Japanese Group Buying Site Luxa Closes Series B Of $5.3M
Japanese group coupon buying site Luxa just closed its Series B funding of $5.3 million (500 million Yen) from JAFCO. The Japanese VC also backed Luxa’s Series A round in November 2010, when it put in the same amount. This brings Luxa’s total funding to $10.6 million since operations started in August 2010.
Luxa is a daily-deals site like Groupon, but it positions itself towards the higher-income demographic by listing only premium items such as branded cosmetics and alcohol, and up-market restaurants. It says it has around 350,000 members in Japan.
BizReach just started an office in Singapore with six employees. It has about 150 in Japan, and Minami spends half his time in Singapore now trying to grow the business in the country.