Japan's Livesense buys VC-backed e-commerce start-up

Waja was set up in 2003 by Koji Koyasu, a former employee at tech consultancy Accenture. Apart from its eponymous flagship online market - which specialises in selling fashion items from overseas - Waja operate two other e-commerce platforms: Reason Outlet, a site for selling affordable factory seconds clothing; and Fashion Charity, which collects unused luxury brand items that can be sold for charity.

The sale represents an exit for the company's earliest venture capital backers. AVCJ Research data show that Sunbridge Corp. and Ant Capital Partners invested around $400,000 and $1.1 million, respectively, in 2007 and 2008, and then both returned in 2009 to invest another $1.1 million.

WM Partners, which invested an undisclosed amount in April last year, appears to be retaining its stake. In a statement the buyer said the purchase would help it expand its business into international e-commerce.

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