#Weekly Funding Overview[Dec. 13~ Dec.17]
The total funds raised by Korean startups of this week is KRW 555 billion.
|Cowell Investment Group Com2s, Crit Ventures
|Dunamu, Woori Technology Investment, Hanwhasystems, Chong Kun Dang Holdings, Yanolja, Daelim, VTI Partners, DSC Investment, Shinhan Ventures, KB Investment, SBI Investment Korea
|Korea Investment Partners, Danal, IBK
|Beyond Music Company
|Praxis Capital Partners
|Atinum Investment, Murex Partners, KB Investment, Mirae Asset Venture Investment, Mirae Asset Capital, Primersazze Partners
|Softbank Ventures, IMM Investment, BonAngels Venture Partners
|Group video chat
|Kibo, Hanwha Investment & Securities, Shinhan Invesmtnet, Stic Ventures, K & Investment Partners, KB Investment
|Korea Credit Guarantee Fund
|Creative Ballet soyes
|New Paradigm Investment
|Dunamu, Naver z
|Strong Ventures, Digital Health Partners
|GS Retail, KB Securities, Solidus Investment, Sejong Venture Partners, Korea Asset Investment Securities, Kiwoom Investment
|Pine Venture Partners, KB Investment, Korea Investment Partners, Mirae Asset Venture Investment, Inovia Capital, White Star Capital, Lerer Hippeau
|Capstone Partners, KB Investment, KB Securities
|Pacificbridge asset management
|SV Investment, Central, Mirae Asset Venture Investment, IMM Investment, Smilegate Investment, Dunamu & Partners, Hana Financial Investment, Klaus Partners, Primersazze Partners
|Hana Ventures, Aju IB Investment, Kolon Investment, TS Investment, A Ventures, Spring Camp
|ID Ventures, Daesung Venture Capital, Harang Invest, Industrial bank of Korea, T Investment
|Company K Partners, IMM Investment, K2 Investment Partners, Bass Investment,
|Knet Investment, Korea Develpoment Bank, Tiger Investment, Vision Creator, Megazone
|MYSC, Eugene Investment
- Beyond Music, a music rights investment company, raised more than 200 billion won in funding. It specializes in investing, acquiring, and managing music copyrights and related rights. This investment will aid the company in gaining verified music IPs both domestically and internationally.
- Manna Corporation, a comprehensive delivery platform, received an investment of 81.4 billion won. It plans to expand its delivery platform and launch Manna Eats, a single-order delivery created by a team of delivery drivers and merchants.
- Lambda256, a blockchain subsidiary of Dunamu, secured 70 billion won in investment. The funding will be used to secure talent and expand the ecosystem for Blockchain-as-a-Service Luniverse.
- Swit Technologies, which provides team collaboration SaaS Swit, raised 26 billion won. The company will use the funds to strengthen its product and expand globally, with plans to provide more advanced service in 13 languages next year.
Why Are Presidential Candidates Rushing To Meet Startups
South Korean presidential candidates are looking for startup founders one after another ahead of the presidential election in March next year. Korea Startup Forum, an association of startups, arranged a meeting between two presidential candidates, Yoon Seok-yeol (People’s Power Party), Lee Jae-myung (Democratic Party of Korea), and Korea’s leading startups to hear policy suggestions. Various startups in the blockchain, social, education, and healthcare sectors and unicorns representing Korea such as Viva Republica and Kurly participated in the event and addressed their grievances.
It is not just to win votes from young people in their twenties and thirties that candidates for president meet startups. It also demonstrates that there is a growing interest in next-generation startups that will support future industries and economies in the digital transformation.
The Korean startup ecosystem has become more active than ever before, but there are still problems to be solved. The biggest challenge is regulatory relief. The most successful hailing startup in Korea, Tada faced conflicts with the existing taxi association ahead of becoming a unicorn and eventually ended its service after 18 months. Conflicts between existing and new industries are a frequent problem in the startup ecosystem. However, as the government ruled in favor of existing industries and sanctioned startups with regulations, the startup service that could have created innovations in the transportation system eventually ended with a tragic result.
In addition, various regulations including those governing large platform companies such as Coupang and Baedal Minjok, telemedicine regulations, and financial regulations are putting a brake on startup innovation.
The two presidential candidates are voicing the same opinion on these regulatory issues. They both advocate introducing negative regulations. Korea currently has positive regulations, which means only businesses mentioned in the law are allowed and everything else is prohibited. The two candidates insisted on introducing negative regulations and a one-stop system. They stated that Korea’s current regulations are inefficient and unsuitable for newly growing companies like startups.
Lee Jae-myung emphasized the need for a one-stop administrative system that will lead to administrative efficiency by allowing government officials who receive complaints to handle the issue to the end. Candidate Seok-Yeol Yoon also proposed a plan to streamline the channel for resolving problems caused by different institutions interpreting the law differently and to deal with them within the deadline by implementing time limits.
They took a different stance on the growth of innovative companies. Candidate Lee put the social responsibility of innovative companies at the forefront, while Candidate Yoon focused on full support for the growth of startups. Lee emphasized fairness and shared growth, and Yoon advocated support for corporate growth and defense against traditional industries, reflecting each party’s tendencies.
Although some opinions differ depending on the political orientation, candidates for both parties are expected to continue promoting policies that can foster and support the startup ecosystem as the startup competitiveness is evaluated as national economic competitiveness.