Japanese construction equipment startup raises $8.2m from Sumitomo, Itochu

Tokyo-based Sorabito, which runs an online marketplace for used construction equipment, said it had raised US$8.2 million from Japanese trading house Sumitomo Corporation and Itochu Construction Machinery.

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Photo credit: Rico S. / Pixabay

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“With the funds, we’ll further improve our existing AllStocker service and accelerate the development of a range of new services that resolve issues submitted by owners of construction machinery,” said Sorabito CEO Takayuki Aoki.

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He added that the company, which was founded in 2014, will expand its customer base and leverage on the investors’ industry expertise and overseas investments.

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Currency converted from Japanese yen. Rate: US$1 = ¥109.66