Hi, my name is Daniel Magna Buckley and I'm a CFO of Elvis and today I would like to talk a little bit about our story of how we were able to achieve high speed growth or hyper growth in Japan with less than a year. So we are a virtual office company and we issue spaces, we were able to hit close to 90% market share in the spatial communication market in Japan and just less than a year, and think of a space as one office floor or event venue. And since launch, we have issued 5900 spaces by last month and 6000 now and let me quickly introduce the speakers for today. So Young CEO and founder of obus. And our thoughts on who is the CEO of one capital VC fund based in Japan, I think it is safe to say that lung capital is a VC that focuses on SOS at one capital has been with us as an investor. And for myself, my background is in finance, I worked at Goldman Sachs, Tokyo and Hong Kong office, and very recently, I joined office as a CFO to mainly manage and the fundraising process. So let me first talk a little bit about our service and I will pass it over to say young and Asada Sam for their insights later. So here, I would like to quickly show a video to demonstrate how our service works. The video is a minute long.
Sometimes working from home lacks the feeling of community and teamwork. ovis gives you both one virtual space to meet people manage projects, or even run an entire business. No matter how big or small is your team. You can work together while keeping in touch, walk around, talk and even have a conversation with your co workers. The closer you get to the others, the louder your voice will be. Build private rooms for your meetings, and talk comfortably. Everything at overs can be customized. You can embed your dogs in your favorite website directly. Make a different layout to change the theme of your space, and even add interactive objects like images, videos, GIS to, why not even play some background music to add a cozy vibe to it. And it goes far beyond that. You can use overs for hosting events, to managing communities or even holding academic workshops and conferences. Your space your rules will help you achieve things faster in a natural and fun way online. Join us at overstock in
Thank you. So speaking of use cases of this as an office space would be the main use by most of our users. We have users ranging from startups and SMBs, to large corporates and to name a few companies like SoftBank, Yamaha, Panasonic, and Sega uses obus. And also schools like University of Tokyo and other top university in Japan, kinda like the Ivy's of Japan, US overseas as well. And venues is also a big one. There are a bunch of types of events, including business events, for like a career fair social events and parties and even a TechCrunch event was hosted using Novus. And in many cases, our users start their usage small from either a single person or team child. And gradually in the course of months, the usage expand from team to division and division to company wide. And we have seen a long term expansion by companies with an upward of $10,000 a month usage. And most of the users are companies and even some enterprise level companies user service as a whole company, where some of them use 20 plus floors, and one actually uses 36 floors and still growing in size today. And as a result, since we launched our service and August of 2020, we were able to achieve $1 million in ARR in just a month, just achieve it a couple months ago. And we didn't achieve this number by spending a hefty amount in marketing campaign or paid advertisement but mainly through viral network and viral marketing. And our biggest inflow source was word of mouth from friends and colleagues and even clients. Thus we were able to create kind of like a sense of a buzz in our community. And right now we are ready to scale and with the continuation of growth for the next coming months, we are confident to reach $10 million arr by the end of this year, which makes it only a month after reaching $1 million AR and this photo is quite interesting. This photo is a real universe of obus. It's a city based on in this space usage by our users, so tall buildings are heavy users with 20 to 30 floors. And we also actually allocate these offices and different regions based on the industry, for example. So for one instance, there's a street and this universe where VC offices are located, including data science. And yeah, so our long term vision is to also create kind of like a virtual real estate or even building a virtual city. So here, let me pass it over to Seong, the founder and CEO of Elvis, I want Seong to tell us how the journey was like from coming up with the idea of Oh, this and experiencing high speed growth until this point. So I'm actually pretty, relatively new to this company. So I'm also curious to hear what you have to say. So, so young, tell me more about how we were able to achieve this hyper growth goes down.
Excuse me, Sir. Sir. Thank you, Daniel. My name is say helm, CEO and founder of this. And okay, so things we did pass one, there were, I have to say it was highly user centric, and engineering centric. So let me give you more detail. First of all, the first obvious ourselves are users of the service. And we don't have a physical office to work. So we are fully working from home. So we wake up, we open laptop, and we entered the office. That's how we start work. So we usually stay in OBS for eight hours, which is our normal working hour. But we are super busy these days. Sometimes we stay there certain hours, and today, I guess is 16 hours and more. Meaning we are spending most of our time in office. So if something happens to the system, we will notice it very quickly. And it doesn't take too much time to fix the problem, because we are working in different time zones. So I can say there was no critical issue happened in Oh, this past one year, which make users happy to continue using OBS. Plus, if something is inconvenient, even the member is not belong to productive. It's one of our team can suggest function or anyone can have discussion, because we are heavy users. So we put ourselves as a minimum guideline to improve service better and better. I believe it is our strongest point that make our product stronger every day. And second point, we communicate with our users a lot, very a lot. We are providing customer support at our demo space. So people are coming to demo, and we introduce our service and suffer the questions and listen to their feedbacks. When we launched the service last year, I was doing the customer support, because everyone was engineer by the time and they they were too shy to talk to random people. And there were not many people coming to them or when we just launched the product. So when someone entered demo, I didn't let them go. Sometimes I was talking to one customer for three hours about the product. So make sure they became they become a big fan of our service before they leave. And now we are not talking them much. Of course, Cialis is too low. But we are trying to talk as much as possible with the users. Not like chatbot this operation effectively make human relationship between users and us. So that makes strong user stickiness to the service. Meaning even trouble happens, you just not blaming us, but they support us to serve the problem. And the start point, we are engineering centric, more than 50% of Kane is engineer including me. So I'm confident we can do everything you want. But since we are startup we can deflect all the requests from users. So we had decide one core thing to work on with the highest priority on development. so obvious, we are saying that we are providing a bunch of space which is true, but our services communication service. So if the service is not Stable, so that you feel unstable while talking to other people, I'm sure that you're not going to use obviously anymore, and move to another service, which is most likely our competitor. This case is very frustrating. So we highly focused on the Stable connection as table service, which is not disrupting users to communicate with others. By doing this, even there were way non competitors before we launched the product in the market. But why they screwed up with handling big traffic, obviously was very Stable as a visit, users from competitors moved our service and they satisfied with our service. And we became the number one in Japan with 90% of the market share
now. And the last point, okay, so as I said, we have a strong engineering team Stable product, highly satisfied users that bring more and more users to our service by mass mass. But there's one more point that we could add Hi, progress in Japan in a very short time, we've made new trends with with using seasonal issues. For example, in Japan, companies are having parties and of the year, we call it boring guy, meaning Let's forget this year, another word drinks today. But last year, because of COVID situation, no company could have this party of offer. So always we provide them butcher space for this party. By doing this, many media featured our service because it was the kind of a new trend of society had been booming online. So there were many new new users found our service and many of them became paired to us after the party, because they satisfied with our communication experience for party, but they realize that they can use this service to their work as well. Not only this board engaging, we succeed to make a sober new trend in Japan plus power of mass mass of our users, they just hi progress of our company. So and we are confident to tap into the global market with what we have expressed in Japan, and the advantage of our product. In fact, it is already progressing now. And we believe we can be the global leader in this field. So this is what I did in focus out. We did them focus. So is it okay, then Yeah.
Thanks, john. So let's switch it over to thoughts on two questions. Before we start, one, Could you just tell me about your fund wind capital before sharing your insights on all this sort of fun?
