This photo, provided by Danggeun Market, shows an image of its namesake secondhand transaction app.
SEOUL, Aug. 18 (Korea Bizwire) — Danggeun Market Inc., the company behind South Korea’s popular online secondhand marketplace, said Wednesday it raised 179 billion won (US$153 million) in additional funding that puts its valuation at roughly 3 trillion won.
The Seoul-based startup said it secured new funds from new investors DST Global, Aspex Management and Reverent Partners, as well as existing investors that include Goodwater Capital, SoftBank Ventures Asia, Altos Ventures and Kakao Ventures.
The company said it has so far raised a total of 227 billion won from investors.
The funding comes as Danggeun Market’s Karrot app has seen explosive growth in recent years.
The company said its monthly active users reached 14.2 million at the start of this year, compared with 4.8 million from a year earlier and just 500,000 at the start of 2018.
The used goods marketplace has grown in popularity as it focuses on facilitating transactions between users in local communities.
On the back of fresh investment, Danggeun Market said it will acquire new talent, as well as focus on efforts to expand overseas.
The company currently operates Karrot in the United Kingdom, the United States, Canada and Japan. It also plans to increase its 200-member workforce to 300 within this year.
(Yonhap)
