April 25, 2024

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[THE INVESTOR] Singapore sovereign wealth fund GIC will invest about 80 billion won (US$70.40 million) in Ticket Monster (TMON), one of the nation’s top three social commerce firms along with Coupang and WeMakePrice, The Bell reported on April 28.

The latest funding comes after the company recently attracted 50 billion won from Simone Investment Managers, a subsidiary of ODM handbag maker Simone. 

The combined 130 billion won investment is the largest amount secured by its rivals within the industry.

The report said investors have high expectations about the company’s new service such as those for mobile grocery shopping and travel reservations.

In 2015, Kohlberg Kravis Roberts, the US private equity fund, and its Korean partner Anchor Equity Partners became the largest shareholder in the company. The consortium has been seeking funding from investors through Credit Suisse.

By Lee Ji-yoon (jylee@heraldcorp.com)