Town development startup NEWLOCAL Inc. is pleased to announce that it has raised 400 million yen in Series A funding through a third-party allotment of new shares, with Samurai Incubate Inc. as the lead investor, and with West Japan Railway Company, JR East Start-Up Inc., KDDI Corporation’s “KDDI Regional Initiatives Fund No. 1”, Agribusiness Investment & Consultation Inc., and others as underwriters. The total amount raised since the company’s founding, including loans, is now 1 billion yen.
With this funding, the company will promote recruitment, exploration of new areas, and business development, accelerate the establishment of a sustainable urban development model that makes use of the characteristics of each region, and continue to expand throughout Japan.
NEWLOCAL aims to establish a sustainable regional model in a society with a declining population, with the mission of “creating a happy scenario from the region together,” and is developing urban development projects centered on real estate development throughout Japan. By establishing a joint venture (JV) as a co-founder of leaders who will lead the future of the region, and building a system that circulates “people, money, and wisdom,” we will create and expand independent businesses rooted in the region.
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Just three years after its founding, the company has expanded its business to five regions: Nozawa Onsen Village and Miyota Town in Nagano Prefecture, Oga City in Akita Prefecture, Tango City in Kyoto Prefecture, and Komatsu City in Ishikawa Prefecture. To date, the company has developed and is operating 12 facilities, including accommodations and restaurants. The company has raised a total of 1 billion yen in funding for business growth in each region, and created more than 50 jobs (about half of which are relocates from outside the region), making a concrete and lasting impact on the local economy.
SOURCE: PRTimes
