Korean ecommerce firm Coupang today announced a $100 million funding round led by Sequoia.
Coupang launched in 2010 during the e-coupon and flash-sale gold rush. An early pivot shifted Coupang’s business away from deals toward a traditional e-commerce model, saving the firm from following in Groupon’s footsteps.
With new funds in hand, Coupang chief Bom Kim plans to invest further in the company’s mobile services. According to Kim, “most purchases are now made via mobile and can be delivered same-day or next-day.”
According to Sequoia chairman Michael Moritz, “Coupang is the leading online retailer in South Korea – one of the most attractive e-commerce markets in the world.” In the past, Coupang has dubbed itself “the fastest growing e-commerce company in the world,” not unlike Groupon’s former catchphrase: “the fastest growing company in the world.”
Coupang has raised $160 million in funding to date. Previous investors include Greenoaks Capital Management, Rose Park’s Disruptive Innovation Fund, and LaunchTime — all of which also participated in the new round.
Last year, Coupang “exceeded $1 billion USD in annual gross merchandise volume,” according to the company’s funding announcement. The firm’s current sales stats aren’t publicly available. Coupang broke even in 2012 after hitting $650 million in sales.