SoftBank-backed Karrot becomes $3.7 billion Korea unicorn
SEOUL (BLOOMBERG) - The start-up behind local-marketplace app Karrot has raised US$162 million (S$220 million) from investors, including DST Global, joining a growing list of unicorns in South Korea that are eyeing global expansion as growth at home plateaus in the wake of a pandemic-driven boom. Danggeun Market's Karrot scored funds at a US$2.7 billion valuation from new investors, including Yuri Milner's outfit and Aspex Management. Existing investors like Altos Ventures and Goodwater Capital also participated, according to co-founder Gary Kim. The firm is backed by a venture arm of Masayoshi Son's SoftBank Group and the new round makes it one of the largest start-ups in Korea. Asia's fourth-largest economy has been minting unicorns and self-made billionaires at a faster rate than ever this year, breaking away from the family-controlled conglomerates, or chaebols, that have traditionally led its economy. Like other Korean start-ups such as Coupang and Krafton, Karrot is preparing to expand internationally in search of a bigger market. "Not many of us imagined that BTS could become a world superstar," Mr Kim said, invoking the South Korean pop sensation during an interview at a ne...
