(Image Source: Danggeun Market)
South Korea-based online marketplace Karrot, published by Danggeun Market has raised $162M in a Series D round of funding at a valuation of $2.7 billion. Danggeun Market is now a unicorn with $205 million raised.
This funding round is hosted by DST Global with the participation of Aspex Management, Reverent Partners, and existing investors such as Goodwater Capital, Altos Ventures, SoftBank Ventures Asia, Kakao Ventures, Strong Ventures, and Capstone Partners.
The new funding will be invested into the company’s global expansion, business diversification, R&D, human resources and AI and machine learning technology.
“Danggeun Market plans to focus on accelerating further overseas market expansion for the next two years after closing Series D funding, and in South Korea, we will diversify our business, aiming to be a super app,” said co-founder and co-CEO Gary Kim.
The company is planning to develop its own payment service, KarrotPay, to add to its ecosystem. They will provide online to offline (O2O) service for South Korean SMEs using the platform.
Danggeun Market translates into “the market in your neighborhood”. The marketplace helps customers access every merchant in their local community. It has reached 21 million registered users and 14.2 million monthly active users in 2021. With a year-on-year growth rate of 300% in the last 3 years.
Danggeun Market will pilot and monitor the Karrot app globally to find out which markets they will head to next. According to Gary Kim, the board of directors do not have any plans for an IPO at the moment; focus on making stable profits first.