E-commerce company Coupang Secures $100M from Sequoia Capital.
South Korea’s shopping deal site, Coupang, has recently announced that raised total amount of $100 million in financial funding, leading the company to be valued to be around more than $1 billion, signaling how investors are betting international e-commerce growth.
Sequoia Capital Global Equities and Sequoia Heritage funds were the ones who led this round, with participation from existing investors, the Seoul-based company said in a release statement. The three-year-old Coupang, which goes under the corporate name of Forwards Ventures Co. has surpassed more than $1 billion in gross merchandise volume last year with it deals on events and consumer goods.
Korea has become a growth market for many daily-deals sites, as the excitement within the U.S.. market over such offers has begun to wear down. Groupon Inc, expanding its way into the country during the previous year by acquisition over Korea’s Ticket Monster from its competitors LivingSocial for a total over $260 million in cash and stock.
Chicago-based Groupon, which went public in 2011 amid a wave of investor enthusiasm over daily deals sites, with a trading of 70 percent below its initial public offering price and transitioning more into traditional e-commerce.
“With the support of Sequoia and this round, we can go even further in our quest to differentiate the end-to-end experience for our customers,” Chief Executive Officer Bom Kim said in the statement. “Most purchases are now made via mobile and can be delivered same-day or next-day. We aim to continue to create captivating experiences.”
Sequoia Chairman Michael Moritz said in the statement that Korea is “one of the most attractive e-commerce markets in the world.”
Coupang’s other investors include Greenoaks Capital Management, Rose Park Advisors, Maverick Capital, LaunchTime, Altos Ventures, Bill Ackman and Clay Christensen.