KANG JUNG, Oct. 10 (Reuters) – An online shopping platform based in Korea has raised about $1.4 billion to create a new online marketplace that would compete with Amazon.com Inc. in the global ecommerce marketplace.
Seo Kangjun, an online shopping company that operates in about 30 countries, said in a statement on Wednesday that it raised about 2.2 billion won ($1.04 million) in a Series A financing round.
Seomak, a mobile payment platform based on Google’s Android operating system, said it raised $831.6 million in a $1 billion funding round last year, bringing its total funding to about $2.3 billion.
The new company will operate in the same markets as SEO, which is a leading seller of premium digital products.
The company will also launch an online marketplace with products such as apparel, cosmetics, footwear and household goods, it said.SEO has been one of the most popular ecommerce platforms in Korea, accounting for more than 30 percent of the country’s ecommerce revenue last year.
(Reporting by Sang-hyun Lee; Editing by Mark Potter)