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South Korea’s luxury platform Balaan bags $17 million in Series C funding

(Source: Balaan/Facebook)

South Korean e-commerce luxury startup, Balaan, has raised $17 million in its Series C funding found, with Shinhan Captial, Company K Partners, Daol Investment and two other investors involved. 

The funds raised, which increases Balaan’s cumulative funding since inception to 73.5 billion won ($51.5 million), will be used to improve the company’s trading structure, the company said. 

“We were able to raise the Series C funding due to investors highly valuing our services and growth potential, despite the start-up investment market going through difficult times,” said Choi Hyung-rok, CEO of Balaan. 

“We plan to strengthen our position as a luxury sales marketplace and use the investment to find new sources of revenue.”

The online luxury fashion platform registered 381.2 billion won in transaction value during the first half of this year, a four-fold increase from the previous year. The company aims to exceed 1 trillion won in annual transactions this year from 315 billion won last year. 

Balaan plans to enter the Japanese and Southeast Asian markets next year, according to Maeil Business Newspaper. 

Founded in 2015, Balaan allows customers to get the latest goods from luxury labels, including Balenciaga, Miu Miu, Burberry and Versace, in three days at a lower price than overseas.

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