Karrot
Karrot, run by Danggeun Market Inc.[1], is a hyperlocal community app whose main service includes secondhand marketplace, local community boards, and advertisements for local small & medium enterprises. According to the independent app market intelligence WiseApp, Karrot has become South Korea's largest secondhand marketplace on Android with 13 million monthly unique users in January 2021.[2] However, this figure does not include web-based secondhand transactions where Karrot lacks a significant presence.
 | |
| Available in | English, Korean, Japanese |
|---|---|
| Founded | 2015 |
| Owner | Danggeun Market, Inc. |
| Founder(s) | Gary Kim, Paul Kim |
| Website | https://us.karrotmarket.com/ |
Karrot is currently available in select cities in four countries outside the home country, including the United Kingdom, Canada, the United States and Japan.[3] As of March 2021, Karrot claims to receive 14.5 million monthly unique visitors.[4]
History[edit]
Launch and growth[edit]
Karrot was launched in 2015 by Gary Kim and Paul Kim, both of whom previously worked at South Korea’s largest messaging app named KakaoTalk. Initially, Karrot targeted tech employees in the Pangyo Techno Valley outside Seoul, an area known as South Korea's Silicon Valley.[5] Due to its localized approach encouraging in-person transactions, Karrot started servicing nationally in 2018, three years after its launch—a considerable lag compared to other secondhand marketplaces that often achieve national coverage from the start.[6]
Karrot was selected as the "Best App of the Year" by Google Play Korea in 2019[7]and has become the most downloaded app in South Korea by the second half of 2020[8]. Currently, roughly one-third of Korea's population is known to use Karrot[9][10], but critics note that Karrot's rapid growth is attributed to viral marketing and paid appearances in reality shows such as Travelling Market on JTBC and Hang Out With You on MBC, in which K-pop celebrities meet neighbors to sell their used items or hang out with.[11][12]
Global expansion[edit]
In November 2019, Karrot launched in select cities in the U.K. In September 2020, it subsequently rolled out in Ontario, Canada; in November 2020, Karrot expanded to Manhattan, New York, the U.S.[13]; most recent market entrance includes Yokohama, Japan.
Product features[14][edit]
Karrot emphasizes that its value proposition is built around local engagement. In line with this objective, Karrot's marketplace features are optimized for short-distanced, in-person deals. Key features are as below:
- Listings: Karrot only shows listings from sellers located within 6 km
- Verification: user identifies are verified through mobile numbers and GPS locations; this verification process is not as strong as other platforms like OfferUp, which cross-checks user information with government IDs
- Karrot rating: After each transaction, both buyers and sellers are asked to rate each other, a feature common in marketplaces
- Karrot badges: Karrot uses elements of gamification. Users can earn badges that are geared toward community-building, such as 'Positivity Booster' for leaving positive reviews
In addition to the marketplace, the latest version of Karrot in Korea currently offers local business advertisements, commerce, and social networking.[15]
Critics highlight the 6-km limit and location verification features as potential downsides as they limit users from exploring listings from wider regions. Also, while the platform does not charge users, the platform blends local business advertisements with listings and is often criticized for such practice.
Fundraising[16][edit]
In its latest fundraising round (Series C), Karrot has raised $33 million. The round was led by Goodwater Capital and Altos Ventures. The funding brings Karrot’s total raised so far to $40.5 million. Its list of investors also include Kakao Ventures, Strong Ventures, SoftBank Ventures and Capstone Partners.
References[edit]
Karrot
This article "Karrot" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Karrot. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
- ↑ "당신 근처의 당근마켓". 당근마켓 (in 한국어). Retrieved 2021-04-21.
- ↑ "모바일성 강화하고 카테고리 넓히는 중고거래 플랫폼". 디지털투데이 (DigitalToday) (in 한국어). 2021-04-08. Retrieved 2021-04-21.
- ↑ "네이버는 왜 유럽 중고 플랫폼에 투자했나…'무주공산' 글로벌 리셀 시장". 뉴스1 (in 한국어). 2021-03-14. Retrieved 2021-04-21.
- ↑ www.etnews.com (2021-03-17). "카카오 출신, 스타트업 성장 메이커로 뜬다". 대한민국 IT포털의 중심! 이티뉴스 (in 한국어). Retrieved 2021-04-21.
- ↑ "Tech Worker Turns Hobby Into a Startup Nearing Unicorn Status". Bloomberg.com. 2020-12-22. Retrieved 2021-04-21.
- ↑ "당근마켓은 어떻게 중고거래를 바꿨을까?". 서울경제 (in 한국어). 2020-09-09. Retrieved 2021-04-21.
- ↑ "당근마켓, 구글플레이 올해의 베스트앱 대상". 플래텀 (in 한국어). 2019-12-11. Retrieved 2021-04-21.
- ↑ Jinju, Jeon (2021-02-03). "Korean startup Danggeun Market's app Karrot is the fastest growing app for second hand goods". KoreaTechDesk. Retrieved 2021-04-21.
- ↑ www.etnews.com (2021-03-17). "카카오 출신, 스타트업 성장 메이커로 뜬다". 대한민국 IT포털의 중심! 이티뉴스 (in 한국어). Retrieved 2021-04-21.
- ↑ "South Korea - Place Explorer - Data Commons". datacommons.org. Retrieved 2021-04-21.
- ↑ "유랑마켓 구매방법='당근마켓' 촬영 당일 판매되지 않은 상품은?". 이투데이 (in 한국어). 2020-03-01. Retrieved 2021-04-21.
- ↑ 김선우 (2021-04-12). "'놀면 뭐하니?'·'컴백홈'·'런닝맨', 주말 접수한 유느님[SS스타]". 스포츠서울. Retrieved 2021-04-21.
- ↑ "英·캐나다 찍고 美로…당근마켓의 질주". 매일경제 (in 한국어). 2020-12-04. Retrieved 2021-04-21.
- ↑ "Karrot - Your Local Buying & Selling Community for Verified Locals". Karrot. Retrieved 2021-04-01.
- ↑ 머니투데이 (2020-09-25). "중고거래 수익 0원, 대기업 광고 거절…당근마켓이 돈 버는 법 - 머니투데이". news.mt.co.kr (in 한국어). Retrieved 2021-04-21.
- ↑ "Danggeun Market, the South Korean secondhand marketplace app, raises $33 million Series C". TechCrunch. Retrieved 2021-04-01.
