Saudi Arabia-backed SoftBank Vision Fund will invest $2 billion in South Korea’s largest online retailer Coupang, Reuters reported.
“The $2 billion we are receiving now is exciting, because we can invest in more technology platforms that enable this innovation,” Coupang founder and chief executive Bom Kim told the news wire.
The new round of funding comes after it invested $1 billion into the Seoul-based company in 2015. The online retailer claims to sell more than 120 million items from consumer electronics to food.
Earlier this month, the Vision Fund invested $1.1 billion in View Inc., a US-based company that makes Internet-connected windowpanes.
The fund, which has invested in companies such as Uber and WeWork, has earmarked nearly $100 billion in capital for promising technology companies. Saudi Arabia has contributed $45 billion to the fund.
Speaking at the Future Investment Initiative 2018 last month, Public Investment Fund (PIF) managing director Yasir Al Rumayyan said the PIF has invested in 50 to 60 companies through the Vision Fund and plans to bring majority of these companies to the Kingdom.
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