We are in the era of startups. Since 2010, the domestic startup boom in Korea has grown rapidly. The country now ranks as the 5th largest startup nation globally, producing 11 unicorn companies, including Coupang, Woowa Brothers, Yanolja, and Bluehole. These competitive startups have integrated into our daily lives, while countless others continue to strive for success in a fiercely competitive environment. IT Donga offers a comprehensive overview of the domestic startup landscape through its weekly investment trends.
Archidraw Secures ₩1.5 Billion Investment
Archidraw, led by CEO Lee Ju-sung, has successfully raised funds from companies like Today’s House, KB Investment, and Korea Asset Investment Securities. The startup has developed technology that allows realistic 3D modeling through its proprietary 3D engine, all on the cloud.
FuturePlay Invests in U.S. Recruitment Platform ‘Skillzilla’
FuturePlay has invested in Skillzilla Inc., a Silicon Valley-based startup founded by CEO Hee-Gun Eom. Skillzilla is focused on matching tech and development job seekers, particularly recent graduates, with suitable employers. Established in 2018, the platform enhances traditional profiles by incorporating more detailed skill sets, allowing for a more personalized job search process. The investment amount has not been disclosed.
KakaoCommerce Invests ₩2 Billion in Yellowdog’s Venture Capital Fund
KakaoCommerce is investing ₩2 billion in the “Yellowdog Leap Forward Fund,” a venture capital fund created by Yellowdog. The purpose of this investment is to support small and medium-sized enterprises (SMEs) and startups by providing growth opportunities and assisting them in discovering new market potential.
The fund was initially established on June 2nd with ₩158 billion and aims to expand up to ₩200 billion within the next three months. KakaoCommerce contributed ₩2 billion and participated in the first round of the fund’s formation.
< KakaoCommerce logo > (Source=IT Donga)Yellowdog, founded in 2016, is one of South Korea’s first-generation impact venture capital firms. It focuses on investing in startups that address social issues through business solutions. To date, Yellowdog has invested approximately ₩57 billion in around 25 companies.
The “Yellowdog Leap Forward Fund” follows an impact investment philosophy, with a focus on supporting young and female entrepreneurs. It targets sectors such as the SHEconomy (where women are key economic participants), eco-friendly solutions, wellness, and healthcare, aligning with millennial consumer values.
Life Goes On Corp. Raises ₩170 Billion in Series B Funding
Life Goes On Corp., which operates the non-contact mobile laundry service “Laundrygo,” has successfully secured ₩170 billion in Series B funding. New investors include Korea Investment Partners, AJU IB Investment, KT Investment, Samsung Venture Investment, and DS Asset Management. Existing investors Altos Ventures and Hana Ventures also participated.
The company secured ₩65 billion in Series A funding in May last year, just over a year after its launch. Now, within another year, it has raised approximately three times that amount with ₩170 billion in Series B funding.
Laundrygo, launched in March last year, offers services including a non-contact mobile laundry service, smart factory integration, an all-in-one dry cleaning and laundry solution, 24-hour delivery, and a subscription model. Despite challenges from the COVID-19 pandemic, the non-contact service has been well-received. Since its launch, the company has averaged 30% monthly growth through April this year.
Laundrygo uses its self-developed smart laundry collection box, “Laundlet,” to provide a completely contact-free service, handling everything from order placement to washing and delivery within 24 hours. It eliminates the need for users to visit a laundry shop, providing an all-in-one solution for both dry cleaning and regular laundry. Additionally, Laundrygo’s smart factory setup reduces distribution margins and production costs, while offering a subscription model for regular users.
Laundrygo currently operates across Seoul, as well as in the Ilsan and Pangyo areas of Gyeonggi Province. Over the past year, the company has processed more than 700,000 dry cleaning items, 2 million liters of laundry, and 30,000 blankets.
AIDKOREA Corp. Secures ₩4.5 Billion in Series A Funding
AIDKOREA Corp., which operates the livestock healthcare solution “FarmsPlan,” has successfully raised ₩4.5 billion in Series A funding. In addition to initial investor Korea Omega Investment, new participants in this round include Woori Bank, Wonik Investment Partners, and Timewise Investment (formerly CJ Venture Investment), bringing the company’s total raised investment to ₩5.8 billion.
