Indonesia’s Five Jack, makers of online gaming marketplace itemku, today announced that it has raised US$225,000 in seed funding from 500 Startups. Both of 500 Startups’ Asia-focussed funds, 500 Durians and 500 Kimchi, also participated in this round.
The company plans to use the funding to launch an English version and expand throughout Southeast Asia this year.
The marketplace provides a service that allows gamers to make money from their in-app purchases with a secure financial transaction system. Five Jack claims that one user manages to make IDR20 million (US$1,430) per month simply by trading the items he gained during his regular gameplay.
Five Jack CEO Denis Kim estimated that gamers in Indonesia will transact around US$1 billion in five years’ time.
“We have our sights set on expanding … and the funding from 500 Startups will help us do this,” he said.
When it was first launched in July 2014, itemku started out as price comparison and classified ads platform. Seeing the growing problem of secure item trading amongst gamers, Five Jack then repositioned itself into purveyors of game items and currency in June 2015.
Complete with a money-back guarantee service, Five Jack claimed that itemku has grown significantly since its reposition in June 2015, with eightfold growth in visitor and transaction numbers.
“Indonesia’s e-sports market is similar to how China and Korea’s markets were in its earlier years. itemku’s growth in the past few months speaks for itself,” said Tim Chae, General Partner of 500 Kimchi.
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