Naver Invests 150 Billion KRW in Spanish E-commerce Company Wallapop

Naver [Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Naver has invested approximately 150 billion KRW in the Spanish e-commerce company 'Wallapop'.

According to foreign media on the 25th, Naver indirectly invested 115 million euros (155.5 billion KRW) in Wallapop through the European startup investment fund 'K-Fund'.

Wallapop is an e-commerce app actively used in Spain. It is reported to be frequently used for peer-to-peer secondhand transactions, similar to 'Danggeun Market' or 'Bungaejangter'.

A Naver official said, "This decision was made considering the growing attention to the resale sector," and added, "We will also consider long-term collaboration plans with Wallapop."

Naver has been investing in European startups through the K-Fund, which it contributed to in 2016. The K-Fund is managed by Korelya Capital, a venture capital (VC) firm founded by Fleur Pellerin, former French Minister of Culture.