Karrot Market
Funding History
| Series D · 08/2021 | $2.7B |
|---|
About
Daangn (legally Daangn Market Co., Ltd., branded internationally as Karrot) is a Seoul-based hyperlocal classifieds and community app. Users trade secondhand goods with verified nearby neighbors, browse and advertise for local small businesses, ask neighborhood Q&A, find local jobs and gig work, and browse real estate listings, all scoped to a GPS-verified home neighborhood with in-app real-time chat between users.
- Founded
- 2015
- Original name
- N42 Inc. (renamed Daangn Market Co., Ltd. in Dec 2016; service renamed "Daangn" in Aug 2023)
- Headquarters
- Seoul, South Korea (Guro District)
- Co-Founders
- Gary Kim, Paul Kim
- International brand
- Karrot
- Website
- daangn.com; karrotmarket.com
- Registered users
- 40 million+ (Jan 2025, company-reported)
- Monthly active users
- 20 million+ (Jan 2025, company-reported)
- 2023 revenue
- $96.3 million (TechCrunch)
- First annual profit
- 2023
- Total funding raised
- ~$205 million (as of Aug 2021, TechCrunch); 227 billion KRW (as of Jan 2025, company-reported)
- Latest disclosed valuation
- $2.7 billion (Aug 2021, Series D)
- International markets
- South Korea, Japan, Canada, United States (formerly also United Kingdom)
Overview
Karrot is the international brand for Daangn, a South Korean hyperlocal classifieds app that connects neighbors for secondhand-goods deals, local business advertising, community Q&A, jobs and real estate listings, all gated by GPS-verified neighborhood location.
The company was incorporated in July 2015 as N42 Inc. by co-founders Gary Kim and Paul Kim, launching a workplace-focused app called "Pangyo Market" for office workers in the Pangyo Techno Valley. It was renamed Daangn Market Co., Ltd. in December 2016 as the product pivoted to a general neighborhood classifieds app, and the Korean service itself was renamed from "Daangn Market" to simply "Daangn" in August 2023.
The company expanded internationally under the "Karrot" brand, entering Japan in February 2021 and later Canada, the United States and, for a period, the United Kingdom.
Daangn raised a $33 million Series C in mid-2020 led by Goodwater Capital and Altos Ventures, and a $162 million Series D in August 2021 led by DST Global at a $2.7 billion valuation, with reported total funding to date of roughly $205 million at that point.
By 2023 the company posted its first annual profit, with 2023 revenue reported at $96.3 million, driven by growth in its US and Canada operations. As of Gary Kim's public comments in May 2024, the company was delaying IPO plans in favor of building a stronger financial base first.
The company's own site reported more than 40 million registered users and over 20 million monthly active users as of January 2025, alongside a cumulative reported total of 227 billion Korean won raised since founding.
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