[StartupRecipe] M&A Market Shows Continued Slowdown in 2024

Access to the latest Korean startup news and startup database for free

#Weekly Funding Overview

[Dec. 23~ Dec. 27]

Company	Inudustry	Amount	Round	Investors
Slogk	AI Solution	-	Grant	TIPS
metown	Hyperrealistic Neural Rendering	-	Grant	TIPS
allbadeum	Insuretech	-	Grant	TIPS
Petch	Pettech	-	Grant	TIPS
MNEMO	Architecture	-	Grant	TIPS
Rocket Tools	AI Marketing Solutions	-	Grant	TIPS
RealSecu	Security	-	Grant	TIPS
Minerva Edu	Edtech	-	Grant	TIPS
PureChem	Bio	-	Grant	TIPS
AI LingGo	Law Tech	-	Grant	TIPS
G2e	Health Tech	-	Grant	TIPS
VDream	HR	-	Grant	Scaleup TIPS
Elixir	AI	-	Grant	TIPS
MicroFix	Micro camera module	-	Grant	TIPS
CareNCo	Healthcare	-	Grant	TIPS
MAIT	Healthcare	-	Grant	TIPS
RFOn	Drone	-	Grant	TIPS
CocoH	K-beauty	-	Grant	TIPS
Brain Ventures	AI	-	Grant	TIPS
YCOMMA	Fashion	-	Grant	TIPS
Mediplexus	Healthcare	-	Grant	TIPS
Goodlugg	luggage storage service	-	Grant	TIPS
AI Connect	Dating app	-	Grant	TIPS
Hitsol		-	Grant	TIPS
HamadaLabs	No code AI	-	Grant	Pre TIPS
ONHEAL	Pettech	-	Grant	Scaleup TIPS
Microbiome	Healthcare	-	Grant	TIPS
Life Festa	Map Platform	-	Grant	TIPS
Innerverz	Media Content	-	Grant	Scaleup TIPS
XORBIS	Content	7.5 billion	Series B	KDB Development Bank, Michigan Venture Capital, ES Investor
LINSOL	Safety Solution	-		Rising S Venture, KOREA SCIENCE & TECHNOLOGY HOLDINGS
NomadHer	Travel app	1.5 billion	Pre-Series A	KODIT, Chungnam-NCK Tourism Investment Fund, K Bridge Investment
Dotter	Medical devices	14.4 billion	Series B Bridge	Sneak Peek Investments. , T-Investments, Murex Partners, Wooshin Venture Investment, Clairvoyant Ventures,
BrainVentures	AI	-	Seed	CNT Tech, Kingo Spring, Hoseo University
ideal lab	Edtech	-		Grand Ventures
The Hi Edu	Media	-		History Venture Investment
BCAVE	Fashion	10 billion		Stone Bridge Ventures
Finterapeutics	Bio	20 billion	Series C	KB Investment, DSC Investment, Korea Investment Partners, We Ventures, Korea Development Bank
BlueTile Lab	AI	-		APS DE&T
Vibezone	Fandom platform	2.6 billion	Pre-Series A	Korea Investment Partners, Prolog Ventures, Danal Investment Partners, Hanyang University Technology Holdings
Emocog	Healthcare	22 billion	Series B	Stone Bridge Ventures, IBK Industrial Bank, KB Investment, Shinhan Venture Investment, Envisioning Partners
Ecoremix	PropTech	-	Seed	Plan H Ventures, Stone Bridge Ventures
Pie Healthcare	Healthcare	3 billion
Easywith	Content	8 billion	Pre IPO	Mirae Asset Securities, Rico Asset Management, K2 Investment, YG Investment, Pathfinder H, IBK Industrial Bank
Maymust	Cloud	7 billion	Pre IPO	Kiwoom Investment, Albatross Investment, Stick Ventures, Samsung Securities
VPP Lab	Renewable energy	-	Series A	Jeju CCEI, MY Social Company, Smilegate Investment
UBIX Therapeutics	Bio	25.7 billion	Pre IPO	Solidus Investment, KB-Solidus Investment, Shinyoung Securities-Mint Venture Partners, Atnum Investment, Quad Asset Management, KDB Development Bank
rznomics	Bio	20.3 billion	Pre IPO	Yuanta Investments, Samsung Venture Investments, Aon Investments, Quad Ventures
BOOSTERZ	Brand Accelerator	-		H Ventures, Smart Study Ventures
MakinaRocks	Industrial AI Solutions	19 billion		Ulmus Investments, HB Investments
WORKS OUT	Fashion	25 billion	Series A	LB Investments, IMM Investments, Stonebridge Venture
EXPRIVE	Influencer community	-	Seed
ProMediGen	Bio	2 billion		Sugentech
IEG	Edutech	5 billion		IBK Venture Investment, Kolon Investment
MediTulip	Medical devices	-	Seed	Genaxis
ZEST	eco-friendly construction solution	-	Pre-Seed	Spark Lab
GreenBees	Food	-	Seed	Newkids investment
EYEShareNet	Healthcare	-	Seed	Newkids Investment
Another Us	Lifestyle	-	Seed	Newkids Investment
Cellist	Food	-	Seed	Newkids investment
DeepVisions	Computer vision	600 million	Pre-Series A	Hana ESG Double Impact Matching Fund
SOOMVI	UAV	8 billion	Pre IPO	LIG NexOne, Solid, Ernest Ventures, MoonChace Investments-Brave New Investments, SL Investments, The J Asset Management, Samho Green Investments, K-Ground Ventures
Leferi	Beauty	30 billion	Pre IPO	H Private Equity
WorldWideBusinessWeb	B2B Trading Platform	-	Seed	Reventures
Koras Robotics	Robotics	3.5 billion	Series A	SJ Investment Partners, Stick Ventures, Industrial Bank of Korea, Korea University Technology Holding

