Korean mobile commerce company Tmon raises $115 million, now valued at $1.2 billion
Tmon, a mobile ecommerce company based in Korea, has closed a $115 million funding round from new investor Simone Investment Managers, with participation from existing shareholders, including a number of sovereign wealth funds.
The latest tranche of funding elevates Tmon into the much-coveted “unicorn” brigade, with an estimated value of around $1.2 billion.
Founded in 2010 as Ticket Monster, Tmon, as it’s known locally, was acquired by former daily deals darling LivingSocial in 2011, which sold the company to Groupon two years later, which in turn sold a controlling stake in Tmon to global investment firm KKR, Hong Kong’s Anchor Equity Partners, and Tmon’s management. Groupon retains a 41 percent stake in the company.
Today, Tmon operates across a handful of core verticals, including a mobile grocery shopping service and an online travel meta-search platform. Its latest cash injection comes just eight months after it raised $40 million in funding.
“This is a significant milestone for Tmon because our new and existing partners have affirmed their confidence in our business and support our vision to change the e-commerce customer experience through our ‘technology and platform’ approach,” said Tmon CEO Daniel Shin.