Japan’s e-commerce service Locondo raises $6.3 million from Excite Japan and VC...

Japan’s e-commerce service Locondo raises $6.3 million from Excite Japan and VC firms

SHARE

locondo

See the original story in Japanese.

Locondo is a shoes and fashion e-commerce service that says it allows consumers to ‘buy first and than choose.’ Readers may recall that we recently featured the company after it partnered with Spanish brand Desigual.

Locondo announced today it has just wrapped up series B funding worth 600 million yen (approximately $6.3 million) from leading Japanese web portal Excite Japan, Lead Capital Management (LCM), and Itochu Technology Ventures (ITV). LCM and ITV previously invested in the company in the series A round.

Locondo was launched back in February of 2011 and has acquired more than 300,000 users with an annual turnover of 3 billion yen ($31 million) by using the strategy of easy refunds with free shipping and handling.

By partnering with Excite Japan, the e-commerce company aspires to increase its user base by reaching the portal site’s 50 million monthly visitors. The two companies also plan to integrate their e-commerce platforms and cooperate on developing new services and features.