May 17, 2012

Food Photo App, miil, Raises 240M Yen Aiming IPO / Cnet Japan

FrogApps, an iPhone app for food photo sharing developer, conducted allocation of new shares of around 200 million yen to Lead Capital Management's operating funds.  ...

Along with the announcement, it revealed that Dentsu Digital Holdings will also invest in the company at the end of May. The total amount of the series of fundraise is to be around 240 million yen.

miil, which FrogApps launched in October 2011, lets users to share photos of food and allows restaurants to attract customers based on information linked with the photos. It has 50,000 downloads and "Tabetai (want to eat) button" has been tapped 2.5 million times which shows rate of usage.

Cnet Japan 5/17/2012 [jp]

  • The deal size may look too large for photo sharing service with just 50,000 downloads. However, the investors probably place a high value on the potential as O2O service combining mobile users with real shops and restaurants. There are many more social enabled food related services including photo, recipe, and restaurant review. It is interesting to see whether just one or two of them will take whole market or many dedicated service in each small category will coexist.

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