Japan-based restaurant review platform SynchroLife, which rewards users in its native crypto token SynchroCoin, has raised $2.6 million in Series A funding.
The round was led by MTG Ventures, with participation from Giftee, Orient Corporation, Ceres, Sansei Capital Investment, and Mitsubishi UFJ Capital, among others.
With the fresh capital in place, SynchroLife plans to develop its platform further, spend on marketing to increase brand awareness, and obtain new users. SynchroLife currently claims to have gathered over 210,000 restaurant reviews for over 100,000 restaurants.
SynchroLife rewards users loyalty points known as “SynchroPoints,” which are exchangeable for SynchroCoin at a 1-to-1 rate. SynchroCoin can also be used for payment at restaurants in the future, said the firm.
“The sudden appearance of Covid-19 has significantly affected the restaurant industry. As a result, it is no exaggeration to say SynchroLife is the perfect service to solve the restaurant industry issues surrounding the costs of marketing and payment processing,” said Go Fujita, representative director and president of MTG Ventures.
Sansei Capital’s president Teruyasu Kawatsura said SynchroLife CEO Tomochika Kamiya “understands the pain points of the [restaruant] industry” and that SynchroLife could create new value that benefits both restaurants and users.
Today’s round brings SynchroLife’s total funding to date to $3.7 million. In 2018, the firm raised $720,000 in a seed round. SynchroLife is operated by its parent company called Ginkan.