Japanese virtual office platform raises $32m for market expansion

Japan-based virtual office platform oVice has secured US$32 million in series B funding from an unspecified group of local and overseas investors. The round brought the startup’s total capital raised to US$45 million.

oVice CEO Sae Hyung Jung. / Photo credit: Ovice

Launched in 2020, oVice’s software provides customizable virtual offices, classrooms, and event venues for companies disrupted by the pandemic.

Currently, the firm has reported over US$6 million in annual recurring revenue and said it has long-term contracts with over 2,200 organizations. It also has more than 60,000 daily active users and has created over 30,000 spaces since its launch.

The funding will be used to build new solutions for hybrid work and to help align office and remote teams. The company also plans to spend more on talent acquisition, marketing activities, and its expansion plans to North America, Europe, and other regions.

Additionally, oVice has appointed former Asana Japan CEO Jim Tamura to serve as its COO.

Sae Hyung Jung, CEO of oVice, said the company’s goal is to create a platform that removes friction in remote and hybrid workflows through employee onboarding, instant communication, and team building.

He added that the firm “is hoping to achieve this by bringing the social benefits of the physical office — visibility, accessibility, and immediacy — to online interactions.”

See also: Will remote work take off fully in the Asia Pacific? (Infographic)