Internet groups Kakao and SoftBank have taken part in a $162m series D round for South Korea-based e-commerce marketplace operator Danggeun Market, TechCrunch reported yesterday.
Venture capital firm DST Global led the round, which valued the business at $2.7bn and increased its total funding to $205m.
SoftBank and Kakao were represented in the round by corporate venturing subsidiaries SoftBank Ventures Asia and Kakao Ventures, respectively. Aspex Management, Reverent Partners, Goodwater Capital, Altos Ventures, Strong Ventures and Capstone Partners also backed the round.
Founded in 2015, Danggeun Market has developed a marketplace app called Karrot that lets users buy and sell second-hand goods locally. In addition to South Korea, the company also operates in the UK, the US, Canada and Japan.
The capital injection will support Danggeun’s global expansion, business diversification, recruitment as well as research and development. The company also plans to invest in artificial intelligence and machine learning technology.
It is currently seeking authorisation from South Korea’s financial regulator to begin offering a new payment service.
Danggeun had raised $33m in a series C round co-led by Goodwater Capital and Altos Ventures in June 2020.
SoftBank’s local investment subsidiary, SoftBank Ventures Korea, led a $5.3m round for the business in 2018 that also featured Kakao Ventures and Strong Ventures.