Raksul makes paper sexy again with $20m in fresh funding

Raksul CEO Yasukane Matsumoto (left) and CFO Yo Nagami.

Japan’s most funded startups keep climbing up the ranks this year. Today, online printing service Raksul announced US$20.2 million in funding, bring its total raised to over US$75 million.

Development Bank of Japan and financial services giant Fidelity Investments cut checks with previous investors Opt Holding, Global Brain, GMO Venture Partners, and Global Catalyst Partners Japan also participating in the round. Although CEO Yasukane Matsumoto has been tight lipped about possible IPO plans, adding Fidelity to the investor list may be a signal of change.

It’s going after a market still worth US$50 billion in Japan.

Raksul doesn’t actually own any printers. It connects users with printing companies across Japan and takes a cut of each job done. Lately it has dabbled in investments in Southeast Asia and the sharing economy with its new delivery service, Hacobell.

The company declined to comment on latest revenue figures but says it has grown 50-fold in the past three years and reached 300,000 clients, up from around 100,000 in February 2015.

Raksul is aiming for what Yasukane describes as a US$50 billion market in paper-loving Japan. The team will use the funds to expand its main printing business as well as accelerate and add new services.

Converted from Japanese Yen. Rate: US$1 = JPY 101.28