[StartupRecipe] StartupRecipe Publishes 2024 Korean Startup Funding Report

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

#Weekly Funding Overview

[Jan. 27~ Jan. 31]

Company	Inudustry	Amount	Round	Investors
SeltaSquare	Drug surveillance	9.2 billion		KB Investment, Korea Investment Partners, Yuanta Investment, SJ Investment Partners, Genaxis
Chesedridge	Wellness	-	Grant	TIPS

#Major Funding

• SeltaSquare, an AI-based drug surveillance company, has secured a 9.2 billion KRW investment. The company provides its solutions to major domestic pharmaceutical firms, including Yuhan Corporation, Hanmi Pharmaceutical, Daewoong Pharmaceutical, and Kenvue. With the newly raised funds, SeltaSquare plans to enhance its core technology and expand into global markets.

#Trend Analysis

Startup Recipe has published its comprehensive ‘Startup Investment Report 2024’, providing an in-depth analysis of South Korea’s startup investment landscape throughout 2024.

The report meticulously breaks down the startup investment landscape into 13 distinct sectors, offering detailed insights into investment amounts, deal numbers, and overall investment trends. Notable features include analyses of investments by size and stage, unicorn startup, and detailed profiles of the top 20 startups by investment raised.

Beyond the numbers, the report encompasses crucial aspects of the ecosystem, including investor activities, the state of female-founded startups, regional investment distribution, and the current status of IPOs and M&As. A significant portion of the report is dedicated to venture capital’s assessment of 2024 investments and projections for 2025, providing valuable foresight into the future of Korea’s startup ecosystem.

The report (KOR Version) is now available for free download on the Startup Recipe website, making it accessible to anyone interested in understanding Korea’s evolving startup landscape.

<Executive summary>

Total Investment Scale

• Korean startup investments reached 5.956 trillion won in 2024
• Represents a 2.5% increase from the previous year

Number of Deals

• Total of 1,615 deals completed
• Shows significant increase due to grant investments
• However, large-scale investments decreased

Growth Stage Investment Recovery

• Increase in Series B and later stage investments
• Reduced dependency on large-scale deals

AI-Focused Investment

• Generative AI emerged as a major investment area
• AI semiconductors became a key investment sector
• Reflects alignment with global investment trends

Top 3 Investment Sectors

• Software: 1.403 trillion won
• Bio/Healthcare: 1.237 trillion won
• Manufacturing: 732.1 billion won

Other Sector Characteristics

• Environment/Energy sector saw 178% growth
• Consumer Tech declined by 30%
• Significant reduction in B2C platform investments

Changes in Investment Preferences

• Growing sectors: AI, digital healthcare, climate tech
• Declining sectors: Traditional areas like fintech and gaming
• Shift towards more innovative and sustainable technologies

Unicorn startups

• Able Corporation valued at 3 trillion won
• Rebellions valued at 1.3 trillion won
• Both achieved new unicorn status in 2024

M&A and IPO

• No significant large-scale M&As
• Continued slowdown in IPO market
• Increased number of listing withdrawals

Female-Founded Startups

• Investment share dropped to 1.8%
• 62% decrease from previous year
• Investments mainly concentrated in early stages

TOP funding areas

• Seoul maintains dominant position
• Notable progress in non-metropolitan areas
• Particularly strong growth in Busan region

2025 Outlook

• Over 70% of investors dissatisfied with 2024 environment
• Further deterioration expected in 2025
• Market recovery projected after 2026