Japanese virtual office startup oVice bags $32 million for market expansion

Oluwajuwonlo Afolabi -

oVice, a Japan-based startup providing virtual office spaces has raised $32 million in its Series B funding round from undisclosed local and foreign investors, to expand its operations into new geographies.

  • The fund will be used to develop new solutions for hybrid work and to help align office and remote teams. The fund will also be used for talent acquisition, marketing activities, and expanding its services into North America, Europe, and other regions.
  • Founded in 2020, oVice offers software that provides customizable virtual offices, classrooms, and event venues for teams and companies affected by the COVID-19 pandemic.
  • It is currently reporting $6 million in annualized recurring revenue and has long-term contracts with over 2,200 organizations, the company claims. It has created more than 30,000 virtual spaces since it launched and has 60,000 daily active users.
  • With this latest raise, the startup has attracted $45 million since its launch. It aims to foster team building, instant communication, and onboarding to remove friction in remote and hybrid workflows, oVice's CEO, Sae Hyung Jung says.