#Major Funding

• Leferi raised 30 billion KRW in funding. As a YouTube-based beauty creator business, the company has nurtured 2,000 creators and expanded its operations. The funds will be used to accelerate preparations for a KOSDAQ listing.
• Worksout secured 25 billion KRW in investment. Worksout operates the largest fashion multi-shop in Korea and plans to use the funds to expand existing brands and launch new ones.
• Emocog raised 22 billion KRW in funding. As a digital healthcare company, Imocog is developing digital therapeutics for mild cognitive impairment and intends to accelerate its entry into the global market with the investment.

#Trend Analysis

Korean Startup M&A Market Shows Continued Slowdown in 2024

The South Korean startup M&A market continued to face a slowdown in 2024, with around 70 deals completed, mirroring the pace seen in the previous year. Despite the overall stagnation, several notable trends shaped the landscape throughout the year.

Strategic mergers driven by survival instincts took center stage. One prominent example was the merger between AI semiconductor companies Rebellions and Sapeon. By consolidating their technologies and resources, the two firms aimed to bolster their competitiveness on the global stage. This merger underscored how startups are increasingly seeking alliances with larger partners to navigate challenging economic conditions. A similar trend was evident in the domestic mobility sector, where former rivals OLULO and PUMP merged in response to intensifying competition in the kickboard market. Their union was driven by a shared goal of expanding market share.

A notable feature of 2024 was the lack of instances where unicorn startups acquired other startups. Economic uncertainty and cautious investment strategies kept large corporations from pursuing major deals, a pattern that first emerged in 2023 and grew more pronounced this year. However, there were a few exceptions. One standout was Viva Republica (Toss), which acquired Taxas Soft, marking its strategic entry into the tax services industry.

In contrast to other sectors, the K-beauty industry remained relatively active in M&A. Some of the largest deals of the year came from this space, including the acquisitions of LAKA Cosmetics and AMUSE. Although these companies are not primarily beauty-tech firms, the K-beauty sector’s potential for global scalability kept it attractive to major corporations even amid economic headwinds.

Smaller-scale acquisitions also played a significant role in shaping the startup ecosystem. Among the notable deals, JobKorea acquired recruitment software company Ninehire, MetanetPlatform took over AI startup Skelter Labs, and Daekyo purchased pet product company Howlpot. In another noteworthy move, Seeso acquired Publy, while Sellerhub added e-commerce platform Sixshop to its portfolio. While many of these transactions were driven by strategic growth initiatives, some were motivated by the need to mitigate deteriorating business conditions.

A particularly interesting development was the emergence of Grande Clip as an active acquirer. Founded by Kim Bong-jin, the former chairman of Woowa Brothers, Grande Clip acquired Stayfolio and AMCR (Amazing Crew). This flurry of acquisitions signaled a positive trend for the ecosystem, where successful entrepreneurs reinvest in emerging markets after making exits from their previous ventures.