oVice Raises $32 Million in Series B to Develop Virtual Offices for Remote and Hybrid Teams
oVice, a Japan-based virtual office platform, announces a 45 billion yen (around $32.5 million) Series B funding round led by multiple investors. The company plans on creating solutions that streamline remote and hybrid work and facilitate employee onboarding, team management, and online collaboration.
oVice was launched in 2020 as a way to give teams, disconnected during the pandemic, a common meeting point. It offers fully customizable virtual spaces for offices, online classrooms, and event venues.
As of 2022, oVice has long-term contracts with over 2,200 organizations and boasts over $6 million in annual recurring revenue (ARR). More than 60,000 daily active users log into the platform to work in over 30,000 spaces created since its launch.
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oVice plans to solidify its standing as a leading online collaboration platform in Japan and grow its user base overseas. Furthermore, the company is focusing on creating new solutions for hybrid work — an approach that combines in-office work and telecommuting.
To that end, oVice secured a $32 million Series B funding round led by a group of Japanese and overseas investors. The investment puts the company’s total raised capital at $45 million.
The oVice team is allocating these resources in four key directions:
- Building solutions tailored to hybrid workplaces that help align office and remote teams
- Overseas expansion in North America, Europe, and other regions.
- Attracting top talent to the project
- Marketing and PR activities
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According to Sae Hyung Jung, the CEO of oVice: “The end goal is to create a platform that would eliminate friction in remote and hybrid workflows: employee onboarding, instant communication, and team building. oVice is hoping to achieve this by bringing the social benefits of the physical office — visibility, accessibility, and immediacy — to online interactions”.
During the last two years, the platform’s consistent growth proved that organizations have a long-term interest in virtual office technology. In the future, the oVice team aims to make virtual offices an integral part of remote and hybrid collaboration tech stacks.
