#Japan #Tokyo #tax refund #Ocean #Duty-Free

Ocean's Strategic Funding to Transform Duty-Free Shopping

Introduction
Ocean, a leading platform for duty-free shopping in Japan, recently announced the successful completion of a fundraising round aimed at enhancing user experience for international travelers. With the support of Delight Ventures, a subsidiary of DeNA Group, and other esteemed investors, Ocean is set to leverage these funds for reimagining duty-free shopping in Japan.

Funding Overview

The latest financing round has seen participation from prominent institutions, including Delight Ventures, Z Venture Capital, Shizen Capital, MicroAd Ventures, Mizuho Capital, and Bluefin Partners. This influx of capital will be directed primarily towards strengthening product development, enhancing AI and data infrastructure, and boosting global collaborations akin to the evolving needs of international tourists.

Background of Business Expansion

As Japan emerges as a leading tourist destination, nearing an impressive 40 million annual visitors, the landscape of inbound consumption is poised for change. The upcoming implementation of a tax refund system in November 2026 signifies a transformative shift away from the traditional tax exemption at the point of purchase to a reimbursement model. Ocean views this transition as an unparalleled opportunity to innovate and enhance Japan’s tourism sector.

With cutting-edge technology, Ocean aims to streamline duty-free and reimbursement processes, utilizing AI and data analytics to optimize both the shopping experience for tourists and the operational dynamics for stores. By fostering a new economic cycle that interlinks businesses, tourists, and communities, Ocean is contributing to the establishment of a sustainable tourism powerhouse.

Business Offerings

Ocean’s digital solutions are designed to accelerate inbound consumption for Japanese retailers.

• - Ocean Tax Refund: This is a tax refund-focused system designed to accommodate upcoming tax reforms with minimal impact on existing operations. The system assures compatibility with over 30 currencies and supports various refund methods, including bank transfers, credit cards, overseas QR code payments, and PayPal. It features user-friendly interfaces through platforms like WeChat Mini Programs and LINE mini-apps, ensuring a seamless experience for international travelers. The company has also obtained approval as a duty-free operator from the Japanese National Tax Agency.

• - Ocean Marketing: Collaborating with top Online Travel Agencies (OTAs) and media outlets in major source countries, Ocean offers a performance-based service to direct international tourists to retail locations.

Future Developments

Following this funding round, Ocean is set to accelerate the development and operational framework of the Ocean Tax Refund system in line with the new tax regime. By further enhancing its AI and data-centric infrastructure, the company aims to not only streamline the tax refund process but also provide marketing support based on purchasing data tailored for retail establishments. Moreover, Ocean is committed to promoting top talent acquisition and forging partnerships with global enterprises, thereby establishing a new infrastructure in Japan’s inbound market characterized by innovation.

Leadership Insights

Yoshinori Hoshino, the CEO of Ocean, expressed his enthusiasm about the upcoming changes in the tax refund system, emphasizing it as a pivotal moment for Japan to progress as a tourism-oriented nation. His statement echoed the mission of Ocean: to redefine the shopping experience for international visitors. With this funding, Ocean is focused on accelerating product development and service enhancement, breaking down barriers across language, currencies, and regulatory frameworks to foster a seamless shopping experience for both tourists and Japanese retailers. Building new economic connections among tourists, stores, and communities, Ocean is dedicated to creating an environment where travelers can immerse themselves in the allure of Japan.

Investor Testimonials

Delight Ventures' Managing Partner, Tomoko Namba, along with Partner Yusuke Nagano, shared their observations of Ocean’s potential to convert necessary societal shifts within tax regulations into business opportunities. Their investment reflects a strong belief in Ocean's capacity for impactful innovation within the retail sector aimed at international visitors.

Career Opportunities

Ocean is actively seeking individuals who resonate with its mission and aspire to contribute to building a globally recognized platform representing Japan.
Current open positions include Tech Lead (CTO candidate), Product Manager, Business Development, Account Sales, Public Relations, and more. Check the careers page for more information and to apply.

Company Overview

Company Name: Ocean Inc.
Representative: Yoshinori Hoshino
Location: Toranomon Hills Business Tower, 1-17-1 Toranomon, Minato-ku, Tokyo 105-6415
Establishment: May 2024
Capital: 138.04 million yen
Website: ocean.inc
Affiliated Organization: Fintech Association of Japan
Duty-Free Approval Number: 1-0100-0124-5294-0140-0001

For inquiries, please contact Ocean Public Relations at [email protected].