March 16, 2021

The Amazon of South Korea files for an IPO

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Sign up to get it delivered free to your inbox. u003c/em>u003c/p> u003cp>Amazon may be an undeniable winner in the U.S., but in South Korea, a SoftBank-backed business holds the trophy.u003c/p>u003cp>u003c!-- piano selector -->u003c/p>u003cdiv class="paywall"> u003cp>Coupang, an e-commerce marketplace that has been called the “Amazon of South Korea,” has been downloaded as an app by over half of the country’s population.u003c/p> u003cp>Now it's filing for an IPO in the U.S. Last valued at an estimated $9 billion, according to Pitchbook, Coupang filed to raise $1 billion on the New York Stock Exchange on Friday.u003c/p> u003cp>As with many e-commerce players, the company’s revenues have soared in the pandemic to $11.1 billion in 2020—nearly double the figure from a year prior. But despite the sudden ramp up in operations, its losses fell 26% to $567.6 million compared to the same period the year earlier. (It also faced early struggles with u003ca href="https://www.reuters.com/article/us-health-coronavirus-southkorea-coupang/softbank-backed-coupang-under-scrutiny-after-s-korea-warehouse-virus-outbreak-idUSKBN2350QM">coronavirus outbreaks in its facilitiesu003c/a>.)u003c/p> u003cp>The company is certainly a player to watch even as tech valuations look frothy across the U.S. Many other companies have matched their massive growth with even larger expenses (Roblox u003ca href="https://www.sec.gov/Archives/edgar/data/1315098/000119312521038726/d87104ds1a.htm">being among that crowdu003c/a>.)u003c/p> u003cp>I caught up with Coupang’s Chief Technology Officer, Thuan Pham, u003ca href="https://fortune.com/2020/10/28/thuan-pham-former-uber-cto-coupang-south-korea/">back in Octoberu003c/a>. While he is working for a business based on the opposite side of the world, Pham is a well known figure within the U.S. tech community: He was a longtime CTO at ride-hailing giant Uber. And in our conversation, his roots carried over. While our chat occurred in the very early stages of his time at the Coupang, Pham said he was considering ideas around last-mile delivery and dynamically adjusted prices in grocery delivery. u003ca href="https://fortune.com/2020/10/28/thuan-pham-former-uber-cto-coupang-south-korea/">Read it hereu003c/a>.u003c/p> u003cp>u003cstrong>A SLOWDOWN IN THE AFRICA VC SCENEu003c/strong>: Despite early worries of a slowdown, startup funding in the venture capital space soared in many regions of the world in 2020, with the U.S. raising u003ca href="https://www.cbinsights.com/research/report/venture-capital-q4-2020/">a record $130 billionu003c/a> as investors doubled down on their biggest bets. But the same trend didn’t persist across all geographies.u003c/p> u003cp>In the nascent though high-growth continent of Africa, venture capital funding fell for the first time in nearly a decade, according to Partech Partners’ u003ca href="https://partechpartners.com/2020-africa-tech-venture-capital-report/">annual report on the regionu003c/a>. u003ca href="https://fortune.com/company/total" target="_blank">Totalu003c/a> venture capital funding fell 29% in 2020 compared to the year before, to about $1.43 billion.u003c/p> u003cp>The numbers, the report noted, “showed the effect of a crisis that grounded global investors, drove uncertainty in macro trends and froze frenetic African cities. In some respects, there was a slowdown as investors’ processes were disrupted, as founders delayed rounds for better times, as betting big tickets became harder.”u003c/p> u003cp>And that’s the thing: Investors are still betting on startups on the continent, but with significantly smaller check sizes. And as new unicorns are being made every minute in the U.S. (just scroll below), it’s hard to imagine investors stateside aren’t also hoping for more