The startup behind local-marketplace app Karrot has raised $162 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 Inc.’s Karrot scored funds at a $2.7 billion (¥296 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 Corp. and the new round makes it one of the largest startups 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 startups such as Coupang Inc. and Krafton Inc., Karrot is preparing to expand internationally in search of a bigger market.