Jafco commits $4.6m in Japan footwear site Locondo
Jafco has invested JPY500 million ($4.6 million) in Japanese footwear e-commerce start-up Locondo in a Series C round of funding.
Locondo's site launched in 2011 after the start-up received JPY76 million in seed backing from Rocket Internet in late 2010.
The latest capital injection represents the company's third institutional round. It previously raised JPY700 million from Lead Capital Management and Itochu Technology Ventures in late 2011. It subsequently received another JPY600 million from Mizuho Capital, Neostella Capital and Excite Japan, joined by Lead Capital and Itochu.
According to a release, the business claims to have acquired 600,000 users, 41% of whom have bought at least one pair of shoes via the site in the past year. Annual shipping revenue reached JPY50 billion last year.
The new funding will be used to to fulfill the company's logistics needs and relocate its headquarters to Shibuya, Tokyo. The company is also looking to diversify its product lines to include sportswear and home interiors, and improve its market efforts, including setting up an official account via the popular Line messaging app.
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