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South Korean Secondhand Marketplace App Hits $1.8 Billion Valuation

Secondhand marketplace Danggeun Market. Danggeun Market.
Secondhand marketplace Danggeun Market. Danggeun Market.

Danggeun Market, the country’s top digital marketplace for pre-loved goods, was estimated to be worth 1.2 trillion won ($1 billion) at the beginning of the year, but its value has skyrocketed in recent months to two trillion won ($1.8 billion), The Korea Times reports.

The company’s soaring valuation comes amid a rising number of deals focused on Korea’s e-commerce industry, including Coupang’s US listing; an alliance between Naver and Shinsegae; and an eBay Korea sale.Danggeun Market was South Korea’s third most downloaded app in the first quarter of 2020, behind Coupang Eats and Zoom, App Annie data reveals.

The business has already won investment from domestic and global firms including Altos Ventures, SoftBank Ventures and Kakao Ventures. Market insiders anticipate that Danggeun Market could ultimately reach a 5 trillion won valuation given its plans to expand globally.

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