Toss Lab excellently won the first prize of the International Track in the competition as well as attracted the attention of the media and the startup community in Vietnam. The values gained from this competition have helped Toss Lab make their first mark in the Vietnamese market, and reach out to the community and potential partners successfully.
For the Vietnamese market, Toss Lab has localized JANDI by setting up the Vietnamese language feature in the product and establishing a team in Vietnam in order to support and educate customers using the product.
During this challenging period, Toss Lab has demonstrated its outstanding capacity by successfully raising $ 13 million in series B round, once again asserting their dominance in improving the digital transformation application at enterprises in Asia.
Let’s wait and see the breakthroughs of Toss Lab at the Vietnamese market in the coming time.
|Company Overview||Toss Lab, Inc. A “toss” means a throw or fling of something, and “lab” is an abbreviation for laboratory. As indicated in the company name, Toss Lab allows its employees to express their ideas without restraint and research ways to make communication among office workers more efficient. The company’s flagship product, named JANDI, is No.1 collaboration tool in Asia that provides better communication and online co-work culture at workplace.|