Yello Mobile, a Seoul, South Korea-based mobile internet company, secured $47.2m in funding.
The round, which valued the company at around $4 billion, was led by Formation 8, with participation from other new and existing investors.
The company will use the funds to strengthen its position across South Korea and other Asian markets in such key verticals as Shopping, Media, Advertisement, Travel and Online-to-Offline (SMATO).
Founded in 2012 by Lee Sang-hyuk, CEO, Yello Mobile provides an ecosystem of mobile platforms, applications and services spanning e-commerce, digital entertainment, online marketing, data analytics and O2O. Its user platforms include:
Coocha, a South Korean shopping search app with 8 million monthly active users, and
Pikicast, a digital media content platform.
The company has a combined user base of more than 18 million monthly active users in South Korea.
The company expects to raise additional funds prior to the final close of the financing round in the coming months.