SynchroLife, a restaurant discovery app managed by Ginkan, secures US$2.6 million in investment in a Series A round led by venture capitalist (VC) firm MTG Ventures. Both Ginkan and MTG Ventures are based in Japan, and the latest financing round puts SynchroLife’s total funding at US$3.7 million.
With Ginkan’s business involving creating a new economy by utilizing blockchain technology and tokens, SynchroLife mirrors this token economy initiative via its incentive model. In addition to providing money-back offers, the startup also awards reviewers with its own cryptocurrency. Locally, users will also be given loyalty rewards in the form of SynchroPoints which can later be traded for SynchroCoins at a 1:1 rate, and be used as a form of payment at food establishments.
Founded in 2015, the startup intends to use the fresh capital to enhance its platform, grow their brand, and reach out to new users. With SynchroLife restaurant discovery feature using AI to make individualized recommendations adapted to the user’s preferences, establishments that do not usually show-up on web searches can now be discovered.
On the collaboration front, earlier in February SynchroLife has partnered with Giftee (a startup that sends online cards containing e-gift) to enable users to buy their e-gifts using cryptocurrency rewards. Moving forward, SynchroLife looks forward to network and partner with more companies.
CEO and Ginkan Founder Tomochika Kamiya shares that “Going forward, we will continue to contribute to the future betterment of the restaurant industry,” He adds that “Our goals are to create a platform that can coexist and benefit both consumers and restaurants, and to make a dining-based token economy a reality.”
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In an effort to help their food establishments partners tide through the impact of the global health crises, SynchroLife introduced free take-out listings for restaurants. Another service that restaurants can also use is to promote dine-in offers post-COVID19 by sending e-invitations to their customers. SynchroLife hopes that with this marketing initiative, it can encourage the restaurant’s customers to head down for a meal in their establishment in an effort to revive the food & beverage industry.
With the initiatives rolled-out to aid their restaurant partners, and having won the Japan Financial Innovation Award 2020 (JFIA 2020) Startup Award, SynchroLife’s success trajectory is certainly promising.