Malaysia-based mobile marketplace Duriana has secured a $2.5 million Series A funding, bringing its total funding to-date to $3.3 million.
The round was organised by its founding investor Alps Ventures Pte Ltd, and led by Beenos Asia Pte Ltd, the investment arm of Japanese e-commerce giant formerly known as netprice.com. Alps Ventures is an internet venture firm based in Vienna and Singapore.
Last December, the startup raised S$1 million ($800,000) from e-commerce group Dealguru as well as a group of international business angels, just six weeks after its marketplace mobile app was launched. Dealguru is the company behind Deal.com.sg.
Beenos founder Teruhide Sato explained that the reason behind investment was the firm’s confidence in marketplace models.
“We are strong believers in marketplace models and incubated a very similar model in Japan with great success. When meeting the Duriana team we were convinced by its strength and ability to execute on its vision.”
In a statement, Duriana said its team has “worked relentlessly to crack liquidity, improve the product and has gone from a few thousand listings in the first couple months to over 600,000 listings today”.
The app now sees fresh listings every minute, several thousand transactions a week and has gained a leadership position in its field in Malaysia and the Philippines, it added.
Duriana’s user list around five items on average on their profile, while time spent per user is increasing week on week – now topping over an hour a month.
“An increasing number of users are making use of the recently introduced “Duriana Safe Payments” escrow system to safely pay directly in the app. No more in person meet ups required,” the statement said.
Duriana CEO and co-founder Amanda Ernst said the team has made a lot of advancements on all fronts: product, HR, scaling liquidity, increasing adopting and addiction as well as making the in-app shopping safer and more convenient with the introduction of escrow payments
“Funding has already been put to use to make the buying and selling process even simpler by solving issues such as product discovery, integration of additional payment and logistics options as well as scaling market presence,” she said.
Duriana is currently Malaysia and Philippines’ largest peer to peer, mobile-first marketplace where its user can buy and sell new and preloved items through the smartphone.