moderated valuations.u003c/p> u003cp>u003cstrong>WHAT TO WATCH FOR NEXT WEEKu003c/strong>: Executives at Robinhood, Melvin Capital, and Citadel Securities u003ca href="https://www.reuters.com/article/us-retail-trading-usa-congress-idUSKBN2AA262">are expectedu003c/a> to testify before a House panel on Feb. 18 to speak on the recent trading in u003ca href="https://fortune.com/company/gamestop" target="_blank">GameStopu003c/a> shares, per Reuters.u003c/p> u003cp>u003cstrong>DON’T FORGET: u003c/strong>It’s your last day to fill in our survey u003ca href="https://www.surveymonkey.com/r/DZ698VG">on your thoughts for 2021u003c/a>. The polls close at midnight.u003c/p> u003cp>u003cstrong>Lucinda Shenu003c/strong>u003cbr>u003cstrong>Twitter: u003c/strong>u003ca href="https://twitter.com/ShenLucinda">@shenlucindau003c/a>u003cbr>u003cstrong>Email: u003c/strong>lucinda.shen@fortune.comu003c/p> u003ch3>VENTURE DEALSu003c/h3>nu003cp>– u003ca href="http://public.com">u003cstrong>Publicu003c/strong>u003c/a>, New York-based stock trading app with a social media element, is seeking to raise at a $1.2 billion valuation, per Business Insider. u003cstrong>Tiger Global Managementu003c/strong> is said to be leading. u003ca href="https://www.businessinsider.com/fintech-publiccom-valued-at-about-12-billion-in-round-led-by-tiger-2021-2">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://www.cameo.com/">u003cstrong>Cameou003c/strong>u003c/a>, a Chicago-based maker of an app for celebrities and influencers to record paid personalized messages, is in talks to raise at a $1 billion valuation, Per Bloomberg. u003ca href="https://www.bloomberg.com/news/articles/2021-02-11/cameo-is-said-in-talks-to-raise-funds-at-about-1-billion-value">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://cyteir.com/">u003cstrong>Cyteir Therapeuticsu003c/strong>u003c/a>, a Lexington, Mass.-based cancer therapies discovery and development platform, raised $80 million in Series C funding. u003cstrong>A Capital Managementu003c/strong> led the round and was joined by investors including u003cstrong>Janus Henderson Investors, Acuta Capital Partners, Ally Bridge Group, Avidity Partners, Ample Plus Fundu003c/strong>,u003cstrong> CaaS Capital Management,u003c/strong> u003cstrong>Novo Holdings, Venrock, Lightstone Ventures, DROIA Ventures, u003c/strong>and u003cstrong>Osage University Partners.u003c/strong>u003c/p>nu003cp>– u003ca href="https://www.modernhealth.com/">u003cstrong>Modern Healthu003c/strong>u003c/a>, a San Francisco-based mental health benefits platform, raised $74 million in Series D funding. u003cstrong> Founders Fundu003c/strong> led the round.u003c/p>nu003cp>– u003ca href="https://www.immunai.com/">u003cstrong>Immunaiu003c/strong>u003c/a>, a New York and Tel Aviv based biotech company, raised $60 million in Series A funding. Investors include u003cstrong>Schusterman Family Investments, Duquesne Family Office, Catalio Capital Managementu003c/strong>, and u003cstrong>Dexcel Pharma,u003c/strong> u003cstrong>Viola Venturesu003c/strong>, and u003cstrong>TLV Partners.u003c/strong>u003c/p>nu003cp>– u003ca href="https://humaninterest.com">u003cstrong>Human Interestu003c/strong>u003c/a>, a San Francisco-based 401(k) administration startup, raised $55 million in Series C funding. u003cstrong>Glynn Capitalu003c/strong> led the round and was joined by investors including u003cstrong>NewView Capital.u003c/strong>u003c/p>nu003cp>– u003ca href="https://hicapitalize.com/">u003cstrong>Capitalizeu003c/strong>u003c/a>, a New York-based company focused on helping consumers rollover their 401(k)s, raised $12.5 million in Series A funding. u003cstrong>Canapi Venturesu003c/strong> led the round and was joined by investors including u003cstrong>Bling Capital, Greycroft, RRE Ventures,u003c/strong> and u003cstrong>Walkabout Venturesu003c/strong>. u003c/p>nu003cp>– u003ca