AIDKOREA Corp. operates “FarmsPlan,” a livestock healthcare solution that utilizes artificial intelligence, big data, and biotechnology. FarmsPlan offers tailored veterinary prescriptions and customized solutions for individual farms through the analysis of farm CCTV footage, periodic blood tests, and big data analysis. The service aims to prevent livestock diseases, reduce medication costs, improve farm productivity, and produce high-quality livestock products.
< AIDKOREA Corp. logo > (Source=IT Donga)In farms that have used FarmsPlan for one year, the average livestock mortality rate has decreased by 12% compared to previous levels. Building on this success, AIDKOREA Corp. has increased the number of pigs managed under FarmsPlan fivefold since its initial investment in 2018 and has added 400,000 pigs to its sample database.
With the recent investment, AIDKOREA Corp. plans to focus on enhancing its services by strengthening its artificial intelligence and biotechnology capabilities. The company aims to offer “high-performance, low-cost, and easy-to-use high-tech solutions” to increase the number of farms using FarmsPlan and make livestock healthcare solutions more accessible and widespread.
AIDKOREA Corp. is currently collaborating with government agencies and livestock-related companies in Malaysia and Indonesia. Leveraging these partnerships, the company plans to expand its services to other regions, including Southeast Asia, where better disease management and productivity are needed, as well as the U.S. and Europe, where reducing labor costs is a priority.
Vueron Technology Secures Investment from BonAngels and Naver D2SF
Vueron Technology, a 3D LiDAR software startup specializing in autonomous driving, has secured investment from BonAngels Venture Partners (BonAngels) and Naver D2SF. Founded by a group of engineers from KAIST, Vueron Technology focuses on developing cutting-edge LiDAR perception solutions.
< Source: Vueron Technology >LiDAR is a sensor technology that recognizes 3D spatial information and is gaining attention as a key technology for autonomous driving. Automakers such as Volvo and BMW are also planning to release vehicles equipped with LiDAR in the near future.
Vueron Technology’s LiDAR perception solution can quickly recognize various objects even in embedded environments. It provides customized perception solutions with system stability and compatibility to meet client needs. With this technology, the company is expanding its business and has secured major domestic and international corporations as clients and partners.
Backpacker Secures ₩30 Billion in Funding
Backpacker Co., the operator of the online handmade marketplace “Idus,” has raised ₩30 billion in a new round of funding. The investment came from existing backers, including Altos Ventures, Stonebridge Ventures, IMM Investment, Mirae Asset Venture Investment, Mirae Asset Capital, Global Brain, and Smilegate Investment. Under the leadership of CEO Kim Dong-hwan, the company continues to strengthen its presence in the handmade goods market with solid backing from its investors.
Founded in 2012, Backpacker initially focused on developing paid apps before launching its online handmade marketplace “Idus” in 2014. This latest funding round, which brings in ₩30 billion, was raised entirely from existing investors, pushing the total investment in the company to ₩51 billion. Idus is approaching 10 million total downloads and has seen substantial growth this year, with a monthly average of 4 million active users (MAU) and a monthly transaction volume of ₩14.9 billion.
Backpacker plans to use the new funds to enhance the Idus platform, expand internationally, and recruit additional talent. The company is also exploring potential investments in the domestic handmade goods market, as well as possible mergers and acquisitions (M&A) to further drive its growth and development.
In addition to its online handmade marketplace ‘Idus,’ Backpacker operates a variety of related services, including the online and offline craft classes ‘Goldhand Class,’ the offline retail store ‘Idus Store,’ the dining pub ‘Idus Table,’ and the shared workshop ‘Craft Lab.’ The company provides creators with free educational resources, product photography services, brand identity creation, and access to raw materials at competitive prices.
Source : The Dong-A Ilbo (https://www.donga.com/news/It/article/all/20200608/101416710/1)
