Japanese flea market app Fril secures $10 million funding round



See the original story in Japanese.

Nikkei’s Sept. 25 morning edition reported earlier today that Tokyo-based Fablic, the startup behind Japanese flea market app Fril, has fundraised about 1 billion yen (or $9.2 million) from Japanese online recipe site Cookpad, gaming company Colopl, and VC firm Jafco. Fablic is earmarking the funds to enhance promotional activities with TV commercials as well as to hire in new employees.

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Fablic, established in 2012, is a fourth batch graduate of Tokyo-based seed accelerator Open Network Lab. The company introduced a C2C (consumer to consumer) marketplace app in September 2012, an early entrant in the Japanese market which started its business about an year before Japan’s Mercari.

In July of 2014, Fablic CEO Shota Horii unveiled that the company has acquired over 1.5 million downloads, handling deals worth over $5 million via the platform every month. But today’s Nikkei report says that the downloads have already exceeded 1.9 million.

Fablic has not fundraised except for a small portion of seed funding from Open Network Lab. It is also understood that they have grown to date without much promotional efforts.