Brief: Japanese ecommerce unicorn hires Facebook exec as it ramps up US expansion

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Co-founder and CEO of Mercari, Shintaro Yamada. Photo credit: Tech in Asia / Michael Holmes.

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The news:

nnJapan-based online marketplace Mercari is hiring former Facebook exec John Lagerling as chief business officer. Lagerling used to be the social network’s VP of business development, mobile, and product partnerships.nThe startup, which is Japan’s youngest unicorn, is ramping up its US presence with a growing team in San Francisco.nMercari has 100 employees in the US now, compared to 30 a year ago.nn

Why it matters:

nnMercari is Japan’s first startup to reach a valuation of US$1 billion (a “unicorn”) since 2008. The ecommerce company has enjoyed tremendous growth and success in its native Japan, achieving millions of dollars in net profit per month.nForeign ecommerce companies like Alibaba and Rakuten haven’t made much of a dent in the US market, which is mostly still dominated by Amazon and eBay. Mercari, on the other hand, has made the country a cornerstone of its international expansion. It also recently launched in the UK.nThe startup has raised a disclosed total of over US$115 million from investors including East Ventures, Mitsui & Co, and Globis Capital Partners.nn

Source: TechCrunch.