Participated · Series D · Aug 2021

Danggeun Market operates Karrot, a hyperlocal community app and secondhand marketplace that shows listings within tight distance limits (6 km in Korea and about 15 km in the U.K.). The platform enables roughly 300,000 local SMB partners to digitalize via offline-to-online (O2O) services and offers local commerce from fresh produce delivery to cleaning, education, real estate brokerage and used cars. Danggeun plans to launch Karrot Pay (Danggeun Pay) this year pending regulatory approval and to expand its O2O services for SMEs. The company intends to use new funding for global expansion, business diversification, R&D, investment in advanced AI/ML for personalized feeds, and recruiting talent. Financially, Danggeun raised $162M in a Series D at a $2.7B valuation, bringing total capital raised to $205M. The company reports over 21 million registered users, MAUs rising from 1.8M in 2019 to 14.2M in 2021, over 300% year-on-year growth since 2018, and an average user time of two hours and two minutes per month, per App Annie. Danggeun Market operates Karrot, a smartphone-first peer-to-peer neighborhood marketplace that shows listings from sellers within a roughly six-kilometer radius and verifies users by mobile number and location. The app is free to use and monetizes through hyperlocalized advertising and neighborhood networking features. Karrot has grown rapidly: monthly active users reached seven million in April (130% year-over-year growth), average session length is about 20 minutes, gross merchandise value increased 250% year-over-year, and listings rose from 4.4 million in January to 8.4 million in April. The company has added community features such as Karrot Help and tools to manage mask listings during the COVID-19 pandemic. It launched in the United Kingdom last November and plans to expand into additional international markets. Near-term priorities are enhancing community features in South Korea and resuming international expansion when appropriate.

Led · Series F · Jul 2021

Kurly operates Market Kurly, a South Korean e-grocery platform. The company provides online grocery services to customers in South Korea. Kurly raised 120 billion won (about $91 million) from existing investors Aspex and Anchor. The funding was secured four months after the company abandoned a planned initial public offering. The article identifies Aspex and Anchor as participating investors. Kurly operates a consumer-facing online grocery service that offers next-day and overnight delivery across South Korea, leveraging proprietary data analytics and a service technology stack to curate selection and pricing. The company plans to use new capital to build out its tech stack, recruit talent, and expand its overnight delivery coverage and logistics infrastructure. Kurly recently reversed plans to pursue a U.S. IPO and said it will instead seek a listing on the Korean stock market. The business grew to $845 million in sales in 2020, up 124% year-over-year. Kurly has not disclosed whether it is profitable or its operating margins. Kurly is a South Korean online grocery delivery startup that operates an e-commerce platform for grocery ordering and delivery. The company was reported to have secured additional funding by local outlet Korean Investors. According to the report, Kurly received $150 million from existing investors. The investors named were Sequoia Capital, Hillhouse Capital, and DST Global. The article does not disclose the financing instrument, valuation, operating metrics, or use of proceeds. No further details on future plans or financial performance were provided in the report. Market Kurly is a South Korean online grocery delivery startup operating an e‑commerce grocery delivery service. The company is in the midst of an ongoing Series D funding round. It raised an additional W35 billion (about $30 million) from private equity firm Hillhouse Capital, according to The Investor. The reported injection is described as an additional tranche within that Series D. The article does not disclose revenue, user metrics, use of proceeds, or valuation. No future plans beyond the ongoing fundraise were reported in the article. Market Kurly operates an online grocery service built around a cold-chain system that maintains optimal temperatures from producer to consumer to deliver fresher products faster. Its flagship "Morning Star Delivery" service delivers orders placed by 11 AM by 7 AM the next morning, including produce harvested the same day. Launched in 2015 and based in Seoul, Kurly disrupted the online grocery market and aims to solidify its number-one position in the daybreak grocery delivery segment. The company plans to use new funding to secure internal processes, build a talent pool, strengthen cooperation with suppliers, and recruit substantially in IT to support sustainable growth. Financially, Kurly reported KRW 157 billion in sales in 2018—three times 2017 levels—and monthly sales hit KRW 30 billion in January.

