[StartupRecipe] S. Korean Tourism Industry Rebounds as Travel Startups Flourish

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#Weekly Funding Overview

[Aug. 26~ Aug. 30]

The total funds raised by Korean startups of the week is KRW 112.8 Billion.

Company	Inudustry	Amount	Round	Investors
Candyoptics	Optical Production	-	Grant	TIPS
Bigtorage	ESS	-	Pre-Series A	Blue Point Partners
Catius	Edutech	-		Farquhar Venture Capita
Fobecon	Contech	-	Grant	TIPS
Mir-tech	Semiconductor inspection defect system	-	Grant	TIPS
Huiampro	Payroll	-	Grant	Post Tips
Tripsoda	Travel	-		Kaist Ventures
Olulo	Personal mobility	-	M&A	PUMP
Flydoctor	APP development	-	Series A	KB Securities, CJ Investment, Magellan Technology Investment,
REVOTECH	Eco-friendly Pyrollysis plant system	5.5 billion		HYUNDAI MOTOR SECURITIES
BOBAEK C&S	Secondary battery	35 billion		KDB Development Bank, IBK Industrial Bank, POSCO Technology Investment, K-Run Ventures, Ulmus Venture Investment
3dcontrols	Ceramic 3D printing	-	Grant	Post Tips
Holiday Robotics	Humanoid robotics	17.5 billion	Seed	Stone Bridge Ventures, Intervest, Spring Camp, Hyundai Motor Zero One, Atinum Investments
Radionslaps	Bio	-	M&A	Duchembio
SDT	Edge computing	10 billion	Pre IPO	Shinhan Venture Investment
MEDIMABBIO	Bio	-	Grant	Scaleup TIPS
SG GURU	Frequency Synthesizer	-	Grant	Deeptech TIPS
Meissa	Spatial data platform	-	M&A	Meissa planet
Vuerontechnology	Lidar solution	-	Grant	Deeptech TIPS
Weflo	Mobility	-	Grant	Scaleup TIPS
ABC Energy	Secondary battery	-	Grant	Deeptech TIPS
Outcome	Sales intelligence	-		The Ventures
Grace	Beauty brand	-		Signite partners
CaseNote	Legal tech	-	M&A	LBOX
Beplus healthcare	Healthcare	-	Grant	Post Tips
Rovigos	Logistics	-	Grant	Deeptech TIPS
VUS	Mobility	2.8 billion	Pre-Series A	Daekyo Investments, Korea Investment Partners, Korea Investment Accelerator
Baropharm	Healthcare	15 billion	Pre IPO	SBVA, KDB Industrial Bank of Korea Capital, Mirae Asset Capital, Mirae Asset Venture Investment, Company K Partners
PETABREW	LADAR	-	Seed	Hanyang university holdings
Geogrid	Building purification	-	Grant	TIPS
Dailyshot	Beverage delivery	10 billion		Eugene Asset Management, JB Woori Capital, Laguna Investment
Nomadher	Travel	1 billion	Pre-Series A	K Bridge Investment, NBH Capital

#Major Funding

• Holiday Robotics has secured an investment of 17.5 billion KRW. The company is developing humanoid robots that can be utilized for parts assembly in manufacturing. They also plan to establish a robotics research lab in the United States within the first half of this year.
• SDT, a quantum standard technology company, has raised 10 billion KRW. The company has commercialized quantum control equipment essential for manufacturing quantum computers. They are planning to build a quantum computing data center to support the manufacturing of quantum computers and cloud services in collaboration with the government and local municipalities.
• Baropharm, a comprehensive pharmacy management platform, has secured 15 billion KRW in funding. The platform is used by over 20,000 pharmacies, which accounts for 80% of all pharmacies nationwide. In addition to integrated pharmaceutical ordering, the platform provides various management functions such as restocking alerts for out-of-stock medications, integrated returns, and community features.
• DailyShot, a premium liquor O2O (Online-to-Offline) platform, has raised 10 billion KRW. The company operates a smart order app where users can order liquor, including wine, whiskey, and craft beer. After purchasing alcohol through the app, users can select a pickup location for delivery. The company has pivoted from a service that provided a complimentary drink at partner locations to one focused on alcohol orders.

#Trend Analysis

S. Korean Tourism Industry Rebounds as Travel Startups Flourish

The South Korean tourism industry is experiencing a robust recovery in the post-pandemic era, with innovative startups capitalizing on the growing demand for diverse travel experiences.

According to the Korea Tourism Organization, the number of foreign tourists visiting South Korea in the first half of this year reached 7.7 million, a 73% increase compared to the same period last year. This surge in tourism has revitalized the industry, with accommodation businesses seeing a rise in new startups due to increased domestic and international travel demand.

Riding this wave of growth, travel-related startups are attracting significant investments. MyRealTrip, which secured a 70 billion won (approximately $52 million) investment earlier this year, recently invested 3 billion won ($2.2 million) in Creatrip, an inbound travel platform. Creatrip offers a wide range of services for tourists visiting Korea, including restaurant recommendations, K-beauty and medical services, concert and attraction bookings, accommodation reservations, and currency exchange.

Another success story is Orangesquare, operator of the WOW Pass foreign payment platform, which raised 10 billion won ($7.5 million) in investment earlier this year. Their prepaid card, combining payment, currency exchange, and transportation card functions, is used by approximately 10% of foreign visitors to Korea.

The travel platform landscape is evolving, with startups increasingly focusing on niche markets:

1. Ahmotravle specializes in adventure travel to destinations like Africa, targeting young travelers seeking unique experiences.
2. Tripsoda operates a travel community using preference-based recommendation algorithms to help users find travel companions.
3. Nomadher provides services for solo female travelers based on identity verification algorithms.
4. Forparents offers senior companion travel services for those who find it challenging to travel alone.
5. Sinor, a senior activity platform, recently partnered with Interpark to launch customized travel products for older adults.

These startups are moving beyond traditional travel and accommodation bookings to offer specialized experiences catering to specific demographics and interests. This trend is expected to continue, fueled by the ongoing popularity of K-content, which should positively impact the growth of related startups in the near future.

As the tourism industry in South Korea continues to recover and evolve, these innovative startups are at the forefront of shaping new travel experiences and meeting the diverse needs of both domestic and international travelers.