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.
Locondo fundraised 700 million (or $7 million) from Lead Capital Management (LCM), and Itochu Technology Ventures (ITV). in October 2011, and subsequently fundraised 600 million ($6.3 million) from Mizuho Capital, Neostella Capital, Excite Japan, in addition again from LCM and ITV.
Beginning October, the company started diversifying its lineups beyond footwear to sportswear and home interiors as well as enhancing its promotional efforts, including setting up an official Line account.
Via Venture Now