Coupang, Leader In Next Generation E-commerce, Raises $100 Million
Sequoia Capital Global Equities and Sequoia Heritage Lead Round to Fuel Growth
SEOUL, South Korea, May 29, 2014-- Coupang, a leader in next generation e-commerce, has raised $100 million in financing led by Sequoia Capital Global Equities and Sequoia Heritage, with participation by existing investors Greenoaks Capital Management, Rose Park's Disruptive Innovation Fund and LaunchTime.
"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," said Bom Kim, Founder, CEO and Chairman, Coupang. "Most purchases are now made via mobile and can be delivered same-day or next-day. We aim to continue to create captivating experiences."
Coupang sells a curated selection of diverse goods ranging from fashion to produce. In 2013, its third full year in operation, Coupang exceeded $1 billion USD in annual gross merchandise volume. Coupang has achieved this growth by consistently innovating new services that benefit the customer experience, such as a compelling mobile shopping platform, same-day delivery and personalized recommendations.
"It's rare to find an entrepreneur like Bom Kim, who has blended the freshest innovations in e-commerce with the exceptionally fertile needs of the South Korean market. This is visible in every order placed by Coupang's extraordinarily loyal customers and the meticulous attention to detail evident in every part of the company - from its smart phone app to its delivery team," said Michael Moritz, Chairman, Sequoia Capital. "Coupang is the leading online retailer in South Korea - one of the most attractive e-commerce markets in the world."
"Organically, we've grown faster than any e-commerce company we know of, and with these resources, we can set our sights even higher," said Richard Song, CFO, Coupang. "This financing is highly strategic as we continue to go after a rapidly growing $45 billion market. Sequoia has had extensive experience with innovative companies around the world, and is the best partner for us during this important stage of Coupang's lifecycle."
Founded in 2010 by Bom Kim, Coupang is an e-commerce company that offers a curated selection of diverse merchandise including baby goods, fashion, beauty products, consumables, home goods and decor, books and toys, sporting goods, electronics, and tickets for travel and cultural events.
Coupang is based in Seoul and is backed by investors including Sequoia Capital Global Equities, Sequoia Heritage, Greenoaks Capital Management, Rose Park Advisors, Maverick Capital, LaunchTime, Altos Ventures, Bill Ackman, Clay Christensen and others.
The securities issued and to be issued to investors in connection with the financing are being issued to investors under Regulation D of the Securities Act of 1933, as amended (the "Securities Act"). The securities offered in the private placement have not been registered under the Securities Act, or state securities laws that may be not offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration requirements.
This press release is not an offer to sell or a solicitation of an offer to buy the securities issued in the private placement or any other securities of the Company.
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