Led · Series E · Jan 2021

Klook operates a marketplace for curated travel experiences and local services, offering attractions, tours, transport, and experiential stays in over 2,700 destinations. The company emphasizes quality curation across a wide range of activities from museums to adventure sports. Klook plans to use newly secured capital to accelerate expansion across Asia Pacific and capture next-generation, experience-driven travelers. It is expanding an AI partnership with Google Cloud to improve customer experience, merchant operations, and internal productivity. Klook is also pursuing digital transformation initiatives with regional tourism boards, including an agreement with the Philippine Department of Tourism. The company reported a decade of operations since its 2014 founding and highlights its economic impact—facilitating millions of travel moments, contributing US$7.2 billion in GDP and supporting over 219,000 jobs in Asia Pacific. Klook operates a platform for experiences and travel services, curating attractions, tours, local transport and experiential stays in over 2,300 destinations globally. Founded in 2014 and led by Eric Gnock Fah, Ethan Lin and Bernie Xiong, the company serves leisure travelers seeking bookable experiences. Klook recently raised US$210M and secured additional bank facilities to support growth. The company plans to use the funds to expand product offerings such as city passes to improve traveler convenience and savings. It will scale social and digital marketing through the Klook Kreator program to drive conversions via authentic user-generated content. Klook is also advancing innovation through continuous AI integration, including a collaboration with Google Cloud to deploy Generative AI for automated translations, content generation and a customer-service chatbot. Klook enables mostly Asia-based users to book activities in overseas destinations and its SaaS powers millions of bookings for more than 2,500 merchants worldwide. Founded in 2014 and based in Hong Kong, the company pivoted during the COVID-19 pandemic toward staycations and a software-as-a-service product suite for local activity merchants, including ticketing, distribution, inventory management and marketing. At the height of the pandemic Klook onboarded 150% more activities compared to the same period in 2019 and bookings subsequently rebounded in markets where restrictions eased. The company reached profitability in a number of markets by July while overall remaining in an aggressive expansion mode. Klook exceeded a $1 billion valuation in 2018 and currently has no plans to go public. With proceeds from the new investment it will continue developing and rolling out its merchant SaaS solutions as domestic tourism recovers and international travel gradually returns. Klook operates a mobile-first marketplace for travel activities and services, offering bookings for attractions, tours, transport and local experiences. The company says it hosts 100,000 activities across more than 270 destinations and employs over 1,000 staff with 20 offices worldwide. Klook was founded in 2014 and has previously raised significant funding, including a $200M Series D announced eight months earlier. Management plans to use new capital to accelerate growth in Western markets and to expand efforts in Japan ahead of the 2020 Summer Olympics, with an emphasis on improving supply and demand dynamics on the platform. Klook has discussed strategic partnerships within SoftBank’s ecosystem to pursue synergies with companies such as Grab, OYO, Coupang and Tokopedia. The company has signaled it is delaying any fixed IPO timetable despite prior candidness about a potential public listing. Klook is a Hong Kong-based travel activity booking platform founded in 2014 by Ethan Lin, Eric Gnock Fah and Bernie Xiong. The company operates a website and app that lets travellers book experiences such as attractions, food, activities and local transportation. Its platform offers more than 50,000 activities and services through 5,000 industry partners across 200+ destinations worldwide. Travellers can pay in their home currency and receive tickets on their phones. Klook reported $1 billion in gross bookings in 2018 and has raised $300m in total financing to date. The company plans to use new funding to launch its in-destination travel services booking platform in the US and Europe, expand offices in London and Amsterdam, and open future offices in the US.

Participated · Series C · Jul 2020

XPeng is a Chinese automaker that builds battery-electric vehicles, including its flagship G9 SUV. Its vehicles include connectivity and advanced driver‑assistance system software often compared to Tesla’s FSD. Under a new deal with Volkswagen, XPeng will jointly develop and produce two mid‑sized EVs for the Chinese market that carry DNA from both automakers and are based on the G9. The vehicles will be produced at VW’s Hefei development, innovation and procurement center (100%TechCo). Production is expected to begin in 2026. Volkswagen is investing $700 million and acquiring a 4.99% stake in XPeng as part of the agreement. Xpeng is a five-year-old electric vehicle startup led by former Alibaba executive He Xiaopeng that develops models aimed at China’s tech-savvy middle-class. The company has raised multiple rounds totaling about $1.7 billion to date and announced roughly $500 million in a Series C+ round. The Series C+ follows a $400 million Series C closed last November and references a prior August 2018 fundraising event. Xpeng has faced a legal battle with Tesla over alleged theft of Autopilot source code, a case delayed by the COVID-19 pandemic. Sales headwinds in China from reduced government subsidies and pandemic-driven economic weakness pose near-term challenges. In May the company obtained a production license for a fully-owned car plant near its Guangzhou headquarters, reducing dependence on manufacturing partner Haima Automobile. XPeng Motors develops smart, connected electric passenger vehicles, including the G3 SUV and the forthcoming P7 sedan. The company began deliveries of its first production model, the G3, in December and had shipped 10,000 units by mid‑June, later releasing an enhanced G3 with a 520 km NEDC range. XPeng plans to launch its electric P7 sedan in spring 2020, with deliveries expected to begin in the second quarter of 2020. Financially, XPeng raised a $400 million Series C and said it secured "several billions" of Chinese yuan in unsecured credit lines from institutions including China Merchants Bank, China CITIC Bank and HSBC. The company said it has met most of its business and financing targets despite economic headwinds and policy changes affecting Chinese auto sales. XPeng has said it wants to IPO but provided no specific timetable, and its post‑money valuation for the Series C was not disclosed, though a source said it is better than the 25 billion yuan valuation from August 2018. XPENG Motors develops the G3, a high-tech electric SUV featuring a sporty design, shark-shaped front lip, lightsaber LED lights and integrated diamond-matrix taillights. The G3 is equipped with a 360° roof camera, a space-capsule-like cockpit, 20 smart sensors, full-scenario autonomous parking and Level 2.5 autonomous driving technologies tailored for Asia. G3 was scheduled to start official sales later in 2018 with deliveries beginning by the end of the year. The company plans to build 150 supercharging stations nationwide and open dozens of offline stores in first-tier Chinese cities. XPENG maintains R&D, manufacturing and marketing divisions in Beijing, Shanghai, Zhaoqing (Guangdong) and Silicon Valley. Financially, the company has completed a large Series B+ and reports cumulative financing exceeding RMB 10 billion with a valuation close to RMB 25 billion. XPENG Motors designs and manufactures internet-connected electric vehicles, including a Beta model, a production model (1.0) and the XPENG G3 (2.0) all-electric SUV slated for sale in 2018. The company has secured product qualification from China’s Ministry of Industry and Information Technology (July 2017). Headquartered in Guangzhou, XPENG maintains design, R&D, manufacturing, and marketing operations across Beijing, Zhaoqing and Silicon Valley. It reported nearly 1,000 employees with plans to grow to 3,000 by 2019. XPENG is developing the XPENG Motors Intelligent Internet-connected Science and Technology Park (Zhaoqing Base), a 3,000-mu site with a planned RMB 10 billion investment. Financially, the company has raised over RMB 5 billion to date following its most recent funding.