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Japan flea market app raises $14m for US expansion

  • Andrew Woodman
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Mercari, the Japanese start-up behind the mobile flea market app of the same name, has raised JPY1.45 billion ($14.1 million) from Global Brain, Globis Capital Partners, Itochu Technology Venture, GMO Venture Partners, and other unnamed investors.

The start-up - previously named Kouzouh - received JPY50 million in seed funding from East Ventures when it was set up by former Zynga Japan General Manager Shintaro Yamada in July last year.

The app - which launched on the Android mobile operating system before releasing an iOS version - allows users to take a picture of an item for sale and then connect with potential buyers. According to a release, it has 1.5 million downloads to date and claims to have surpassed one million listed items as of December, a number that continues to grow at a pace of 10,000 items a day.

This latest round of funding will be used for international expansion. The company will launch of a US subsidiary with Mercari co-founder Ryo Ishizuka appointed as US representative. Globis Chief Strategy Officer Shinichi Takamiya has joined the board of directors as part of the funding round.

Mercari - whose name is Latin for "to trade" - is entering a market where there are already a number of competing services. The leader is currently Yahoo Auctions, which transacts more than $500 million a month. 

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