[StartupRecipe] Funding in Female-Led Startups Shows Decline Over 3 Years

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#Weekly Funding Overview

[Dec. 16~ Dec. 20]

Company	Inudustry	Amount	Round	Investors
GASOLIQ	Coolant	-	Grant	TIPS
ChainXBill	Cold Chain Solution	-	Grant	TIPS
Paywork	Fintech	-	Grant	TIPS
Artrasis	Art platform	-	Grant	TIPS
PLANTNER	Fertilizer	-	Grant	TIPS
teamreboott	Trade SaaS solution	-	Grant	TIPS
NuCode	Low-Energy wireless module	-	Grant	TIPS
InfraShift	Spatial info Platform	-	Grant	TIPS
Mobility One	Drone	-	Grant	TIPS
Gamja Island	Draft beer	-	Grant	TIPS
beautyid	Beauty tech	-	Grant	TIPS
Vivid Health	Healthcare	-	Grant	TIPS
manwol	Food	-	Grant	TIPS
Mediark	Bio	-	Grant	TIPS
Digitalog Technologies	Marketing platform	-	Grant	TIPS
DEEGOLABS	Robotics	-	Grant	TIPS
TOVCONNEC	Game community	-	Grant	TIPS
Looksten	Game	-	Grant	TIPS
REALDRAW	AI WEBTOON	-	Grant	Deeptech TIPS
GQT Korea	Quantum computing	-	Grant	Deeptech TIPS
MSI Labs	Material identification	-	Grant	Deeptech TIPS
pillSang	Cyber Security	-	Grant	Deeptech TIPS
BODA	Image sensor	-	Grant	Deeptech TIPS
AiGen Sciences	Bio	-	Grant	Scaleup TIPS
yepbio	Bio	-	Grant	Scaleup TIPS
AsWeMake	Grocery App	-	Grant	Scaleup TIPS
Capsule Media	Media	-	Grant	Scaleup TIPS
Techtaka	Fulfillment platform	-	Grant	Scaleup TIPS
Pin Therapeutics	Bio	-	Grant	Scaleup TIPS
BioSolvics	Bio	-	Grant	Scaleup TIPS
Geogrid	Smart water purification systems	-	Seed	MYSC
JP&Global	Startup builder	-		ecotech
MoneyGuard Service	Fintech	-	Seed	Cnttech
The Beans	Food	-		Newkids Investment
AM Management	Quant solution	-	Series A	J.CHEM
MediQstar	Bio	-	Seed	Genaxis
Shuny Tech	Aquaculture farm	-	Pre-Series A	Kaist Ventures, MYSC
Revation	Eco-Friendly Design Solution	-	Pre-Series A	Rowe partners, MYSC
Pinewood Living	Living Patform	3.2 billion		Bucket Place, Dalba Global, Pinewood Capital, Daelim B&CO, Chemical-Solution
TRIPSODA	Travel community	-	Seed	Cnttech
Control-M	Foodtech	-	Seed	TRANSLINK INVESTMENT, MYSC
MediciBIO	Bio	-		Eyegene
Gole-Robotics	Contruction Robotics	5.7 billion	Pre-Series A
CLO Virtual Fashion	Digital fashion	50 billion	Series C	Atinum Investments, IMM Investments
The Grimm Entertainment.	Webtoon	21.5 billion		KDB Development Bank, AtInum Investment, S2L Partners, KC Ventures
Joomidang	F&B	-	Grant	TIPS

#Major Funding

• CLO Virtual Fashion secures 50 billion KRW in investment. The company develops 3D clothing design software ‘CLO’ and ‘Marvelous Designer,’ which are currently used by global fashion giants such as Hugo Boss, Nike, Arc’teryx, H&M, and Levi’s.
• The Grim Entertainment raises 21.5 billion KRW in new investment. The webtoon studio, known for producing top-ranking Naver Webtoon hits, also plans to pursue a KOSDAQ listing in the future.

#Trend Analysis

Funding in Female-Led Startups Shows Decline Over 3 Years

Investment in female-led startups in South Korea has experienced a consistent decline over the past three years, with figures falling significantly below 2020 levels. Projections for 2023 indicate that total investments will amount to less than 150 billion won, currently recorded at 106.5 billion won. This marks a notable drop from the 331.3 billion won invested in 2020.

The share of investments in female-led startups within the overall startup ecosystem has also contracted. In 2020, this proportion was 8%, but it declined to 7.6% in 2021, dropped further to 4.6% in 2022, and showed a slight recovery to 4.9% in 2023. Despite the downward trend in investment amounts, the volume of deals has remained relatively stable, hovering around 100 transactions annually.

Several factors have influenced this downturn. The overall slowdown in the startup investment market has significantly affected female-led ventures. Notably, approximately 90% of investments in female-led startups are concentrated in early-stage rounds, limiting their access to larger-scale funding. This contrasts with the broader startup market, where 8.5% of investments in 2022 were directed towards Series B or later rounds.

Furthermore, billion-won scale investments that were visible up until 2023 have largely disappeared in 2024, contributing to the contraction. A noticeable decline in high-profile investments for prominent female-led startups has accelerated this trend.

An analysis of sectoral distribution highlights concentrated activity in consumer technology, with over 40% of female-led startups operating in beauty, fashion, and food sectors. However, there is a growing presence in software, particularly in the field of generative AI, reflecting global trends in advanced technology. The bio/healthcare sector continues to attract active participation from female entrepreneurs, while edutech—a previously popular area—has seen diminished investment in recent years.

Interestingly, new opportunities are emerging in sectors such as manufacturing, mobility, and logistics, which have traditionally seen limited female leadership. This diversification signals potential for broader participation in industries historically dominated by male-led ventures.

ZPublic funding has played a critical role in sustaining early-stage female-led startups, with government grants accounting for over 25% of total funding at this stage. This reliance underscores the contraction of private investment markets and the increasing necessity for public sector intervention.

Despite the sharp decline in investment volumes, there are encouraging signs of progress. Expansion into advanced technology sectors, particularly generative AI, is positioning female-led startups for future growth. Additionally, the gradual entry into manufacturing, mobility, and logistics suggests evolving market dynamics that could drive long-term change.

However, the continued focus of investments in early-stage funding remains a hurdle. To sustain growth and foster scalability, it will be essential for female-led startups to secure larger rounds of funding and diversify their investor base. Addressing this imbalance will be key to reversing the downward investment trend and unlocking the full potential of female entrepreneurship in South Korea.