Danggeun Market hits 1.8 billion dollar valuation

South Korea’s top digital marketplace for pre-owned goods, Danggeun Market, has hit a valuation of 1 billion dollars. The news was reported by The Korea Times.

The company’s surge in valuation comes as South Korea is seeing an increase in deals related to e-commerce. Danggeun Market was South Korea’s third most downloaded app in the first quarter of 2020 according to App Annie data.

Danggeun Market has been a shining star for investors. Companies that have invested in Danggeun so far include Altos Ventures, SoftBank Ventures, and Kakao Ventures. Analysts are expecting Danggeun’s valuation to continue increasing as the company works on global expansion.