Zawatt, a Japan-based operator of an online auction platform, is set to be acquired by marketplace app provider Mercari on February 27 for an undisclosed sum, according to The Bridge.
Zawatt, founded in 2011, has developed a range of platforms, including a social list bulletin board called WebScope and a Ohako, which enables users to connect with other karaoke enthusiasts. The company’s lead product is Smaoku, a consumer-to-consumer auction site for second-hand items.
Following the acquisition, Daisako Harada, co-founder and chief executive of Zawatt, will join Mercari. Smaoku will continue to operate under the management of current staff.
Zawatt most recently raised ¥250m ($2m) in 2015 from IMJ Investment Partners, the corporate venturing arm of digital agency IMJ Corporation, and SIG Asia Investments, the local corporate venturing subsidiary of quantitative trading firm Susquehanna International Group, as well as VC firm MS Capital.
The company also secured $400,000 in funding in 2012 from unnamed investors, according to deals database Crunchbase, though the claim is unsourced.
CyberAgent Ventures, the corporate venturing division of the internet company Cyberagent, and financial services firm Net Capital Partners supplied $195,000 in 2011. The company claimed at the time its total funding was ¥20m.