Scroll to top
© 2020, Startuprecipe theme by Rssow

[StartupRecipe] The 6 startups that could be the next unicorns

#Weekly Funding Overview

[May 2 ~ May. 6]

The total funds raised by Korean startups of this week is KRW 142.8 billion.

MonoverseBlockchain4 billionPre-Series AKorea Land Trust
MedilityHealthcare-Pre-Series AKakao Ventures, BA Partners
Mark&CompanyStartup platform-Series ANaver D2SF, ZVC, Dunamu, Nice Evaluation Information
ViewMagineProphtech-Hyundai Motor Group, Aegis Investment Partners, Plan H Ventures, IBK
MedibuilderMedical Aggregator2 billionPre-Series A
Remonhealthcarehealthcare17 billionSeries CHanwha Asset Management
Uniquegood CompanyGame-Series A2Hyundai Motor Group Zero One
angrydogsEntertainment-Sandbox Network
Nara Space TechnologySpace10 billionSeries AKDB Development Bank, Hana Ventures, Kolon Glotech, BNK Venture Investment, POSCO Technology Investment, High Investment Partners
Bakcha CompanyMobility2.5 billionSeries ABlitz Ventures, Halla Holdings
ReconlabsAI 3Dmodelling5.5 billionSeries AKakao Ventures, Shinhan Capital, Lotte Ventures, Naver D2SF, Korea Investment Partners, Hanwha Techwin, Kakao Brain
11LPettech-SeedThe Ventures
TubletEducation1 billionSeedWeverse Mind, Fast Ventures
SendyLogistics-Series A bridgeAegis-Hyundai Securities Proptech SVIC
SellernoteLogistics6.3 billionSeries AKB Investment, SL Investment, Be High Investment, Bigbasin Capital, BonAngels Venture Partners, We Ventures, TInvestment
fitpetPettech20 billionBRV Capital Management
Innkey InfosystemsHotel solution-Yanolja Cloud
10wondersContent commerce-Pre-Series ASeyoung Company
People VenturesFortunetelling2 billionSeries ADSC Investment
LookoFashion3 billionSeries AKT Investment, Laguna Investment
NegocioProphtech100 millionNICE information service
Wave Lifestyletech5 billionPre-Series AKorea Venture Investment, Aju IB Investment, Signite Partners, Lighthouse Combine Invest, DK Investment Partners
CobaltCommunication platform-GRANTTIPS
The VallaMakeupO2O-GRANTTIPS
AtostudyLibrary brand9 billionSeries AMega Study, Hana Ventures, Woomi Global
P2P SystemsLibrary brand-M&AAtostudy
HaeginGame50 billionSK Telecom, SK Square
IneejiAI5.5 billionPre-IPOSpring Camp, Capstone Partners, We Ventures, GS EPS, Industrial Bank of Korea, Dodam Ventures

Major Funding

  • Game company Haegin has attracted KRW 50 billion in strategic funding from SK ICT Family. In the era of Web 3, the two companies are expected to cooperate in AI  and metaverse fields to strengthen game contents.
  • Pet healthcare app Fitpet has secured an investment of KRW 20billion. With the new funding, Fitpet plans to accelerate the establishment of a pet insurance company based on the establishment of a more efficient and reliable veterinary hospital ecosystem and a large number of pet health databases (DB). 
  • Space startup Nara Space Technology has raised KRW 10 billion in funding. The company builds nano satellite constellations and creates various added values by using satellite data. They are developing OBSERVER-1, 16U satellite with 7 bands (1.5 m GSD) for earth observation as well as providing satellite image analysis services for defense, city management, and ESG.

#Trend Analysis

The 6 startups that could be the next unicorns

Six Korean startups with high growth potential were selected as the seventh innovative icon by Korea Credit Guarantee Fund. Innovative Icon is a global scale-up program that provides financial and non financial support to startups that will become next unicorns.

194 companies applied for the program and recorded a competition ratio of 32 to 1. The selected startups will have up to KRW15 billion in guarantees over three years. In addition, they also receives benefits from non-financial services such as overseas expansion and market development.

<6 selected Startups>

Makestar=Makestar operates a crowdfunding platform that produces and distributes K-pop content. The platform allows fans all over the world to take part in the production of K-pop content to give them fun and some benefits as well.

MORAI=MORAI is the first Korean company to have independently developed a full-stack self-driving simulation solution which includes the core simulation engine. Founded in 2018, MORAI currently supplies industry, research organizations, and universities with autonomous driving simulation solutions, and is looking to form partnerships with companies from around the world.

Buzzvil=Buzzvil is a global leader of rewarded ads platform that has more than 150 publishers, including South Korea’s three major mobile carriers and membership operators, such as OK Cashbag, L.Point, CJ ONE. Buzzvil provides industry-optimized reward advertising with more than 390 million user data, helping to generater hight retention rates and revenue.

Flex=Flex is a human resources management platform that addresses a wide range of difficulties in enterprises involving people and organizations. It is an HR SaaS that provides the necessary functions for overall corporate personnel management, winning over 30,000 customers within two years of launch. Flex recently raised $32 million Series B round at a valuation of $287 million. The funding was led by Greenoaks, with participation from DST Global Partners.

Atommerce=Atommerce operates a mental health care service Mind Cafe which offers a virtual therapy program and a mental health benefits solution for employers.  It is Korea’s largest mental health care company with 1 million members. The company recently raised 16.7 million Serise B and plans to expand non-face-to-face treatment for mental illness and advance overseas.

Kaflix=KAFLIX operates Korea’s first car-sharing economy service called JEJU PASS and MOSAICAR, a car subscription service patented as Korean first based on the rent-a-car-specialized algorithm. Recently Yanolja, Korea’s leading travel and leisure platform, invested in Kaflix and become the second shareholder. They plan to strengthen mobility services in the Yanolja platform and adopt car-sharing services utilizing data-based algorithms for the global market.

sign up for Startup Recipe newsletter


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

sign up for Startup Recipe newsletter