E-Commerce Gets Bump in VC Deals for 12th Straight Year
May 30, 2014
Seoul-based e-commerce company Coupang has raised $100 million in funding led by Sequoia Capital Global Equities and Sequoia Heritage, with participation from existing investors Greenoaks Capital Management, Rose Park (through its Disruptive Innovation Fund) and LaunchTime. The company offers a curated selection of diverse merchandise, including baby goods, fashion, beauty products, home goods and decor, books and toys, sporting goods, electronics and tickets for travel and cultural events. In 2013, its third full year in operation, Coupang exceeded $1 billion in annual gross merchandise volume. The company will reportedly use the funding to further invest in its mobile services.
Many countries are home to a heavily funded Internet retail giant (or several) these days. In the month of May alone, India's two leading e-commerce companies—Flipkart and Snapdeal—secured a combined $310 million in VC funding. Coupang's $100 million round ranks among the largest VC deals ever in South Korea; Russia's Lamoda, Germany's Zalando and Spain's Privalia have all landed a financing round larger than $100 million in the last few years; and the U.S. has produced a number of Internet retail companies—including Fab, Wayfair and zulily—that have reached $1 billion+ valuations. While these companies have established a dominant presence within their respective national markets, it will be interesting to see which of these e-commerce giants will truly excel globally.