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Japan's Beenos leads $2.5m Series A for flea market app

  • Andrew Woodman
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Japanese e-commerce incubator Beenos has led a $2.5 million Series A round of funding for Southeast Asian flea market app Duriana. Existing investors also took part in the round.

The company was launched in late 2013 by Camilo Paredes and Amanda Ernst - former managing directors with Rocket Internet in Latin America - and was incubated by Alps Venture, a Vienna- and Singapore-based incubator. Including earlier seed rounds, the Malaysia-based company is understood to have raised about $3.5 million to date.

The app claims to list 600,000 products, generating several thousand transactions every week. It will use this latest round of funding to develop its product discovery feature, and integrate its payments and logistics capabilities.

Duriana biggest competitor is Singapore-based Carousell which raised a $6 million Series A round led by Sequoia in November. Its other investors include Rakuten Ventures, Golden Gate Ventures, and 500 Startups.

Beenos has backed a number e-commerce and payments-related start-ups in the region. In January it took part in an undisclosed Series C round for Philippines-based digital payments business Ayannah. It has also backed Indian e-commerce platform and Shop Clues and Indonesia's Tokopedia, each of which raised a $100 million Series C round last October.

 

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