Bungaejangter
Is the biggest community-powered shopping app from Korea, for anyone to buy and sell anything, from anywhere, in seconds.
| Date | Investors | Amount | Round |
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| - | investor investor investor investor investor investor | €0.0 | round |
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| N/A | €0.0 | round | |
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* | $29.0m Valuation: $363m | Series E | |
| Total Funding | 000k | ||
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Bungaejangter Inc., operating the online marketplace Bungaejangter, was established in 2011. The platform was founded by Jaewha Choi. Initially launched as a mobile application, it has since grown into one of South Korea's most prominent C2C e-commerce platforms. The company has demonstrated significant growth, as evidenced by its transaction volume reaching 1.3 trillion won in 2020.
Bungaejangter functions as a consumer-to-consumer (C2C) marketplace, facilitating the buying and selling of secondhand goods. Its primary user base consists of Millennials and Gen Z, who are particularly active in trading items like sneakers, clothing, and electronics. The business model revolves around creating a seamless and secure transaction environment for its users. To enhance safety and convenience, the company introduced its own escrow service, Bungaepay, which processes a significant portion of the platform's transactions. Additionally, Bungaejangter has expanded its services to include delivery solutions through a partnership with GS25 convenience stores, offering an affordable and accessible shipping option for its users.
The platform's core service is its mobile and web-based marketplace where users can list and discover a wide array of secondhand products. A key feature is the integration of Bungaepay, which holds a buyer's payment until the item is successfully delivered, thereby reducing the risk of fraud for both parties. The company has also strategically ventured into physical retail by opening a brick-and-mortar store, the BGZT Lab, to cater specifically to the sneaker resale market, a major category on the platform. This physical presence allows for authentication services and provides a community hub for sneaker enthusiasts. In 2021, the company acquired the sneaker resale platform Out of Stock, further solidifying its position in this high-growth segment.
Keywords: C2C marketplace, secondhand goods, resale platform, e-commerce, South Korea, sneaker resale, mobile commerce, escrow service, online marketplace, used goods