href="https://www.upequity.com/">u003cstrong>UpEquityu003c/strong>u003c/a>, an Austin-based mortgage platform, raised $7.5 million in Series A funding. u003cstrong>Next Coast Venturesu003c/strong> led the round.u003c/p>nu003cp>– u003ca href="https://inaccord.com/blog-posts/raised-6m-from-stripe-to-transform-sales-from-vendorship-partnership">u003cstrong>Accordu003c/strong>u003c/a>u003cstrong>, u003c/strong>a San Francisco-based business-to-business sales platform, raisedu003cstrong> $6 million in u003c/strong>seed funding.u003cstrong> Stripe u003c/strong>andu003cstrong> Y Combinatoru003c/strong> led the round.u003c/p>nu003cp>– u003ca href="https://mykargo.com/">u003cstrong>Kargou003c/strong>u003c/a>, a San Francisco-based smart loading dock company, raised $6 million in seed funding. u003cstrong>Founders Fundu003c/strong> led the round and was joined by investors including u003cstrong>Sozo Venturesu003c/strong> andu003cstrong> Accompliceu003c/strong>.u003c/p>nu003cp>– u003ca href="https://ubamarket.com/">u003cstrong>Ubamarketu003c/strong>u003c/a>, a London-based provider of scan-and go retail tech, raised £2.9 million ($4 million). u003cstrong>IW Capitalu003c/strong> led the round. u003c/p>nu003ch3>PRIVATE EQUITYu003c/h3>nu003cp>– u003cstrong>Arlington Capital Partners u003c/strong>agreed to acquire u003cstrong>Triumph Group’s u003c/strong>(NYSE: TGI) u003cstrong>Red Oak, Texas operationsu003c/strong>. The unit makes structures for the aerospace sector. Financial terms weren’t disclosed.u003c/p>nu003cp>– u003cstrong>Apax Partnersu003c/strong> agreed to acquire a majority stake of u003ca href="https://www.herjavecgroup.com/">u003cstrong>Herjavec Groupu003c/strong>u003c/a>, a Toronto-based cybersecurity company. Financial terms weren’t disclosed.u003c/p>nu003cp>– u003cstrong>Colibri Groupu003c/strong>, backed byu003cstrong> Gridiron Capital,u003c/strong> acquired u003ca href="https://www.brightpathedu.com/">u003cstrong>BrightPath Education Servicesu003c/strong>u003c/a>, a Raleigh, N.C.-based maker of continuing education for real estate appraisals. Financial terms weren’t disclosed.u003c/p>nu003cp>– u003cstrong>Platinum Equity Advisorsu003c/strong> will not submit a higher figure to takeover u003ca href="https://www.marstons.co.uk/">u003cstrong>Marston’su003c/strong>u003c/a>, a British pub operator, after its £666 million ($921.81 million) proposal was rejected.u003c/p>nu003ch3>EXITSu003c/h3>nu003cp>– u003cstrong>IBM u003c/strong>acquired u003ca href="https://www.businesswire.com/news/home/20210211005136/en/Bunker-Hill-Capital-Announces-Sale-of-Taos-Mountain-LLC">u003cstrong>Taos Mountainu003c/strong>u003c/a>, a San Jose, Calif.-based cloud consulting firm, fromu003cstrong> Bunker Hill Capital. u003c/strong>Financial terms weren’t disclosed.u003c/p>nu003cp>– u003cstrong>Polypipeu003c/strong> acquired u003ca href="https://www.adey.com/">u003cstrong>ADEYu003c/strong>u003c/a>, a U.K.-based provider of solutions for protecting water-based heating systems, for £210 million from u003cstrong>LDCu003c/strong>. u003ca href="https://www.privateequitywire.co.uk/2021/02/11/295784/ldc-exits-adey-polypipe-group-gbp210m-deal">Read moreu003c/a>.u003c/p>nu003ch3>OTHERSu003c/h3>nu003cp>– u003cstrong>Hormel Foods u003c/strong>(NYSE: HRL) agreed to acquire u003cstrong>Kraft Heinz’s u003c/strong>(Nasdaq: KHC) u003cstrong>nuts brandsu003c/strong>, including Planters and Corn Nuts, for about $3.4 billion.u003c/p>nu003cp>– u003cstrong>I-VI Incorporatedu003c/strong> (Nasdaq: IIVI) offered to acquire u003ca href="https://www.coherent.com/">u003cstrong>Coherentu003c/strong>u003c/a> (Nasdaq: COHR), a laser technology company, valuing it at nearly $6.4 billion. The offer comes 24% Coherent’s merger agreement with Lumentum, per the company. u003c/p>nu003cp>– The Biden administration has asked the federal appeals court to hold the Trump administration’s attempts to