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[StartupRecipe] 15 most-funded Korean startups in the first half of 2022

#Weekly Funding Overview

[June. 27~ July. 1]

The total funds raised by Korean startups of this week is KRW 364.95 billion.

fanagementGlobalfancommerce1.2 billionMain Street Investment
RAFIQ CosmeticsBeauty4 billionSeries AQuantum Ventures, Hana Ventures, Enlight Ventures
MonolabsDigitalhealthcare12.5 billionSeries BMain Street Investment, Chungho Nice, CTK Investment, HMG
Scalar dataElectronic car charging-T Investment
mayoubeKids platform-Pre-Series AXntree Ventures, Pusan National University Technology Holdings, Busan united holdings
Future ConncetSmartfarm5.4 billionPre-Series AKB Investment, Hana Ventures, Hyundai Motor Zero One, IP Ventures
Jennerbio-SeedKorea Social Investment Foundation
HumealVegan milk-SeedCNTTech
TosslabCollaboration tool1.5 billionHancom Inc
ZigbangProphtech100 billionKDB Development Bank, IMM Investment, Hana Financial Investment
uh2saEcommerce-primer sazze patners
The Vplanetonline marketing-Bluepointpartners
Togle LabsShopingmall soultion-Pre-Series AKIBO, Hana Bank, Strong Ventures
Freed groupSmart commerce18.7 billionSeries BACA Investment, HKSTP CVF, SOSV, Musketeer Capital, Chinachem group,
TeamfreshLogistics160 billionSeries DMurex Partners, Daol Investment, IP Ventures, Woori Bank, KT, Stick Investment, Daol Private Equity, KDB Development Bank
GibillionsPremium dental product-SeedSpark Labs, One Billion Partners, 1004 Partners
link12Education850 millionPre-Series AAngels
DayworkplusGeekworker payment-Pre-Series ADigital trust partners
Nangman storeFoodtech-SeedSpring Camp
MeissaContech5.5 billionSeries B
BzznbydYoutube searching engine2.5 billionSeries AJYP Entertainment, KDB Development Bank, Korea Venture Investment
EnoughuBaby care platform-SeedPostech holdings, Korea Univesity Technology Holdings
SYMhealthcareDigital therapeutics300 millionAI Angel Club, Korea Venture Investment
AMPKpop-Hexagon Investment Consulting
Gengen aiAI-SeedNAVER D2SF, Schmidt, DSC Investment
PhotowidzMobilelife service3.5 billionSeries ASM Entertainment Group, A-Ventures
KostMICE-Pre-Series ANBH Capital
BuffitseoulFitness3.1 billionCritventures, BA Partners, Bokwang Ventures capital
Uju-munbangguContent600 millionSeedMark & Company, Laguna Investment
Team MonolithCoding School-SeedMashup Angels
MarketboroFoodtech40.3 billionCJ Freshway

Major Funding

  • Team Fresh secured an investment of KRW 160 billion with a corporate value of KRW 500 billion. It provides a comprehensive cold chain platform, including early morning delivery, freight forwarding, and food supply. It is expected to generate KRW 250 billion in sales this year.
  • Zigbang received an investment of KRW 100 billion with a corporate value of KRW 2.5 trillion before listing. It plans to increase investment in new business fields such as Smart Home Vision, which was introduced through acquiring the virtual office platform Soma and Samsung SDS IoT.
  • Marketboro raised KRW 40.3 billion from CJ Freshway as a food distribution SaaS. It will establish a joint data management system and develop food distribution solutions by integrating CJ Freshway’s products, logistics, and manufacturing infrastructure.

#Trend Analysis

15 most-funded Korean startups in the first half of 2022

As the environment for domestic and international startup investment markets has deteriorated this year, investment has been declining every month. The amount invested in May decreased by 48% from the same month last year. Despite a minor improvement in June, the overall investment (excluding crypto investments) stayed at KRW 800 billion and failed to exceed KRW 1 trillion. Even with the worsening investment environment, some businesses are still managing to secure large-scale funds. Below are the top 15 businesses that attracted the greatest investment in the first half of the year.

  • Bucket Place = Established in 2013, it operates OHouse, an interior and furniture platform. It has become a unicorn with a corporate value of KRW 2 trillion. It is targeting the global market to become a lifestyle super app.
  • Socar = Founded in 2011, it announced plans to leap from vehicle sharing to a “streaming mobility” platform that organically connects all means of transportation, including automobiles and electric bicycles. It is set to be listed this year.
  • Qraft Technologies = It is an AI fintech startup that provides AI asset management solutions to securities firms and financial firms based on its own deep learning algorithm. It received direct investment from Softbank Group.
  • Green Labs = It is an agriculture tech startup that has so far raised KRW 210 billion. It promotes digital transformation in the agricultural sector and participates in the entire process from crop production to distribution.
  • Team Fresh = It is a cold chain logistics company established in 2018 that provides early morning delivery logistics, food material distribution, and vehicle arrangement. Sales reached KRW 100 billion in the first half of 2022 alone.
  • RIDI = Established in 2008, it is the e-book service Ridi Books operator and the first e-book company to become a unicorn. It has expanded into the webtoon business and engaged in a number of content businesses. 
  • Megazone Cloud= It is a cloud service that was spun off from Megazone in 2018, and the first unicorn in the sector.
  • SEMIFIVE = It is a semiconductor design company established in 2018. Together with Samsung Electronics Foundry, it created an automated design platform. It established a business model that significantly reduced the development period and cost. 
  • Parking Cloud = It is the operator of iParking, an AI-powered, unmanned parking control system. It is expanding its area into the second-generation parking business that acts as a mobility hub.
  • KlickBrands = It is an e-commerce aggregator that acquires the brand and supports its growth. It established a strategic partnership with UNA Brands to aid the overseas expansion of Korean brands.
  • VA Corporation = It is a content startup that builds a full value chain for producing metaverse content. It joined the ranks of unicorns.
  • Bear Robotics = It is a self-driving robot company founded in 2017 and based in the United States. It provides robots that carry food to tables.
  • Music Cow = It is a music copyright sharing platform. Under the Capital Market Act, the corporation restructured its business and hit its stride in entering the US market.
  • Haegin = It is a mobile game company founded by Com2uS co-founder. The company, which runs Homerun Clash and other games, reached unicorn status and has a KRW 1 trillion corporate value.
  • Zigbang = It is a real estate platform with a corporate value of KRW 2.5 trillion. It promotes new businesses such as Smart Home by acquiring virtual office platform Soma and Samsung SDS IoT.

CompanyInvestment (Unit:KRW 100 million)Round
Bucket Place2,300Series D
Qraft Technologies1,750Series D
Green Labs1,700Series C
Team Fresh1,600SeriesD
SEMIFIVE1,300Series B
Megazone Cloud1,300Series C
RIDI1,200Pre IPO
KlickBrands1,200Series A
VA Corporation1,000Series A
Bear Robotics1,000Series B
Parking Cloud1,000Series D
Music Cow1,000Series D
Zigbang1,000Pre IPO

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