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8 Key takeaways from Korean Startup Funding Report 2023

sungho-choo - 2024 February 14

StartupRecipe has released its Investment Report for 2023. The report, spanning 29 pages, analyzes the trends in Korea’s startup investment ecosystem for the year 2023, covering sectors, investment stages, investors, gender, and regions.

Key insights:

  • Overall funding down: Total investment dropped by 51% year-over-year to KRW 5,810.9 billion, with the number of deals falling by 34% to 965.
  • Fintech, consumer tech, and software lead the way: These sectors attracted the most funding, with fintech taking the top spot at KRW 1,484 billion.
  • Early-stage startups still in favor: Over 39% of investments went to seed-stage companies, followed by pre-Series A (18.5%) and Series A (16.95%).
  • Big movers & shakers: Toss Bank, Mushinsa, Beyond Music, Rebellion, and Orchestra were among the top companies attracting investment.
  • M&A cool down: M&A activity saw a notable decline, dropping 37% year-over-year in the first half and 68% in Q4 compared to Q1.
  • Seoul remains the startup hub: Over 111 startups in Seoul received KRW 10 billion or more, with Gangnam and Seocho districts being popular locations.
  • Female founders face funding gap: Although the number is increasing, female-founded companies only received 5% of the total funding.

Download the full report (KOR)for free:


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