KKR leads $190m round of Korean fashion ecommerce giant Musinsa

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Musinsa, a South Korean online fashion platform, has raised US$190 million in a series C funding round led by KKR. The round also saw the participation of Wellington Management, a major independent investment management firm.

With the new capital, Musinsa plans to continue expanding its platform and setting “new standards of success in the online and offline markets with domestic and foreign brands,” the company said in a statement.

Funding details

• Funding amount: US$190,000,000
• Lead investors: KKR (Kohlberg Kravis Roberts & Co)
• Other investors: Wellington Management
• Stage: Series C
• Valuation: US$2,070,000,000
• Source

The funding marks KKR’s first tech growth investment in Korea as part of its Asia Next Generation Technology strategy, which aims to support the growth of Asia-Pacific firms in areas such as software, consumer tech, and fintech.

One of its recent investments in the region is its participation in the US$120 million round of EQuest Education Group, a Vietnam-based edtech startup.

It was also reported earlier this month that KKR is looking to raise up to US$1.5 billion for its Asia Next Generation Technology Growth Fund. The fund is based in China, according to PitchBook.

Musinsa started in 2001 as an online sneaker community. It has since grown to become a fashion marketplace that offers more than 8,000 local and foreign designer brands and an in-house brand.

The company has also built an ecosystem that includes communities, a brand incubator, a direct-to-consumer brand operator, and a lounge for pop-up exhibitions.

See also: Shein’s rapid rise in Southeast Asia could topple ecommerce giants

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