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​SoftBank Ventures invests $4.2 million in used goods trading app

SoftBank Ventures Korea has invested 4.5 billion won ($4.2 million) in startup Daangn Market that specialises in localised used goods trading.

SoftBank Ventures Korea has invested in localised used goods trading app Daangn Market, the company announced.

Daangn Market allows users to trade used goods face-to-face with others who live in the same neighbourhood. Users can register their product via mobile and chat with potential buyers who are within 10 minutes away.

The app authenticates residence and rates users based on reviews, giving them a "trading manner temperature". The app has garnered 1.8 million downloads in two years since its launch in July 2015. The company has average monthly users of 700,000, with each average user using the app 25 times per month.

SoftBank Ventures said it hopes Daangn will develop into a local lifestyle platform that can bring together people with similar values and lifestyles.

Daangn said it is working on a service that will connect local residences with small businesses in the same area.

The total funding this round is 5.7 billion won, together with Kakao Ventures and Strong Ventures.

In January, SoftBank entered into an agreement with Line to secure a majority stake in the firm's mobile business.

The month before, the company led a $120 million Series C funding round in Lemonade, an insurance startup with an AI-based platform powered by bots and machine learning. It also invested $450 million in real estate tech company Compass.

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