Paul Hastings, MoFo Lead Softbank's $1B Korean Investment
Seoul-based online retailer Coupang is the latest in the Japanese telecom giant's portfolio.
June 03, 2015 at 03:27 AM
2 minute read
Paul Hastings and Morrison & Foerster are advising Japanese telecommunications giant Softbank Corp. on a $1 billion investment into Korean ecommerce company Coupang.
Seoul-based Coupang was launched in 2010 by Harvard Business School dropout Bom Kim as a Groupon-like site offering daily deals for products ranging from clothing, food to books and concert tickets. Last year, the company reported $110.5 million in revenues, making it one of the largest online retailers in Korea.
Softbank's investment in Coupang, which is expected to close in July, follows a number of similar investments from U.S. venture capital firms. Over the past year, Sequoia Capital, Rose Park Advisors and Maverick Capital have invested $500 million in the company.
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