Used Goods Trading App Bungaejangter Secures 82 Billion KRW Investment

560 Billion KRW in 2020 Followed by 82 Billion KRW in Q1 This Year... Total 138 Billion KRW Raised Since 2020
Plans to Invest in Strengthening Brand Categories, Payment, Delivery, and Certified Used Service Infrastructure

[Asia Economy Reporter Kim Cheol-hyun] Bunjang, a secondhand trading app (CEO Lee Jae-hoo), announced on the 11th that it has completed a total investment attraction of 82 billion KRW. In this investment round, in addition to Shinhan Financial Group, which confirmed the initial investment, existing investors Praxis Capital, Atinum Investment, and Mirae Asset Capital participated as follow-up investors, and new investor Signite Partners also joined. Bunjang previously attracted 56 billion KRW in investment in April 2020 from BRV Capital Management, Mirae Asset Venture Investment, Mirae Asset Capital, Base Investment-STL Partners, and Timewise Investment.

Bunjang explained that it has been recognized for its competitiveness as a brand-centered preference secondhand trading service in the rapidly growing secondhand trading market. As of 2021, Bunjang achieved a cumulative subscriber count of 17 million and an annual transaction amount of 1.7 trillion KRW. Additionally, it has continuously improved payment and delivery services to create an easy and safe peer-to-peer trading environment. In December last year, the monthly transaction amount of its proprietary safe payment service Bunjang Pay reached 33 billion KRW, more than tripling from 10 billion KRW in June 2020, and the packaging courier service expanded to cover all of Seoul last month.

Bunjang is accelerating service enhancement as a preference secondhand trading app by acquiring the sneaker community 'Footsell', the secondhand golf equipment platform 'S-Bridge', and the used phone business division of Kind Telecom, as well as investing in the secondhand clothing select shop 'MarketinU'. Through this investment, it plans to further strengthen brand-centered services within categories such as fashion, digital, and leisure, while additionally securing competitiveness in safe payment and delivery services and developing certified secondhand services including luxury goods. It will also invest intensively in recruiting and nurturing talented personnel.

Lee Jae-hoo, CEO of Bunjang, said, "Bunjang has been working to provide a secondhand trading service that customers like and can trade comfortably by revamping the app around brands, launching Bunjang Pay, packaging courier services, and opening offline concept stores," adding, "We will focus more on creating an environment where users can discover new preferences and conduct secondhand trading 'easily, quickly, and safely.'"

This content was produced with the assistance of AI translation services.