Skip to main content

Carlyle Group Bets $200M On South Korea's Kakao Mobility

Kakao Mobility photo

The American private equity giant Carlyle Group Inc has reached a deal to invest $200 million in Kakao Mobility, a South Korean on-demand transport app that's an offshoot of the domestic tech giant Kakao Corp. Kakao Mobility offers services including online taxi-hailing, bus ticketing, and shuttle reservations and is the largest of its kind mobility app in Korea.

The $200 million cash infusion is the second funding round that Kakao Mobility has raised since it was formally spun off from its parent Kakao Corp in 2017. The first was a $437 million investment from the American private equity firm TPG in 2017.

Carlyle Group's investment in Kakao Mobility values the company at $3.1 billion, with its Kakao bet coming from the firm's Carlyle Asia Partners V fund.

With its new capital, Kakao Mobility says that it'll pursue business growth in its existing markets and also expand into new markets. It'll leverage Carlyle Group's industry knowledge in Korea to do so.

Carlyle Group's investment in South Korea strengthens its presence and reach in the country where it's been investing in for more than 20 years. The private equity firm's most recent landmark deal in the country was selling its portfolio security services provider ADT Caps to SK Telecom and Macquarie in a $2.8 billion deal.

US-based Carlyle has been a prolific investor in the technology sector globally, with over $24 billion deployed in the sector alone. Overall, the publicly-traded private equity firm has a whopping $246 billion in assets under management.

Photo credit: Kakao 

Comments

Most Read Posts

Okta Buys Cloud Security Startup Auth0 For $6.5B

A very big new acquisition has happened in the tech industry, with Okta (NASDAQ: OKTA), the publicly-traded cloud identity and access management software provider, announcing an agreement to buy Auth0, a fellow cloud identity software provider, for a price of $6.5 billion to be paid all with shares. A $6.5 billion exit for Auth0 marks a major win for the startup scene in Seattle, the tech hub where Auth0 is based and also a major win for the company's backers and investors. Auth0 last raised venture funding last year in July with a $120 million Series F round that valued the company at $1.9 billion. Now, it's about to sell for more than triple that amount. Auth0 has raised more than $330 million in total venture funding, with investors including the likes of Salesforce Ventures, Bessemer Venture Partners, Telstra Ventures, Sapphire Ventures, and DTCP. Salesforce Ventures led Auth0's most recent $120 million Series F round. With its acquisition of a fellow cloud identity a

Exec Pay: Coinbase CEO Earned $60M In 2020

The popular cryptocurrency exchange Coinbase recently released its S-1 filing to the SEC in preparation for a public offering that's expected to come soon, with the S-1 filing providing a peek into its financials and operational stats with information not publicly known before. The core information to have been revealed by Coinbase's S-1 filing is that the company is very profitable, posting a net income of $322 million on $1.28 billion in revenue in 2020. The popular crypto exchange swung from a $30 million loss in the previous year 2019 and grew its annual revenue from $533.7 million to $1.28 billion over the year. Among the noteworthy disclosures to have come from Coinbase's S-1 filing is that the company's founder and CEO Brian Armstrong pulled in a big compensation package of nearly $60 million in 2020, precisely $59.5 million.  Brian Armstrong's $59.5 million pay package consisted of a base salary of $1 million, stock options awards of $56.7 million, and $1.

Peter Thiel Cashes Out Big From Palantir

After taking his data analytics and mining company, Palantir, public last year, it seems that Peter Thiel is keen on cashing out significantly from his stake in the company after getting an opportunity to do so on the public markets.  Thiel founded and helped build Palantir from the ground up into a data analytics powerhouse with annual sales of over $1 billion.   Palantir stayed as a private company for 17 years before hitting the public markets. According to regulatory filings and records , Peter Thiel has sold over $780 million of Palantir shares since the company began trading on the New York Stock Exchange (NYSE) in September 2020.  Thiel's largest single sale transaction was an offloading of 20 million shares for $504.8 million on the 19th of February, 2020. His second-largest was the sale of 23 million shares in a transaction netting around $236 million on the 30th of September, 2020, which was the very day Palantir began trading on the NYSE. Altogether, Thiel has netted mor

Deal: Twilio Bets $750M On Mobile Comms Provider Syniverse

Twilio, the publicly-traded cloud communications company, has sought to strategically team up with an old-guard provider of mobile and wireless communications technology named Syniverse, with a formal business partnership just  announced between both parties that'll see Twilio invest up to $750 million for a minority stake in Syniverse under its terms. Twilio has agreed to invest up to $750 million in cash for a minority stake in Syniverse, buying the stake from the company's current owner which is the private equity firm Carlyle Group. The partnership between Twilio and Syniverse will see both companies enter into a major business partnership that entails a wholesale agreement whereby Syniverse will process, route and deliver application-to-person (A2P) messages originating and/or terminating between Twilio’s customers and mobile network operators. On Syniverse's end of the deal, the company is getting a business boost by providing services for Twilio which is one of the

