International

New Korean eCommerce Firm Raises $100 Million

Coupang, a 4-year-old South Korean eCommerce firm, reportedly has secured a Sequoia-led $100 million funding round, pushing its valuation above $1 billion.

Company chief Bom Kim plans to investfurther in the company’s mobile services, according to the funding announcement.

“Coupang is the leading online retailer in South Korea, one of the most attractive eCommerce markets in the world,” Sequoia Chairman Michael Moritz said in a statement.

Coupang reportedly thus far has raised $160 million in funding. Earlier investors included Greenoaks Capital Management, Rose Park’s Disruptive Innovation Fund, and LaunchTime, and each participated in the new round.

The company last year exceeded $1 billion in annual gross merchandise volume.

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