Excite Japan, an online information site and a subsidiary of Japan trading conglomerate Itochu, has led a series B round worth $6.2m for Japan fashion e-retailer, Locondo. Existing backers Lead Capital Management (LCM) and Itochu Technology Ventures, Itochu’s corporate venturing unit, also participated, according to a report by news site, TechinAsia.
The target company was founded by German incubator Rocket Internet and has raised over $13m to date. Not all funding has been made public.
Launched in February 2011, Locondo specialises in shoes for women, but has expanded its range to include clothes and accessories, such as bags and watches from national and international brands. TechInAsia reported that business claims its annual turnover is $31m.
In 2011, the company raised $7.1m (YEN700m) in a series A round from Lead Capital Management, Itochu Technology Ventures and other undisclosed investors to expand its product offering and marketing functions. In 2012, another sale of its shares was conducted through a fundraising from Mizuho, a Japan-based venture capital firm and a Japan-based insurance group.