Japan's Mercari raises $22m Series C round

The start-up - previously named Kouzouh - has now raised about $38.7 million across four rounds. It last raised JPY1.45 billion from Global Brain, Globis, GMO, and Itochu Technology Venture in March. It 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 is available on both the Android and iOS operating systems and allows users to take a picture of an item for sale and then connect with potential buyers. The platform already claims to have 5 million downloads with around one billion transactions taking place each month.

The new capital will go towards further marketing efforts, with the start-up hiring Japanese comedian Dandy Sakano to help promote the app and build it user base. Mercari is targeting 10 million downloads.

Since raising its last round, the company has also focused its energies on expanding into the US. A US subsidiary was launched earlier this year with Mercari co-founder Ryo Ishizuka appointed as US representative. Silicon Valley-based WiL, which specializes is taking Japanese start-ups global, is likely to help the company further develop its US operations.

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• Topics
• North Asia
• Venture
• Early-stage
• Technology
• Consumer
• Japan
• Venture
• TMT
• Consumer
• World Innovation Lab (WiL)
• Globis Capital Partners
• GMO Ventures