Ticket Monster on Accelerated Path for Growth with Impressive New Round of Financing
Various domestic e-commerce companies have successfully secured large-scale investments through 2015, but investments have since slowed with companies failing to show significant growth or profitability. Ticket Monster (티켓몬스터), however, tells a different story.
In 2017, Ticket Monster raised an additional 130 billion KRW round of financing, the single largest investment made in the e-commerce industry this year.
Towards the end of 2016, Ticket Monster secured 80 billion KRW in investment through existing shareholders and the sovereign wealth fund. The company announced that it completed an additional 50 billion KRW investment from a new investor, Simone Investment, this month. This announcement of fresh funding comes only after a year from the $40 million investment from NHN Entertainment in 2016.
Simone Investment is a subsidiary of Simone, an original design manufacturer (ODM) that manufactures products for designer brands like Burberry, Coach and DKNY. As of April 2017, the private equity has over 1 trillion KRW in assets under management.
Ticket Monster aims to use the newly raised funds to explore new areas of business, such as mobile grocery shopping service and online travel, in order to strengthen its core competencies.
Kim Sung Wook from Simone Investment notes that their “decision to invest in Ticket Monster was driven by Ticket Monster’s tremendous potential for growth with its differentiated strategy for the future.”
Daniel Shin, founder and CEO of Ticket Monster, comments: “The new round of funding is meaningful to our company as it is a recognition of our growth potentials in this increasingly challenging e-commerce industry. We will aim at providing our customers with innovative experiences through continued investment in differentiated technology and platform.”
source : techforkorea