[StartupRecipe] How 12 Korean Early-Stage VCs Performed in 2024

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#Weekly Funding Overview

[Jan. 13~ Jan. 17]

Company	Inudustry	Amount	Round	Investors
Kalavinka Entertainment	AI Dancing coaching	-	Seed	cnttech
4dayworks	Camping app	-	Grant	TIPS
Monster ryot	Webtoon AI assistant	-	Grant	TIPS
Whirik ai	Content Music Production Solutions	-	Grant	TIPS
Rexolution	Printed Circuit Board Assembly Inspection Solutions	-	Grant	TIPS
Adds	Brand Growth Solution	-	Grant	TIPS
Spacebank	AI DX Solution	-	Grant	TIPS
Ubatt	Battery Manufacturers	9 billion	Series B	Korea Development Bank, D3Jubilee Partners, POSCO Technology Investment, BM Ventures
Idesign lab	Korean language learning apps	500 million	Seed Bridge	The Invention Lab
Boosters	Brand Accelerators	10.4 billion		Hana Ventures, Smart Study Ventures, IBK Venture Investment, Kolon Investment, A Ventures
Liscure biosciences	Bio	20 billion	Pre IPO	Yuanta Investment, InterValue Partners, DT&Investment, IBK Securities, EZ Asset Management, IntroBio, Roy Investment Partners, Mu'er Woods Ventures, Yukyung PSG Asset Management
Meunder	Eco-friendly innerwear	-		Korea social investment foundation
Cuckoo	AI Interpreters	-	Seed	Ycombinator
St retail	Foodtech	-	Pre Series A	Welcome ventures
GFI	Fire extingusisher	16 billion	Pre IPO	Shinhan Investment & Securities, NH Investment & Securities, KB Securities, IBK Industrial Bank, IBK Capital, Shinhan Capital
Best innovation	Premium Aesthetics	23 billion	Seed	Mirae Asset Venture Investment, Korea Investment Value Asset Management, Midas PE, Murex Partners, Kolon Investment, Murwoods Ventures, Ulysses Capital
Care6	Pet Care	-	Seed	JeJu CCEI
210 company	Fashion Brand	-	Series A	Wadiz Partners
New naps	Digital Therapy Device	13 billion	Series B	Company K Partners, Woori Venture Partners, Korea Development Bank, Smilegate Investment, Hanwha Investment & Securities, Tomato Systems
Jiro	Video production company matching service	2 billion	Series A	SBS, Primer sazze Partners, Lotte Ventures, IBK Capital
Itgreen	Multipurpose container service	-	Series A	Arkimpact asset management, Regent Partners, Korea Investment Accelerator, SGC Partners, Lotte Ventures

#Major Funding

• Channel Corporation, which operates an AI-powered business messenger platform ‘Channel Talk’, has secured 11 billion KRW in new funding, bringing their total investment to 53.3 billion KRW. Founded in 2014, the company plans to use the funding to develop ‘Voice Alpha’, an AI voice response system for customer service.
• LivsMed, a medical device company founded in 2011, has raised 12.6 billion KRW. The company, valued at 880 billion KRW in its pre-IPO round, has developed ‘Articential’, a disposable multi-joint laparoscopic surgical instrument. Their products are currently used in 216 Korean hospitals and exported to 54 countries including the United States, Japan, and Australia.
• Best Innovation has secured 23 billion KRW in funding. The H&B company, which distributes the skincare brand ‘Copper’ and health supplement brand ‘Ando’, plans to expand into international markets including Japan, the United States, the Middle East, and Indonesia, while also launching new beauty devices.
• Sizl, an AI-based smart factory solutions developer founded in 2016, has raised 23.7 billion KRW in pre-IPO funding, bringing their total investment to nearly 30 billion KRW. The company is planning to export their solutions to overseas markets.

#Trend Analysis

How 12 Korean Early-Stage VCs Performed in 2024

The Korean startup investment environment in 2024 remained as gloomy as it was in 2023. In a survey of investors by Startup Recipe, 90% of respondents gave the investment market satisfaction score 2 out of 5 points. Most maintained similar investment levels to 2023, while those who reduced investments cut back by about 10%. Looking at 12 early-stage investment firms that announced their 2024 investment performance, all but one maintained their investment pace, indicating their active participation in early investments as TIPS operators.

• Series Ventures= Recorded best performance ever, investing 8.6 billion won in 27 companies. Over 90% of invested companies are from the Southeast region, and as a TIPS and LIPS operator, produced 12 TIPS and 5 LIPS selected companies. Formed new fund of 9 billion won.
• CRIT Ventures= Invested 25.1 billion won in 25 deals (22.5 billion domestic, 2.6 billion overseas). AUM is 260 billion won, investing in various fields including K-content, platforms, AI, and blockchain. Achieved 8.7 billion won in exits including KOSDAQ listings of Knowmerce and Studio Samick.
• Mashup Ventures= Set new annual investment record with 7.5 billion won invested in 25 companies. Focused on AI (54%) and SaaS (33%), achieved 100% selection rate with 14 companies recommended for TIPS and 2 for Deep Tech TIPS.
• Kakao Ventures= Made 21 investments totaling 14 billion won, including 12 billion won in 16 new investments. AUM is 390 billion won, mainly investing in services, deep tech, digital healthcare, and gaming. Portfolio company Rebellions grew into a unicorn, while Shift successfully listed on KOSPI.
• SNU Technology Holdings= Invested 9.82 billion won, including 4.31 billion won in follow-up investments. Key portfolio company Rebellions grew into an AI semiconductor unicorn. Formed Busan Future Growth Venture Fund to vitalize regional startup ecosystem.
• Korea Social Investment foundation= As a public interest impact investor, invested in 18 ESG/social impact companies, focusing on climate tech, social services, and agri-food. Achieved 3x return in 2 years from investment in Seedand.
• Korea Investment Accelerator= Invested 10.4 billion won in 35 companies (26 new investments). Invested in startups targeting global markets and 10 ultra-gap areas, achieved 100% selection rate recommending 16 companies for TIPS. AUM is 45 billion won, forming annual 15 billion won fund with own capital.
• FuturePlay= Invested 27.2 billion won across 19 new investments and 10 follow-up investments. SOS Lab and Innospace succeeded in IPO, 21 companies selected for TIPS, Deep Tech TIPS, and Scale-up TIPS. Increased average investment size to 900 million won, AUM grew to 276.8 billion won with 2 additional funds.
• MYSC= Executed 16.6 billion won across 63 investments using blended return strategy, supported 18 TIPS-selected companies with 12 billion won and raised new fund of 25.75 billion won.
• The Invention Lab= Invested 8.8 billion won in 42 startups, focusing on deep tech. Cumulative portfolio of 196 companies, raised new 12.6 billion won fund. Achieved success with Vietnam expansion of portfolio companies like OKCe and Go2Joy.
• CNT Tech= Invested 21.5 billion won in 117 deals across 109 startups. Built diverse portfolio across 17 sectors including SaaS, manufacturing, and foodtech.
• InfoBank= InfoBank’s investment division executed 20.9 billion won in 83 new investments. Achieved 8.9 billion won exits from 6 companies, 60 TIPS selections, and raised new 14.4 billion won fund.