10sec hasn’t even launched yet, but the startup behind it has just wrapped up its second funding round. The Japan-made social flea market app – which will hit the US iOS App Store later this month – is now boosted by a US$1.6 million investment from Japanese web giant CyberAgent (TSE:4751).
Once it has launched, 10sec will let people sell items online using their Instagram photos.
Hideyuki Shoda, 10sec’s CEO, tells The Bridge that the idea behind the app is that it makes selling online quick and easy – hence the app’s name. Sellers don’t even need to set a price for an item, and instead can opt to wait for a potential buyer to suggest a price-tag.
Quite a few people are already using Instagram to sell stuff. The benefit of using 10sec is that it offers payment processing, receipt of orders, and inventory management – whereas sellers and buyers on Instagram have to deal with all that stuff and risk getting ripped off by someone who won’t pay up.
The Japanese startup chose to launch in America because of the popularity of the Facebook-owned Instagram in the US. Instagram now has over 200 million monthly active users worldwide.
Flea market apps for person-to-person selling have popped up in a number of countries in the past few years and seem to be particularly popular in Japan. When 10sec eventually launches in its home nation it’ll be up against Mercari , which attracted $14 million in funding in March in order to open a US office.
10sec previously got some seed funding from Tokyo-based Incubated Fund.
(Source: The Bridge)