Coupang, a Seoul, Korea-based e-commerce company, received $1billion in funding.
SoftBank Corp. (TOKYO:9984) made the investment via a subsidiary of SoftBank. The transaction, which is expected to close at the beginning of July, 2015 will bring the total amount of funding raised by Coupang over the past year to nearly $1.5 billion.
The company intends to use the funds to accelerate innovations in its end-to-end fulfillment service, same-day delivery network and mobile applications. Coupang will also expand its R&D offices in Silicon Valley, Seattle, Shanghai and Seoul.
Founded in 2010 by Bom Kim, CEO, Coupang is an e-commerce company with more than 25 million mobile application downloads and the highest number of active users. The company also has offices in Silicon Valley, Seattle, and Shanghai. In addition to SoftBank, it is backed by Greenoaks Capital Management, Rose Park Advisors, funds managed by BlackRock, Wellington Management Company LLP., Sequoia Capital Global Equities, Sequoia Heritage, Maverick Capital, Altos Ventures and others.