CyberAgent invests $1.6m in Japan flea market app

The investment follows an earlier funding round from Tokyo-based seed stage investor Incubate Fund.

The app, which was released on the iPhone in the US this month, lets users sell items via Instagram - the photo-sharing social app owned by Facebook. The advantage of using Instagram is that users are able to list their items in less time and are able to use existing features on Instagram, such as hashtags, to promote their items.

Prices are not listed, instead the buyer contacts the seller to negotiated a price. Items are then purchased via the website or the mobile app with 10sec providing an escrow service - taking payment from the buyer which is then transferred to the seller once the goods are received.

According to a release, the start-up - which is based in Tokyo - is targeting the US market first due to its large Instagram user base. However, it plans to use the extra investment to make the platform compatible with other photo sharing apps.

The start-up is set to go head-to-head with Mercari, another Japanese flea market app, which raised $14 million from Global Brain, Globis Capital Partners, Itochu Technology Venture, GMO Venture Partners and others to fund its US expansion in March.

 

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• Topics
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• North Asia
• Early-stage
• Japan
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