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[StartupRecipe] K-Startups Seek Survival Through Global Expansion

#Weekly Funding Overview

[Mar. 25 ~ Mar. 29]

The total funds raised by Korean startups of the week is KRW 171.3 Billion.

Faraday DynamicsRobotics-SeedPostech holdings, BigBang Angels, Kingospring
MindlogicGen AI7 billionSeries BLee, suman
lolabFright transport-M&ATeamfresh
TalentreeRecruitment2 billionPre-Series ANextrans, Kakao Ventures
SorockContent IP-Pre-Seed500global
PananastudioGame5 billionwebzen
WeroboticsWearable robotics13 billionSeries AIntervest, GU Investment, JB Investment, Company K Partners, Hana Ventures, Future Play
SolidionicsBattery3 billionSamyangsa
opusmBlockchain300 millionSeries A BridgeBA Partners
MedistaffMessenger for doctors-Bluemtech
DesiloSecurity-SV Investment, Korea Development Bank
Signature lableK-Beauty-SeedCJ Investment, Atinum Partners
NextheraBio3 billionEyegene, BMI KOREA
Ahmo travelAdventure Travel-MYSC
TorderTable order Service30 billionSeries BKorea Development Bank, LB Investment
Nosh projectFNB100 millionSeedCollzdynamics
ReadypostProptech1 billionPre-Series AKODIT
ParametaBlockchain9 billionShinhan Venture Investment, Korea Asset Investment & Securities
SurginexBio8.5 billionLaguna Investment, Kiwoom Investment, Partners Investment, Hana Ventures, POSCO Technology Investment, LSK Investment
AGLGolf tech30 billionSeries BKB Investment, Shinhan Venture Investment, Hana Ventures, Woori Venture Partners, KDB Development Bank, SV Investment, TS Investment, Kolon Investment
OMNIARTFashion tech3 billionSeries AHyundai Technology Investment, Kyros Venture Investment, KODIT
DabeeoAI map5 billionLIG Nextone
Reivweb/app Service test-Dunamu & Partners, Smilegate Investment
REFEELYEco friendly paper1 billionPre-Series ASmilegate Investment, LSK Investment, Korea Social Investment foundation, Chungnam National University Technology Holdings
Seider corporationEnergy300 millionSeedAnother Brain, Gyeongbuk CCEI
FuturefbiotechBio-SeedGangwon CCEI
Toff mobilityMobility-SeedGangwon CCEI
RankingfishFishery platform-SeedGangwon CCEI
MotionlabsHealthcare500 millionPre-SeriesA BridgeThe invention lab
MemongSalon matching platform-SeedManlap
JeongyookgakFood tech30 billion

#Major Funding

  • TOrder, a tablet-based ordering platform, has raised 300 billion won in investments. This represents a three-fold increase in its valuation compared to last year, when it was valued at 100 billion won.
  • AGL, a golf booking system, has secured 30 billion won in funding. The company offers a solution that allows users to easily search for tee times, make reservations, and confirm bookings in real time. Agel’s solution is currently used in over 30 countries.

#Trend Analysis

 K-Startups Seek Survival Through Global Expansion

The first quarter of the year has drawn to a close, marking a noticeable shift in investment momentum compared to last year’s sluggish start.

In a bid for survival, startups that struggled to secure funding last year are diversifying their strategies, with many opting to expand globally. This approach has gained traction as March witnessed a surge in investment, particularly at the Series B and later stages.

A significant portion of the Q1 investments went to startups either based overseas or targeting global markets, with a considerable influx of funds from international investors. Going global is increasingly viewed as indispensable for burgeoning startups, facilitating business expansion, easing access to global capital, and potentially paving the way for future global public offerings. Although predominantly focusing on the B2B market, these companies exhibit diverse operational scopes.

Bear Robotics, a self-driving serving robot company headquartered in Silicon Valley, recently secured 80 billion won in investment, with strategic backing from global players such as LG Electronics. Similarly, Point2 Technology, a communication solutions firm also based in Silicon Valley, raised 30 billion won from Bosh Ventures for its E-tube platform, addressing the limitations of traditional cables. Stradvision, specializing in self-driving robots, maintains offices across the US, Germany, Japan, and China, securing 42 billion won from various global investors, including German firms. Aniai, a burger-cooking robot manufacturer, is relocating its headquarters to New York and eyes a listing on Nasdaq.

Beyond the US, numerous startups are expanding their reach across different countries. AGL, a golf booking system developer, is venturing into 30 countries, securing 30 billion won for expansion into Singapore, Japan, and Taiwan. T-Order, a table ordering service, plans to establish branches in the US and Singapore in the first half of this year, building upon its subsidiary in Canada established last year, with a 30 billion won investment. Elice Group, specializing in AI-driven education solutions, is bolstering its global presence through collaborations with US and Singaporean entities.

The successful Nasdaq listing of Coupang has spurred a wave of aspirations among growing startups to go global. While success remains uncertain, the growing interest of global investors in domestic startups signals a promising trend.

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