Japan-based Flea Market App 10sec Secures $1.6 million from CyberAgent.
10sec, a Japanese startup that operates a mobile flea market mobile for the US market. Recently the company has announced that it has successfully manage to secure a total of 160 million yen (about $1.6 million) from Japanese internet company CyberAgent. According to the CEO of 10sec, Hideyuki Shoda, this follows through with their previous funding from Tokyo-based Incubated Fund.
This application, which will become available for the US App Store from mid-May, allows users to sell their items through the use of their Instagram photos. Shoda explained the difference between their own application and other exist flea market apps:
When you use conventional flea market apps, you may need to input your price, description, and delivery method for what you sell. But our app allows lets you list your item on our platform in as little as 10 seconds.
We have many users who have been buying and selling items on Instagram just by adding a #forsale tag to their item photos. But they need to handle payments or inventory by themselves. Our app lets them eliminate these time-consuming tasks, since we provide payment processing, receipt of orders, and inventory management features.
The team wants to attract these flea market sellers who are already utilizing Instagram. That’s why they decided to begin with the US as their target market where Instagram users make up a total of 35% of the networks’s global user base. Shoda clued in at their future plans:
We’re going to make our app available on photo sharing apps other than Instagram. So we expect to build a buy-and-sell platform using various photo apps.
The funding manage to happen when they had won an award at the “Startup-ban Ashita Kaigi’, a day-long startup camp program that was recently held by CyberAgent. The company has planned to set up and office in the US in order to serve the locals betters.