Ocean raises 500 million yen to support Japan's new tax refund system

Ocean, a startup developing the ‘Ocean Tax Refund’ platform, has raised approximately 500 million yen through its Series A funding round. The funding includes a second close involving Yamato Holdings via its KURONEKO Innovation Fund 2 and Shizuoka Capital.

The investment comes ahead of a major shift in Japan's consumption tax exemption system scheduled for November 1. The system will transition from the current ‘tax-free at point of purchase’ model to a ‘refund-type’ model, where tourists pay tax at the time of purchase and receive a refund upon departure from the country.

Ocean’s platform allows international tourists to complete refund procedures online through websites or social media services such as WeChat and LINE. For retailers, the system aims to minimize operational burdens by handling tax authority data transmission and seamless refunds without high initial or running costs. The company plans to use the new capital to strengthen its product and support merchants in transitioning to the new regulatory framework.