Coupang, a Seoul, Korea-based online retailer, raised $300m in financing.
The round was led by BlackRock Private Equity Partners, with participation from Wellington Management Company, LLP, Greenoaks Capital Management, and Rose Park Advisors.
The company intends to use the funds to further grow its direct-to-consumer e-commerce offerings, to bolster its presence in its Silicon Valley, Seattle, Shanghai, and Seoul offices by expanding the engineering and R&D teams in those regions.
Founded in 2010 by Bom Kim, CEO and Chairman, Coupang is an online retailer that offers a diverse selection of 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. With additional offices in Silicon Valley, Seattle, and Shanghai, the company exceeded $1 billion USD in annual gross merchandise value in 2013. It is currently operating at an annualized run rate of over $2.2 billion USD.