Bom Kim Explained

Bom Kim
Native Name Lang:ko
Birth Date:7 October 1978[1]
Birth Place:Seoul, South Korea
Nationality:American
Founder & CEO of Coupang
Alma Mater:Harvard University (BA)
Module:
Child:yes
Korean name
Hangul:김범석
Rr:Kim Beomseok
Mr:Kim Pŏmsŏk

Kim Beomseok (; born October 7, 1978), known professionally in the West as Bom Kim, is a Korean-American businessman and entrepreneur who is the founder and chief executive officer of Coupang, the largest e-commerce company in South Korea.[2] [3] In 2018, when SoftBank Vision Fund invested US$2 billion in Coupang, valuating the company at US$9 billion, Kim became the newest and second-youngest billionaire in South Korea at the age of 40. As of March 2023, Kim has a net worth of US$2.7 billion.[4]

Early life and education

Kim was born in Seoul, South Korea on October 7, 1978. At his age of 7, he and his family moved to the United States.[5] He went to Deerfield Academy, a boarding school in Massachusetts, where he was on the varsity wrestling and track teams.[6] He graduated from Harvard College with a Bachelor of Arts degree,[7] and attended Harvard Business School, dropping out in his second semester.[8]

Kim interned at The New Republic, started a student magazine, Current, and worked briefly at Boston Consulting Group prior to founding the magazine 02138, named for Harvard's ZIP Code. He raised $4 million to fund 02138 and started Coupang after it folded.[9]

Coupang

Kim founded Coupang in 2010 and since then has gone on to raise more than $3.8 billion in venture capital from investors such as Sequoia Capital, Softbank, BlackRock, and others.[10] [11]

It began as a Groupon-like website and now operates as an online retailer and operates a 24-hour logistics service called Rocket Delivery. It was reported in 2018 that Coupang would gross 2.7 trillion won in annual sales and lost 1.7 trillion won between 2015 and 2017 and maintains over 3.5 million daily active users as of 2019.[12]

The company currently employs over 40,000 people with offices in Seoul, Shanghai, Beijing, Los Angeles, Seattle and Silicon Valley.[13]

Notes and References

  1. Web site: 김범석 . www.businesspost.co.kr . 14 December 2019.
  2. Web site: Palmer. Annie. 2020-06-16. Coupang, a SoftBank-backed start-up, is crushing Amazon to become South Korea's biggest online retailer. 2020-07-05. CNBC. en.
  3. Web site: Chung. Gracs. 2018-11-20. Coupang, Korea's Answer to Amazon, Raises $2 Billion, Mints New Billionaire. 2021-06-08. Forbes. en.
  4. Forbes Billionaires: Bom Kim. Forbes. March 24, 2023.
  5. News: 2021-03-12 . Coupang: Harvard dropout rockets into mega-billionaire's club . en-GB . . 2023-06-22.
  6. Web site: South Korea #6: An Exciting Visit with Bom Kim '96, CEO of Coupang. Deerfield Academy.
  7. Web site: Coupang: The $5 Billion Startup Filling Amazon's Void In South Korea. Ryan. Mac. Forbes.
  8. Web site: Bom Kim. Forbes.
  9. Web site: The CEO of 'the Amazon of South Korea' explains how canceling an IPO at the last minute and pivoting the company twice led it to become the country's top online retailer. Dennis. Green. Business Insider.
  10. News: Harvard Dropout's Startup Loses Billions in South Korea Battle . Bloomberg.com . 22 May 2018 .
  11. News: Coupang, South Korean E-Commerce Start-up, Raises $2 Billion From SoftBank. Michael J. de la. Merced. The New York Times. November 20, 2018.
  12. News: Jung-a . Song . January 2019 . Etailers battle to win ‘Amazon of South Korea’ crown . . subscription . 2023-06-17.
  13. Web site: Coupang highlights creativity, openness in its new office. The Korea. Herald. November 19, 2017. The Korea Herald.