Restaurant discovery app that rewards users with cryptocurrency scoops up $2.6m

Japan-based Ginkan, the company that manages restaurant discovery platform SynchroLife, has raised US$2.6 million in a series A funding round led by local VC firm MTG Ventures.

Ginkan chief technology officer Hiroshi Mita (left) and CEO Tomochika Kamiya / Photo credit: Ginkan

Other investors in the round include Giftee, Orient Corp, Ceres, Sansei Capital Investment, Aucfan DD Holdings Venture Capital, Mitsubishi UFJ Capital, and SLD Entertainment. The latest capital injection brings the company’s total funding to US$3.7 million, according to a statement.

The startup said it will use the new funds to further develop its platform, increase brand awareness, and obtain new users.

Established in 2015, SynchroLife lets users uncover restaurants normally hidden by web search results and advertising. It uses AI to make personalized suggestions tailored to each user’s likes and dislikes.

The platform also awards restaurant reviewers with cashback deals as well as its own cryptocurrency. In Japan, users who receive loyalty points – known as SynchroPoints – will be able to exchange them for SynchroCoin at a one-to-one rate in the future.

In February this year, SynchroLife announced a collaboration with Giftee, allowing users to purchase e-gifts with their cryptocurrency rewards. The company looks to deepen its partnerships with other companies in the future.

In light of Covid-19, SynchroLife said it also recently launched features for restaurants, aimed at attracting customers during and after the pandemic.

“Going forward, we will continue to contribute to the future betterment of the restaurant industry,” said Ginkan founder and CEO Tomochika Kamiya. “Our goals are to create a platform that can coexist and benefit both consumers and restaurants, and to make a dining-based token economy a reality.”