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[StartupRecipe] Top 10 Most Funded Korean Startups in 2023

#Weekly Funding Overview

[Jan.22 ~ Jan. 19]

The total funds raised by Korean startups of this week is KRW 95.3 Billion.

SolivisSecondary battery9 billionUnid
geogridSmart building Purification600 millionSeedSopoong Ventures, D3jubilee
UniuniSmart bathroom-Seed Bridge
DoersInfluence affiliate platform-SeedBass Investment, Fast Venures, eyes
Bolta corporationB2B Fintech-Pre-Series AStrong Ventures, Angel Investors, Companoid Labs
Chemi company-SeedThe Invention Lab
renzulli edutainmentEdutech-Pre IPOGroom Investment
ParadotCamera app2 billionSeries AHana Ventures
Daan BioTherapeuticsBio23 billionSeries ASolarstar Ventures, Company K Partners, Timepolio Asset Management, Atinum Investments, Stone Bridge Ventures, Daily Partners, KB Investments, Paratus Investment, Heungkuk Securities, Shinhan Capital, Future Play, Soidus Investment
BeraptFan community-Pre-Series AAmutus
SalesmapCRM Marketing solution1 billionPre-Series APrimersazze, Primer
DYNE MEDICALMedical device10 billionSeries BKB Investments, Korea Investment Partners, Partners Investments, Devsisters Ventures, Rising S Ventures
ElroilabDeep learning5 billionSeries AWoori Venture Partners, Shinhan Capital, Etri Holdings, Magna Investment, Bilanx Investment, Korea Biotech Investment Capital
AniaiRobotics Kitchen15.7 billionPre-Series AInvest, SV Investment, Ignite Innovation, Capstone Partners
BDACSDigital Asset-SeedProdigy Investments, Blizzard Funds, IDG Blockchain, O-DE Capital Partners, Mask Ventures
Bauer LabImmersive company-Pre-Series ASmilegate Investments, SM Culture Partners, K-auction
PlfilOnline casting platform-SeedPrimer
SqueezeBitsAI2.5 billionPre-Series AKakao Ventures, Samsung Next, POSTECH Holdings, Posco Capital
SellernoteDigital forwarding6 billionPre-series BBonn Angels Venture Partners, KB Investments, NVESTOR
ThorDriveAutonomous mobility-M&AUnitrontech
MylinkSmart manufacturing-GrantTIPS
OnjourneyHealthcare500 millionSeedSangsang ebiz, Venturesquare
Iconic movementDigital media content500 millionSeedNice Investment Partners
ForparentsSenior travel-SeedMYSC, Impact Square
BHapticsXR10 billionSeries CKB Investment, Korea Development Bank, Hana Ventures
PylerDigital ad10.5 billionSeries AHyundai Investment Partners, Quad Ventures, Hansayes24 Partners, Helio Investment, Gyeonggi CCEI

#Major Funding

  • EniAI, a Robot Kitchen Specialist, Raises $12 Million in Investment, Partners with Two Major U.S. Burger Franchises for Pilot Testing of ‘Alpha Grill’ Burger Cooking Robot, and Commences Operation at Domestic Production Facility ‘Factory One.’
  • AI Digital Advertising Solution Startup, Pyer, Secures KRW 10.5 Billion Investment, Enhances In-House Model Development Capabilities, Operating ‘AiD (Aid),’ an AI-Powered Solution Analyzing Contexts of Video Ad Placements to Remove Harmful Content.
  • XR Haptic Solution Company, Bhaptics, Attracts KRW 10 Billion Investment, Developing Devices and Software to Convey Sensations to XR Content Users, Offering Immersive Experiences through Haptic Devices for Sensory Information Delivery

#Trend Analysis

Top 10 Most Funded Korean Startups in 2023

Despite a dip in overall investment, 2023 proved fruitful for promising South Korean startups in key sectors like consumer tech, software, and mobility. These ambitious companies not only weathered the slowdown but also attracted significant funding, fueling their growth and innovation.

Here’s a closer look at the 10 most-funded startups.

1. Tossbank (KRW 485 billion): This subsidiary of fintech giant Viva Republica, valued at KRW 2.4 trillion, boasts a stable revenue model and projected break-even in 2023. The funding will fuel further growth.

2. Musinsa (KRW 200 billion+): This fashion e-commerce giant has raised over KRW 200 billion, propelling its valuation beyond KRW 3 trillion. Musinsa plans to leverage the funds to enhance its brands, boost profitability, and explore strategic acquisitions.

3. Beyond Music (KRW 200 billion): Specializing in music IP investments, Beyond Music has amassed a portfolio of over 27,000 songs, including those by renowned artists. The KRW 200 billion investment they secured elevates their cumulative music asset management to KRW 500 billion, solidifying their position as a key player in the music industry.

4. Rebellions (KRW 170 billion): This AI chipmaker startup, led by KT, impressed investors with its innovative designs and ability to overcome industry limitations. Their KRW 170 billion funding catapults their valuation to KRW 800 billion, paving the way for industry-leading performance and global expansion.

5. OKESTRO (KRW 130 billion): Founded in 2018, this cloud specialist offers a comprehensive multi-hybrid platform with cutting-edge solutions. The KRW 130 billion investment fuels Orchestra’s ambitious plans to expand globally, strengthen its platform, and recruit top talent.

6. Kurly (KRW 120 billion): Despite temporarily delaying its IPO due to market uncertainty, this e-commerce platform remains a major player with a valuation estimated at KRW 1 trillion. They’re now focused on internal restructuring and profitability, setting the stage for a future re-entry into the public market.

7. Helinox (KRW 120 billion): This innovative outdoor gear company has captured hearts with its stylish and functional camping products. With half its sales coming from overseas and their upcoming listing in Singapore, Helinox is ready to conquer the global outdoor market.

8. Daeyoung Chaevi (KRW 110 billion): As Korea’s leading electric vehicle charging provider, Daeyoung Chaevi offers a one-stop solution for everything from charger manufacturing to platform management. Their KRW 120 billion investment demonstrates the growing demand for sustainable transportation solutions.

9. Korea Credit Data (KRW 100 billion): Since launching its Cash Note service in 2017, Korea Credit Data has become a vital resource for small and medium-sized businesses. Their KRW 100 billion investment validates their success and empowers them to further support Korean entrepreneurs.

10. Toss Payments (KRW 100 billion): Viva Republica’s other subsidiary, Toss Payments, secured KRW 100 billion through a strategic partnership with Ant Group, highlighting the continued strength of fintech collaborations.

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