Five Jack, a Korean-owned startup based in Indonesia has landed 1.5 billion won (USD $1.3m) in additional Series A funding.
The company, which is behind online game and electronics e-commerce site Itemku, received the round from several investors including 500 Startups and K-Run ventures. The company previously gained investment from BonAngels in 2014 and 500 Startups in 2015, making its total funding 2.1 billion won.
With a population of 250 million, Indonesia’s e-commerce market was estimated to be worth $4 billion late last year, and is growing fast.
“We believe our transaction volume and constant growth in revenue, averaging 30% per month, as well being recognized for our experience with localization in the emerging game markets of Indoneisa and South East Asia, are the main reasons behind the latest funding round,” said CEO of Five Jack, Denis Kim.
The company was originally established by Kim in 2013 in both Korea and Indonesia, and has operatedItemku for the past several years. The platform lets users trade in-game items with real money, and has yet to see a rival in this market.
More recently, Five Jack is trying to expand its reach in the gaming industry with its new hardcore gaming community called ‘gokil’ which was launched last month. Alongside domestic growth in Indonesia, it also plans to expand into areas in South East Asia in the near future.
