ABLY Corp., the operator of the ABLY style commerce platform, announced on Dec. 2 that it has secured a 100 billion won ($75 million) investment from Alibaba Group. The move marks Alibaba’s first acquisition of a stake in a South Korean e-commerce platform, granting it around 5% ownership in ABLY.
The investment lifts ABLY’s valuation to 3 trillion won ($2.25 billion), marking a significant milestone as the company joins South Korea’s unicorn startups. This reflects a 3.5-fold increase in valuation since its pre-Series C funding round in early 2022.
Leveraging its newfound momentum, ABLY plans to attract additional capital, targeting a total of 200 billion won ($150 million) through partnerships with global investors, including Silicon Valley firms and sovereign wealth funds.
The company attributes its appeal to its strong foothold in K-fashion and efforts to support South Korean sellers expanding into global markets. Its Japanese fashion platform, amood, has already helped establish an international presence.
ABLY’s rapid growth and strong financial performance have also played a role. The company reported 700 billion won in transaction volume in 2021, surpassing 1 trillion won in the first half of 2024. It now projects annual transactions to exceed 2 trillion won, a record for South Korean women-focused platforms.
“This investment highlights the strength of our business and our ability to grow, even in a tough investment environment,” said Kang Seok-hoon, ABLY’s CEO. “We’re committed to reinforcing our position as South Korea’s leading style commerce platform while further enhancing our global competitiveness.”
