South Korean e-commerce company Coupang receives $100 million
Coupang is a South Korean based Amazon-like e-commerce company that has raised $100 million in funding led by Sequoia Capital. This round of funding values Coupang at over $1 billion.
The company was founded three years ago by Harvard Business School dropout Bom Kim. Coupang is now hitting over $1 billion in sales.
Kim came up with the idea for Coupang after seeing growth of online retail companies like Groupon. Kim knew that competing in the U.S. would be challenging so he decided to pursue South Korea. Shopping is a popular activity and South Korea has high-speed Internet access. Mobile phones are used throughout the country too.
Greenoaks Capital Management, Rose Park Advisors’ Disruptive Innovation Fund, and LaunchTime also participated in this round of funding. Sequoia backed the company through its Sequoia Capital Global Equities and Sequoia Heritage investment vehicles.
“Organically, we’ve grown faster than any e-commerce company we know of, and with these resources, we can set our sights even higher,” stated Coupang’s chief financial officer Richard Song. “This financing is highly strategic as we continue to go after a rapidly growing $45 billion market.”