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#Weekly Funding Overview
[July. 8~ July. 12]The total funds raised by Korean startups of the week is KRW 88.84 Billion.
Company | Inudustry | Amount | Round | Investors |
---|---|---|---|---|
JLT | Smart factory | 5.1 billion | Series A | Stone Bridge Ventures, KODIT, East |
LTIS | BIO | - | Seed | Seoul Techno Holdings |
Castingn | Outsourcing platform | 5.2 billion | Series B | Magna Investments, HGI Initiative, Pathfinder, Smilegate Investments, T.T. Venture Investments, Envisioning Partners, Pksha Technology Capital |
Tooning | Content localization | 1.3 billion | Capstone partners | |
Lemontree | Kids finance | 2.3 billion | Pre-Series A | Kakao Investment, MMS Ventures |
Innohas | Plant based food | - | SeriesA3 | VinaCapital Ventures |
Poen | Battery recycling | 39 billion | Series B | DSC Investment, Schmidt, Hyundai Motor Securities, SJ Investment Partners, L&S Venture Capital, K2 Investment Partners, E& Venture Partners, Korea Development Bank, Shinhan Venture Investment, SV Investment KDB Capital, Hyundai Marine & Fire Insurance, Lotte Rental (Lotte Ventures) |
Weavel | Data analysis | - | Seed | Y Combinator |
Neweye | TAX | 300 million | Seed | Series Ventuers |
Thisis | Food | 1 billion | Pre-Series A | KOSME |
Global technology | Fabless | 13 billion | Series A | Hana Ventures, Cape Investment & Securities, NowIB Capital, Heungkuk Securities, Shinhan Capital, DS Investment Partners, Nonghyup Bank, NBH Capital |
Milepost | Cannabis Food | 500 million | Seed | Behigh Investment |
Ziovision | Business intelligence | - | Grant | TIPS |
Refeed | Waste data solution | - | Grant | TIPS |
21market | Re commerce platform | - | Postech holdings | |
Albus | Game | 500 million | Seed | Kakao Ventures |
Snaptag | Invisible watermarks | - | Series B | Kiwoom Investments, Kakao Investments, Stone Bridge Ventures |
Rowain | Smart farm | - | Seed Bridge | Cnttech |
LN robotics | Medical robot | 20 billion | Series B | LB Investment, KDB Development Bank, KB Investment, Mirae Asset Venture Investment, Stick Ventures |
Mandro | 3D Printed Prosthetic Hand Maker | 1.5 billion | Pre-Series A | Doosan Investment, BA Partners, Capstone Partners, Meliora Partners |
Barabio | Bio | - | M&A | HLB Group |
BGZT | Resale | 40 billion | Series E | Hana Alternative Asset Management |
Floatic | Logistics Robotics | - | Pre-SeriesA Bridge | Hyundai zeroone |
TimePercent | Fintech | - | Grant | TIPS |
Beeble | AI virtual studio | 6.5 billion | Seed | Basis Set Ventures, Fika Ventures |
Shiftup | Game | - | IPO | KOSPI |
Orangesquare | Fintech | - | JYP Entertainment | |
Lenged | Virtual avatar | - | Seed | The Ventures |
Dadadoc | Telehealth | - | Grant | TIPS |
NOCT Research | Sleeptech | - | Delightroom | |
Biopoa | Bio | - | Pre IPO | Meta Investments, L&S Venture Capital |
Omotion | Virtual Human | - | Pre-SeriesA Bridge | The Invention Lab |
G2GBIO | Bio | 5 billion | Pre IPO Bridge | |
Black Anchor | Game | 1 billion | Webze | |
Cloocus | Cloocus MSP | 20 billion | Series B | Stone bridge Venture, Hellios PE |
TheEN | Green | - | Grant | Deeptech TIPS |
sPRESTO | AI | - | Grant | Deeptech TIPS |
Awesomenics | - | Grant | Deeptech TIPS |
#Major Funding
- BGZT has secured a 40 billion KRW investment, recognizing the company’s valuation at 500 billion KRW. The company’s growth potential is acknowledged due to its convenient services and expanding user base. Last year’s platform-based revenue increased by 50% compared to the previous year. This year is expected to be the first year of turning a profit.
- PoEn, a company specializing in the remanufacturing of electric vehicle batteries, has secured a 39 billion KRW investment, bringing its total accumulated investment to 46.7 billion KRW. The company has developed technology to select reusable batteries from used ones. With this investment, Poen aims to advance the development and commercialization of battery modules and packs.
- LN Robotics has secured a 20 billion KRW investment. LN Robotics aims to obtain regulatory approvals and enter markets in the U.S., Japan, and Europe within the next three years, aspiring to grow into a global vascular medical robot company.
#Trend Analysis
K-Startups Attract Global VC Attention for 4 Reasons
A significant trend is emerging in South Korea’s startup ecosystem, with an increasing number of early-stage companies securing investments from global venture capital (VC) firms. This marks a departure from the traditional pattern where only growth-stage startups with dominant domestic market shares attracted funding from renowned international VCs.
Previously, when early-stage startups did receive global investments, it was typically through local branches of overseas VCs or Korean VCs with foreign connections. However, a new wave of startups is now garnering attention by securing investments directly from prominent VCs in major global tech hubs.
These startups share several distinct characteristics
- Global Market Focus=Unlike their predecessors who first sought domestic success before international expansion, these startups are developing strategies for immediate global market entry.
- Silicon Valley-Centric Approach=Many are establishing their business foundations in Silicon Valley, attracting global investor interest and accessing cutting-edge technologies and ideas.
- Prestigious Academic Backgrounds=Founding teams often include graduates from top-tier universities such as Seoul National University, MIT, and UC Berkeley. These startups typically feature multiple co-founders with complementary domain expertise.
- Industry Expertise/Entrepreneurial Experience= Founders bring substantial experience from their respective fields, often leveraging insights from previous startup ventures to build investor confidence.
Notable examples of this trend include:
- EndoHealth: An AI-driven personalized digital healthcare solution provider
- Weavle: A data analysis platform specializing in LLM-based products
- Paywatch: A payroll advance platform
- Twelve Labs: A multimodal AI company
These startups have successfully attracted early investments from prominent Silicon Valley VCs, including Andreessen Horowitz (a16z), Y Combinator, Index Ventures, and NVIDIA.
This shift signifies the increasing globalization of South Korea’s startup ecosystem. Despite the current global slowdown in venture capital investments, this trend suggests a qualitative growth in the Korean startup landscape, with companies positioning themselves for international success from inception.
Industry experts are closely watching these developments, as they could reshape South Korea’s role in the global technology and innovation sectors.