SoftBank-Backed Karrot Becomes $2.7 Billion Korea Unicorn
- With new funding, company now among Korea’s biggest startups
- The local neighborhood app is looking for growth overseas
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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 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.