A 36-year-old made $62 million from instant web flea market app, 4 months after launch
Yusuke Mitsumoto is not your ordinary guy. He saw a big need and filled it. Before founding Cash, Yusuke Mitsumoto was a Representative Director and CEO of Bracket Co., Ltd. He founded a Tokyo-based startup called Cash and released the first app in June 2017.
The response was overwhelming. After 16 hours of launching the first release, he received more than expected response from his users. The app is more like an electronic version of a traditional pawn broker. The app enables users to take a snapshot of an item of value and submit it to the app for evaluation. The app presents a price to the seller. If the seller agrees to the price, the seller could obtain an advance on the sale to their account.
Yusuke Mitsumoto received a lot of support and feedback from the customer. In August 2017, he re-released the app. The new release was a big success. Below is a screenshot taken from the site with the announcement back in August.
The startup has not raised funding from investors. Yusuke Mitsumoto has been bootstrapping since the company’s inception in February 2017. On 31, October 2017, Yusuke Mitsumoto announced that DMM. Japanese internet giant and service conglomerate, has acquired the company for 7 billion yen ($62 million). The app was only launched 4 months before it was sold. Below is a picture of Yusuke Mitsumoto and DMM.com CEO Takanori Katagiri (right).