[StartupRecipe] K-Startups Attract Global VC Attention for 4 Reasons

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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

1. Global Market Focus=Unlike their predecessors who first sought domestic success before international expansion, these startups are developing strategies for immediate global market entry.
2. Silicon Valley-Centric Approach=Many are establishing their business foundations in Silicon Valley, attracting global investor interest and accessing cutting-edge technologies and ideas.
3. 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.
4. 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.