Korean startup Toss Lab that operates the fast-growing collaboration platform JANDI, announced that it has raised a $13 million Series B funding. The latest round of investment is led by SoftBank Ventures Asia, the early-stage venture arm of SoftBank Group and other investors included SV Investment, Atinum Investment, Must Asset Management, Shinhan Capital SparkLabs, and T Investment.
JANDI is a successful communication platform designed by corporate businesses and is dubbed as an Asian version of ‘Slack.’ With the latest funding, Toss Lab becomes the first Korean company in the collaboration space to raise over $20 million to date. JANDI has seen an 80% increase in user numbers during the COVID-19 pandemic in 2020 when ‘work online’ became a norm. JANDI’s integration with the Zoom app and enhanced security features with advanced admin dashboard gain popularity among corporate clients.
JANDI clients include LG CNS (the Korean conglomerate’s IT services subsidiary), Korean tire manufacturer Nexen Tire and Lexus. Toss Lab says its revenue has grown more than 100% over the past three years. Toss Lab intends to use the new investment for global expansion and increase the workforce.
JANDI is being used across companies in South Korea, Taiwan, Japan, and Singapore.
Toss Lab had received its Series A funding in two stages, with $2 million in 2014 from Softbank Ventures, Cherubic Ventures, and others. In 2016, the startup had raised US $2.5 million from Qualcomm Ventures and HnAP. The company infused the funds to expand and hire teams across Southeast Asia. Toss Lab has offices in Seoul, Taipei, and Tokyo that ensure excellent customer relations in the region.