Korean e-commerce company TMON raises US$115M to grow e-grocery and travel deals business

Yon Heong Tung
TMON_ticketmonster_korea

TMON was first acquired by LivingSocial then sold to Groupon

Korean e-commerce platform TMON (Ticket Monster) has raised US$115 million in a round participated by Simone Investment Managers, a new investor in TMON and existing shareholders including global sovereign wealth funds. Simone is contributing US$44 million to the round.

It will use the newly-raised capital to ramp up its mobile grocery and online low-cost flight deals services.

“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, in an official press statement.

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“TMON has been a proven leader in Korea’s e-commerce market, and we are excited to see the company continue to enhance its competitiveness and expand into new and lucrative areas keeping the customer experience at its core,” said a representative of Simone Investment Managers.

Launched in 2010, TMON is one of South Korea’s largest daily deals platform. It offers deals in categories such as electronics, lifestyle products, books, games, and household products from over 15,000 merchants. Over 80 per cent of its transactions occur on mobile devices.

It previously raised over US$50.96 million from NHN Entertainment Corp, Insight Venture Partners and Stonebridge Capital.

The ownership of TMON has switched hands a couple of times over the years. In 2011, TMON was acquired by US-based deals site LivingSocial for US$350 million; and in 2013, TMON was sold off to LivingSocial’s rival Groupon for US$260 million (LivingSocial was eventually acquired by Groupon in 2016 for an undisclosed sum).

Image Credit: Ticket Monster

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