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[StartupRecipe] Investment picked up in December

#Weekly Funding Overview

[Dec. 27~ Dec.31]

The total funds raised by Korean startups of this week is KRW 277.3 billion.

GreenlabsAgriculture35 billionSK Square
RideFluxMobility16.5 billionSeries ASocar, Atinum Investment, SBI Investment Korea, Capstone Partners, Hyundai Investment Partners, Seoul Investment Partners, Envisioning Partners
STYLE CReward Commerce10 billionSeries BWooribank, Stonebridge Ventures, Company K Partners, Korea Asset Investment Securities, Wired Partners
INTAKEFood3 billionPre-Series BIdea Bridge Asset Management
Logispotlogistics30 billionSeries CWoori Private Equity Asset Management Company, Q Capital Partners
KDACBlockchain-Korea Information Certificate Authority
WalkyDoggyPettech-SeedSeoul Techno Holdings
TandemEducation2 billionPre-Series AIndustrial bank of Korea, Korea Credit Guarantee Fund, XnTree Ventures, J&S
Slab AsiaColdchain solution15 billionSeries BEnvisioning Partners, SKSPE, Korea Development Bank, TBT Partners, Hyundai Motors, Hana Financial Investment, K & Investment Partners, UTC Investment, NICE Investment Partners
Creatripcontent commece4 billionSeries BNICE Investment Partners, Altos Ventures, Shinhan Venture Investment, Mirae Asset Venture Investment, Nau IB Capital, SJ Investment Partners
TessaFINTECH4 billionSeries AECO Investment Partners, L&S Venture Capital, Medici Investment, Spring Camp
PayhereFintech10 billionSeries AHashed, Softbank Ventures
HuinoBio/Healthcare43.5 billionSEKTB Network, YUHAN, NH Investment & Securities, Meritz Securities, Futureplay
SpacewavyProphtech1 billionSeedBluepointpartners
PurplelabsBio/Healthcare20 billionMurex Partners, Lighthouse Combined Investment, kolmar BNH, Fursys Holdings
Charco NeurotechBio/Healthcare12 billionSeedAmadeus Capital Partners, Parkwalk Advisors, Mint Venture Partners, University of Tokyo Edge Capital Partners, Crista Gali Ventures
CodmosEducation1 billionPre-Series ALaguna Investment
Monthly kitchenFood23 billionSeries BDS Asset Management, Humax, Shinhan Venture Investment
CloaData Platform6 billionSeedNaverD2SF, WeVentures, Stonebridge Ventures, KB Investment, Megazone, Super fast, T Investment
ISA TechnologiesCloud2.4 billionPre-Series APlatinum Technology Investment, BlissVine Ventures, S Ventures
nomnomnomFood-Pre-Series AStrong Ventures, P&I Investment
PluglinkMobility-Pre-Series ASchmidt, Hana Ventures, MC partners
Rt Data LabSoftware-SeedCCEIJeju
FastaneBeauty12 billionSeries BDaekyo Investment, IBK Capital, IMM Investment, Maple Investment Partners, MAGNA Investment, NICE Investment Partners, Korea Investment Partners, Shinhan Venture Investment, Woori Bank, Yuanta Investment
FertilerainsGame-ATU Partners
OpenthetableHMR-Hyundaicorporation Holdings
Stage9Coworking space-SeedENSL Partners
GNA CompanyBio/Healthcare1.2 billionPre-Series A BridgeTBT Partners
Nanobio SystemBio/Healthcare2 billionPre-Series AKibo
SecondlistFood6 billionSeries AGAIA Venture Partners, Midasdong-a Investment, NVC, Fresheasy
DanagreenCultured meat8 billionSeries ALotte Ventures, Timewise investment, Pathfinder H, Penture Invest, Hi Investment Partners
raonarkSmartlock-Pre-Series APlanh Ventures
PSXFintech4.5 billionPre-Series AHashed, Capstone Partners
Amuse TravelSocial Venture-Hyndai dream tour
ArkiveShared Salon1.8 billionPre-Series ASunbo Angel Partners, Korea Credit Guarantee Fund
Stoic EntertainmentMetaverse3 billionPre-Series ALine Studio, KITE Entrepreneurship Foundation, KB Investment, Hanwha Investment & Securities
LenifSmart Chair-Pre-Series AHana Ventures

