South Korean online secondhand marketplace Danggeun Market bagged 40 billion won ($33.49 million) in recent fundraising, the company said Sept. 9.
California-based Altos Ventures and Goodwater Capital led the 40 billion-won funding round with the participation of existing investors Softbank Ventures, Kakao Ventures, Strong Ventures and Capstone Ventures. With the recent investments, the company’s total funding reached 48 billion won.
Launched in 2015, Danggeun Market is a secondhand marketplace app that links buyers and sellers based on their locations. It verifies users based on factors such as location and reviews.
The app has been downloaded 8 million times, and its monthly active users stood at 3 million as of end-August, the company said. The app’s monthly transactions hit 42 billion won on average.
“We will go beyond the secondhand marketplace and expand our services and business models to become a local community lifestyle platform,” Kim Yong-hyun, co-founder of Danggeun Market, said. “We’ll do our best to provide even more convenience not only to our users but also to local business people.”
“I was very impressed with Danggeun Market’s team, who are completely devoted to user convenience, and its sound corporate culture,” Oh Moon-suk, a principal at Altos Ventures, said.
By Park Ga-young (firstname.lastname@example.org)