ban u003ca href="https://www.wechat.com/en/">u003cstrong>WeChatu003c/strong>u003c/a>, the Tecent-created Chinese social app. u003ca href="https://www.washingtonpost.com/technology/2021/02/11/wechat-trump-biden-pause/">Read moreu003c/a>.u003c/p>nu003cp>– u003cstrong>IWGu003c/strong> acquired a stake in u003ca href="https://www.the-wing.com/">u003cstrong>The Wingu003c/strong>u003c/a>, a female focused co-working startup. Financial terms weren’t disclosed.u003c/p>nu003ch3>IPOsu003c/h3>nu003cp>– u003ca href="https://www.roblox.com/">u003cstrong>Robloxu003c/strong>u003c/a>, the game maker, restated its financials and now says it plans to go public via direct listing in March. The company said revenue in the first nine months of 2020 rose to $613.9 million compared to $588.7 million in its previous filing, while its losses in that period were at $194.5 million, down from $213.3 million as reported before. u003ca href="https://www.sec.gov/Archives/edgar/data/1315098/000119312521038726/d87104ds1a.htm#rom87104_10">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://www.loandepot.com/">u003cstrong>loanDepotu003c/strong>u003c/a>, a Foothill Ranch, Calif.-based mortgage and loan provider, raised $54 million in an of offering 3.9 million shares (38% insider sold) priced at $14. The company previously said it hoped to raise $300 million. u003cstrong>Parthenon Capitalu003c/strong> backs the firm. u003ca href="https://www.sec.gov/Archives/edgar/data/1651502/000119312515373140/d53727ds1a.htm">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://talis.bio/">u003cstrong>Talis Biomedicalu003c/strong>u003c/a>, a Menlo Park, Calif.-based maker of diagnostic tests, now plans to raise $173 million in an offering of 11.5 million shares priced between $14 to $16. Investors includeu003cstrong> Baker Brosu003c/strong> andu003cstrong> ArrowMark.u003c/strong> u003ca href="https://www.sec.gov/Archives/edgar/data/1584751/000119312521014914/d25171ds1.htm">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://www.neximmune.com/">u003cstrong>NexImmuneu003c/strong>u003c/a>, a Gaithersburg, Md.-based biotech developing immunotherapies for cancer, says it now plans to raise $94 million in an offering of 5.9 million shares to be priced between $15 to $17. u003cstrong>ArrowMark Partnersu003c/strong> backs the firm. u003ca href="https://www.sec.gov/Archives/edgar/data/1538210/000119312521031549/d216127ds1a.htm">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://www.samsara.com/">u003cstrong>Samsarau003c/strong>u003c/a>, a San Francisco-based cloud tech firm, is planning to go public as soon as March, per Bloomberg. Andreessen Horowitz backs the firm. u003ca href="https://www.bloomberg.com/news/articles/2021-02-11/cloud-tech-firm-samsara-is-said-to-file-as-soon-as-march-for-ipo?srnd=deals">Read moreu003c/a>.u003c/p>nu003ch3>SPACu003c/h3>nu003cp>– u003ca href="https://www.rover.com/about-us/">u003cstrong>A Place for Roveru003c/strong>u003c/a>u003cstrong>,u003c/strong> a Seattle-based pet sitting startup, will go public via merger withu003cstrong>Nebula Caravel Acquisition Corpu003c/strong> . (Nasdaq: NEBC), a SPAC. A deal will value the business at about $1.3 billion.u003c/p>nu003cp>– u003ca href="https://grofers.com/">u003cstrong>Grofersu003c/strong>u003c/a>, an Indian online grocer, is weighing plans to merge with a SPAC in the U.S., per Bloomberg. A deal could value it at about $1 billion. u003ca href="https://www.bloomberg.com/news/articles/2021-02-11/softbank-backed-grofers-said-to-weigh-listing-via-u-s-spac-deal?srnd=deals">Read moreu003c/a>.u003c/p>nu003cp>– u003cstrong>Atlantic Coastal Acquisitionu003c/strong>, a SPAC focused on the mobility sector, filed to raise up to $300 million. u003cstrong>Shahraab Ahmadu003c/strong>, founder of Decca Capital, is CEO and chairman of the SPAC. u003ca href="https://www.sec.gov/Archives/edgar/data/1836274/000110465921020812/tm2038807-3_s1.htm">Read