Coupang, South Korea’s answer to Amazon, has raised $100 million in a round of financing led by Sequoia Capital.
The investment led by Sequoia chairman Mike Moritz adds one of Asia’s fastest-growing and most valuable startups to Sequoia Capital’s already impressive roster of Asian deals. According to one person with knowledge of the deal, the new investment values Coupang at well over $1 billion.
Founded three years ago by Harvard Business School dropout Bom Kim, Coupang now has over $1 billion in sales — a milestone it reached faster than any other Asian e-commerce company.
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Drafting off of Facebook’s $2 billion purchase of virtual reality company Oculus VR Inc. and validating a new generation of fresh virtual reality projects, Houston-based startup Virtuix Inc. closed $3 million from venture investors for its multi-directional treadmill.
The company makes a 360-degree disk-like treadmill called the Omni that is used in conjunction with virtual reality goggles to make gaming and other applications totally immersive. Players wear special shoes and a belt and strap into the machine, which translates movements into keystrokes that players would otherwise use to control their characters in games.
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