oVice Raises $32 Million in Series B to Develop Virtual Offices for Remote and Hybrid Teams

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.

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