moreu003c/a>.u003c/p>nu003cp>– u003cstrong>Arrowroot Acquisitionu003c/strong>, a SPAC formed by u003cstrong>Arrowroot Capitalu003c/strong> focused on enterprise software, filed to raise $250 million. u003ca href="https://www.sec.gov/Archives/edgar/data/1835972/000114036121004367/nt10018729x2_s1.htm">Read moreu003c/a>.u003c/p>nu003cp>– u003cstrong>Figure Acquisition Iu003c/strong>, a SPAC from Mike Cagney’s blockchain lending startup Figure Technologies, filed to raise $250 million. u003ca href="https://www.sec.gov/Archives/edgar/data/1839550/000095010321002149/dp145987_s1a.htm">Read moreu003c/a>.u003c/p>nu003cp>– u003cstrong>FinTech Evolution Acquisitionu003c/strong>, a SPAC seeking a fintech business, filed to raise $200 million. u003cstrong>Rohit Bhagatu003c/strong>, former chairman of Asia Pacific at BlackRock, leads the firm. u003ca href="https://www.sec.gov/Archives/edgar/data/1839569/000121390021008178/fs12021_fintechevo.htm">Read moreu003c/a>.u003c/p>nu003ch3>F+FSu003c/h3>nu003cp>– u003ca href="https://www.llcp.com/">u003cstrong>Levine Leichtman Capital Partnersu003c/strong>u003c/a>, the New York-based private equity firm, plans to raise $1 billion for LLCP Lower Middle Market Fund  III. u003ca href="https://www.sec.gov/Archives/edgar/data/1844094/000184409421000001/xslFormDX01/primary_doc.xml">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://www.millpoint.com/">u003cstrong>Mill Point Capitalu003c/strong>u003c/a>, a New York-based middle market private equity firm, raised $886 million for its second fund. u003ca href="https://www.sec.gov/Archives/edgar/data/1829494/000182949420000001/xslFormDX01/primary_doc.xml">Read more.u003c/a>u003c/p>nu003cp>– u003ca href="https://www.pelotonequity.com/">u003cstrong>Peloton Equityu003c/strong>u003c/a>, a Greenwich, Conn.-based private equity firm, raised $152.3 million for its second fund. u003c/p>nu003cp>– u003ca href="https://www.eurazeo.com/en/">u003cstrong>Eurazeou003c/strong>u003c/a>, the Paris-based firm, closed Smart City II Venture fund at €80 million.u003c/p>nu003ch3>PEOPLEu003c/h3>nu003cp>– u003ca href="https://www.coatue.com/">u003cstrong>Coatue Managementu003c/strong>u003c/a> hired u003cstrong>David Schneider u003c/strong>as a general partner to focus on private investing, per Bloomberg. u003ca href="https://www.bloomberg.com/news/articles/2021-02-11/coatue-hires-former-servicenow-executive-for-private-investing?srnd=deals">Read moreu003c/a>.u003c/p>nu003cp>– u003ca href="https://www.huroncapital.com/">u003cstrong>Huron Capital Partnersu003c/strong>u003c/a> named u003cstrong>Jim Mahoneyu003c/strong> as managing partner.u003c/p>nu003c/div>n"},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]}]}]}]}},"componentData":{},"error":null,"loading":false,"player":{"currentTime":0,"duration":0,"loading":false,"playing":false,"seek":0,"src":"","visible":false,"volume":0.5},"route":{"status":200,"redirectTo":"","redirectStatus":0,"action":"PUSH","pathname":"/2021/02/12/the-amazon-of-south-korea-files-for-an-ipo/","search":"?","hash":""},"visible":{"search":false,"primaryNav":false,"freestar":false,"adminBar":false},"contactForm":{"submitting":false,"submitted":false,"failed":false,"validation":{},"redirect":""},"user":{"isLoggedIn":false,"accessLevel":null}}; ]]> response.json()) .then(function (data) { signPackage = data; wx.config(data); wx.ready(function () { wx.updateTimelineShareData({ title: title, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.updateAppMessageShareData({ title: title, desc: desc, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.error(function (res) { //location.href = g_url; }); }); }) } }; script.src = "https://res.wx.qq.com/open/js/jweixin-1.6.0.js"; document.head.appendChild(script); } ]]> You need to enable JavaScript to view this site.
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