American Drone Maker Skydio Raises $170M, Valued At $1B+

Skydio, an American startup that makes autonomous drones, has closed a new funding round of $170 million that values it above $1 billion. The round was led by the famous venture capital firm Andreessen Horowitz, with participation from existing backers Next47, IVP, and Linse Capital, plus a new investor UP.Partners. Andreessen Horowitz led the new Series D round for Skydio from its Growth Fund, and with it, Skydio has now raised a total of over $340 million in external funding and then with a $1 billion+ valuation that makes it the highest-valued drone startup in the US. It seems that Skydio has drawn wide investor attraction after the US government placed China's DJI on a blacklist last year. DJI made its mark as the biggest drone maker globally and the largest in the US market but got placed on a government Entity List last year that barred American companies from supplying it with components. The blacklist was instituted by the former Trump administration due to alleged ties to

IPO Chatter: Hot Cybersecurity Startup SentinelOne

The latest company to get into the center of chatters and rumors of an imminent public listing is SentinelOne , a Mountain View-based cybersecurity startup that's made a mark as one of the hottest of its kind with investor attraction. SentinelOne is preparing for a soon public listing that could value it at more than $10 billion and has begun interviewing banks for potential roles in its public listing, according to a report from Bloomberg . It's said that SentinelOne could list even as soon as this very year. SentinelOne is part of a cohort of technology startups that have brought artificial intelligence to the field of cybersecurity, using AI to detect and protect companies from cybersecurity threats and breaches. The company has roots in Israel, a major cybersecurity hub, and was founded in 2013. SentinelOne has been a hot startup for venture backers, drawing around $700 million in private funding of which a majority was raised just in the past two years. The Mountain View

Carmaker Volvo To Go Fully Electric By 2030

The latest global automaker to commit to transitioning to a fully-electric production output in the future is Swedish carmaker Volvo, which has announced plans to become a fully electric car company by 2030. By then, the company says it intends to have phased out any car in its portfolio with an internal combustion engine, including hybrids, and transition to producing fully electric cars. The announcement of Volvo's grand plan comes a year after the company launched its first fully electric car, the XC40 Recharge , around the globe, and with just one fully electric car in its product portfolio now, it's apparent that the automaker would need to put in hard work to achieve a fully-electric portfolio in nine years time. To work towards its goal, Volvo has announced that it'll roll out 'several' additional electric car models in the coming years, the word several making the number indistinct. The Swedish automaker is aiming for fully electric cars to make up half of

Velodyne Lidar's Founder Ousted, Fights Back

Velodyne Lidar, the leading maker of lidars for autonomous vehicles in the US, is in the midst of a leadership tussle that's seen its founder and biggest shareholder David Hall pushed out from his position of Chairman at the company along with his wife Marta Hall who held the position of Chief Marketing Officer at Velodyne. David and Marta Hall were pushed out from Velodyne after a board investigation that brought accusations of the couple behaving "inappropriately" and acting without "respect, honesty, integrity and candor” when interacting with other officers and directors at Velodyne as claimed by the company's board. As they were pushed out, Velodyne named a new Chairman and another new board director. In response to his ouster, Velodyne founder David Hall put out a press statement  accusing his company of staging a "boardroom ambush" to reprimand him and his wife "based on an opaque, secret investigation into baseless, unfounded claims".

2020: DraftKings Reports Strong Revenue Growth

DraftKings, a popular sports betting site in the US, has reported its earnings results for what's its first fiscal year as a publicly-traded company after going public through a merger with a special-purpose acquisition company (SPAC) last year. It reported $322 million in 2020 revenue, up 98% from the previous year. DraftKings' annual revenue soared high in 2020 compared to the past year as it capitalized on a stronger betting market spurred by the legalization of online sports betting in more American states for growth. The company also did well getting new customers in existing legalized sports betting markets in the US. For example, the state of Tennessee formally legalized mobile and online sports betting on the 1st of November, 2020 and saw DraftKings immediately swoop into the market. In just the first two months operating in the state, DraftKings processed over $300 million in bets, its earnings report noted. In 2021, DraftKings held successful launches in the states of

Smart TV Maker Vizio Files To Go Public

Vizio, a well-known maker of smart TVs and other complementary equipment such as soundbars, has filed an S-1 with the US Securities and Exchange Commission (SEC) for a public listing, seeking to do so for the second time after having previously filed to go public in 2015 but later withdrew its plan in lieu of a $2 billion sale agreement to a Chinese company that unfortunately didn't pan out. The market for technology IPOs has been very hot as of late and it seems that Vizio is coming in at the right time to capitalize on that hotness. A popular maker of smart TVs, Vizio has sold over 80 million TVs and 11 million soundbars since the company's inception, as indicated in its S-1 filing. The company sold 7.1 million TVs in 2020 alone. Vizio has strong revenues and is profitable, reporting $102 million in net income on over $2 billion in revenue in 2020. In the previous year, 2019, Vizio reported a net income of $23 million on $1.8 billion in revenue. Most of Vizio's revenue c