Web: Korea’s Yello Mobile raises funds at a $4B valuation

December 2015 by: From The Web

Korea’s Yello Mobile has made a name for itself raising $100 million and using it to hoover up more than 80 startups to build its mobile apps business, which now serves 18 million users. Now, Yello Mobile is raising again: it has racked up another $47.2 million in financing, led by existing investor Formation 8. The funding comes as convertible debt at a $4 billion valuation.


TechCrunch also understands that another tranche of funding, up to or around double the amount of this raise, will be closed likely by the end of this year, at the same valuation.


(We’d actually heard earlier this year that Yello Mobile was raising money, and so this $47.2 million may have actually closed some months ago but is only getting announced now. To date, the company has raised just under $210 million.)


“We are proud of the progress we have made establishing Yello Mobile as the clear mobile leader across the SMATO verticals,” said Lee Sang-hyuk, founder and CEO of Yello Mobile, in a statement. (‘SMATO’ is a reference to ‘Shopping, Media, AdTech, Travel, and Offline-to-online’ and is how Yello reports on its business progress.) “Our two leading apps, Coocha and Pikicast, continue to see strong user growth and increasing monetization, and we look forward to using this new capital to drive continued growth in those.”


The valuation makes Yello one of Korea’s most valuable startups — but not the most valuable of all. That title remains with Coupang, the $5 billion e-commerce marketplace backed by the likes of SoftBank and Sequoia.


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