Korean Unicorn Startup, Karrot, Establishes Footprint in Toronto Region

Hyperlocal marketplace and community app company to set up global team in Toronto 

TORONTO, March 21, 2022 – Karrot, a hyperlocal community app company based in Korea, has opened its office in Toronto, with plans to build out its headquarters for global operations in the city. The marketplace app that allows individuals to buy and sell second-hand goods within their neighbourhood, has amassed 22 million app downloads and 18 million monthly active users -- transitioning from a second-hand marketplace to a fully-fledged community app. Karrot is uniquely hyperlocal, which means that buyers can only browse listings from sellers located within a 6 to 20 km radius, verified by GPS. 

With one-third of the total population of Korea using the app every month, Karrot set its sights on expansion, seeking densely populated areas in foreign markets, such as Toronto. Currently, the company is laser focused on bringing the most trusted marketplace to Toronto, by connecting local residents and providing a best-in-class user experience. Karrot is planning to establish a global team in Toronto to carry out its vision of creating hyperlocal community service.

"As we operate Karrot in Toronto, I was deeply impressed by how people are genuinely embracing diversity -- truly shaping who Canadians are as a collective -- while each Toronto neighbourhood embodies a distinct culture at the same time," said Gary Kim, Co-Founder, Karrot. "Also, people are generally equipped with a high level of environmental awareness, as recycling is a way of life for local residents in Toronto, which could mean high desire for the local community. All these unique attributes could create big synergies with Karrot, creating even more meaningful daily lives through local communities."

As one of the most multicultural and diverse cities in the world, Karrot targeted Toronto in its global expansion plans. The company has been working closely with Toronto Global, a team of experienced business advisors assisting global businesses to expand into the Toronto Region.

"I am thrilled that Karrot has chosen to locate its new office in Toronto to take advantage of our skilled and diverse talent pool," said Toronto Mayor John Tory. "Toronto, which is often described as 'a city of neighbourhoods' is the perfect location for Karrot -- our city embraces community-building and civic connection. I welcome Karrot to the Toronto Region and support its mission to help Canadians build stronger communities." 

Karrot seeks to change the perception of second-hand buying and selling, delivering positive and warm experiences driven by technology. Additionally, these second-hand transactions have significant environmental benefits, such as water conservation, and the reduction of carbon emissions and waste. Through inspiring the world to start buying and selling second-hand, Karrot wants to be at the forefront of the sustainability movement.

After its successful launch in Toronto, Karrot plans to continue its expansion into major cities in Canada. Karrot's core value lies at the heart of "community" and the company is looking forward to bringing its hyperlocal service to Canada.
 
About Karrot
Karrot brings neighbours together to build closely-knit local communities. The company launched in 2015 with the aim to reconnect communities and offer an easy and sustainable way for people living in the same area to buy and sell locally. Over 18 million people around the world are using Karrot to create meaningful connections with their local communities.