Major Funding

  • Huinno, which develops AI-based medical devices, raised 43.5 billion won. It aims for the largest market share in Korea and then going global.
  • Agricultural company Greenlabs attracted strategic investment from SK Square. It plans to expand ESG management and target overseas markets, focusing on China and other Asian countries.
  • Digital logistics startup LogiSpot attracted a strategic investment of 30 billion won. It will expand the value chain in the logistics industry and advance the platform to strengthen customer service.
  • HONT, the operator of the restaurant platform Monthly Kitchen, secured investment. It will upgrade digital solutions that can be applied to the entire food service industry.
  • Autonomous driving startup RideFlux raised 16.5 billion won. It will expand the service area and type, aiming to provide autonomous driving services in major cities nationwide by 2024.
  • S.Lab Asia secured a 15 billion won investment with cold chain containers transporting medicines and food. It plans to secure talent with investment and strengthen solution competitiveness.

#Trend Analysis

Investment picked up in December. More than 1 trillion won flooded into startups.

In 2021, Korean startups are predicted to raise more than 13 trillion won in investment, more than tripling from 2020. Due to the government’s active support, increased interest in Korean startups from global VCs, and the recovery from the COVID-19 pandemic, a record-breaking amount of investment was concentrated on startups in 2021.

In December, the last month of 2021, both the amount of investment and the number of investments increased significantly compared to the previous month. As if making up for all the stagnant investment performance over the past few months, monthly fundings exceeded 1 trillion won and recorded 1.4282 trillion won. The number of monthly investments reached 172, the largest number this year.

Kurly secured the most funds, attracting 250 billion won. Ahead of the IPO in 2022, it received a large amount of investment from private equity funds in Hong Kong and was valued at 4 trillion won.

Investment increased at all levels as monthly investment performance returned to more than 1 trillion won. 34 companies raised more than 10 billion won, 7 companies raised more than 50 billion won, and 3 companies raised more than 100 billion won in a mega-round investment. In addition to the amount of investment, the number of investments also climbed dramatically in December due to the increase in seed and pre-series A level startups. Proportionally, the number of investments before the Series A phase accounted for 40% of the total. 

With 23 female-founded companies successfully raising funds in December, it was the month with the most female-founded enterprises attracting investment. 

Kurly raised a total of 485.4 billion won this year, with an additional 250 billion won raised ahead of its pre-IPO next year, drawing the greatest investment as a female-led startup in 2021. In addition, a live commerce platform Grip Company raised 180 billion won from Kakao. It will cooperate to strengthen Kakao’s commerce capabilities. 

It seems that startups with abundant funds acquire similar or heterogeneous startups as a strategy for market preoccupation and expansion. Car-sharing platform Socar acquired Modu Company, an online parking platform, and Nine2one, a shared electric bicycle operator, in order to improve its competitiveness in the mobility industry. Yanolja acquired AI ad-tech business Dable in order to create synergy with Yanolja Cloud.

TOP 15

Company NameSectorAmount of InvestmentInvestment Round
KurlyFresh food delivery 250 billion wonpre-IPO
Beyond Music CompanyMusic investment200 billion wonNon-disclosure
Manna CorporationDelivery platform81.4 billion wonNon-disclosure
People FundFintech75.9 billion wonSeries C
Lambda256Blockchain70 billion wonSeries B
Chai CorporationFintech53 billion wonSeries B bridge
HuinnoBio/healthcare43.5 billion wonSeries C
GreenlabsSmartfarm35 billion wonNon-disclosure
SpatialMetaverse30 billion wonSeries B
LogispotLogistics30 billion wonSeries C

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