Industry | Software industry |
---|---|
Founded | 2012 in Seoul, South Korea |
Founder | Sanghyuk Lee |
Headquarters | South Korea |
Yello Mobile is a South Korean mobile software company based in Seoul.
Yello Mobile was founded in 2012 by Sanghyuk Lee. The company began as startup incubator, utilizing a variety of equity-based investments to consolidate software businesses in South Korea. [1] Yello Mobile's approach was new for South Korea in 2012. [2] It was also considered one of South Korea's first unicorn startup companies. [3] Over a period of 6 years, the company acquired over 94 startup companies in their SMATO (Shopping, Media, Advertisement, Travel and Online-to-Offline) categories. [4]
Revenue increased from 68 million won (US$60,463) in 2012 to 527 billion won (US$468 million) in 2017. It also faced lawsuits and with investors over Lee borrowing from partners and affiliates without paying them back. [5] [6] The company pulled their initial public offering from the KOSDAQ, [3] and in February 2019, the company announced that Lee had resigned as CEO [7] amidst rumors of bankruptcy proceedings and embezzlement accusations. [7] [8]
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