The Groupon-inspired company is Korea’s biggest e-commerce startup, facing up to older sites like eBay-owned Gmarket
Almost exactly a year after raising $100 million from Sequoia Capital, South Korean e-commerce giant Coupang confirmed rumors on Wednesday with its announcement that it has raised $1 billion in funding from Softbank. This will bring the total amount of funding raised by the billion-dollar company over the past year to nearly $1.5 billion. The deal will close in July.
The cash will be used to improve the technology behind Coupang’s end-to-end fulfillment service, same-day delivery network, and mobile apps, as well as fund the expansion of its R&D offices in Silicon Valley, Seattle, Shanghai, and Seoul.
The Groupon-inspired company is Korea’s biggest e-commerce startup, facing up to older sites like eBay-owned Gmarket. Coupang today claimed to be the leader in mobile commerce in the nation with the largest number of active users shopping on mobile devices, though it did not reveal specific numbers.
The addition of Softbank’s “global expertise and vast network” will help Coupang accelerate its growth further, according to Coupang founder and CEO Bom Kim. “This milestone investment […] provides even more financial strength and flexibility to expand our operations and redefine what a great end-to-end customer online shopping experience is all about,” he adds.
Editing by Steven Millward
This post was originally published on Tech in Asia.