Japanese footwear e-commerce company Locondo announced last week that it had raised 500 million yen (or $4.6 million) in a series C round from Japanese investment firm Jafco. The company uses the funds to fulfill their logistics needs and relocate their headquarters to Shibuya, Tokyo.
Locondo was launched in October 2010 with 76 million yen ($760,000) funding from Rocket Internet. Since its launch in February 2011, their e-commerce site has acquired 600,000 users and over 40% of their users buy at least one pair of footwear a year via the platform. Annual shipping revenue reached 5 billion yen ($50 million) last year. ...continue reading...
The Bridge 10/6/2014 [en]
- The total amount raised by Locondo is over US$30 million. It is still making loss and seems to take some time to be profitable. The growth rate so far may not be fast enough as expected, however, overall EC market is still growing and the penetration of smart devices even accelerate the speed. So, Jafco probably thinks that the EC site will grow to reach exit.