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#Weekly Funding Overview[Feb. 20 ~ Feb. 24]
The total funds raised by Korean startups of this week is KRW 43.15 billion.
|BM STAGE||Pettech||-||Kwangdong Pharmaceutical|
|Grow Corporation||Education||-||M&A||Class 101|
|Twoslashfour||Beuaty||-||Yoonmin Foundation, AmorePacific Group, We Ventures, TBT Partners, Mark & Company|
|Babygo||Kids platform||-||Bridge||Samsung Venture Investment, K-Bridge Investment, Newborn Venture|
|Connectbrick||Ai Vision||-||Seed||Korea Investment Accelerator|
|Cenacle||Digital Healthcare||4 billion||Series C||Naver Cloud|
|Mine.is||Secondhand Platform||4.15 billion||Seed||Goodwater Capital, CJ Logistics, SM Culture Partners, Angel investors|
|Thermolab||Clean package||3 billion||Series A2||Be High Investment, Hana Securities, KIBO|
|Reviewmaker||Influencer marketing||-||M&A||Eruda mareketing|
|AM Management||Finterch||-||Seed||Mashup Angels|
|Casenote||Legal tech||-||Seed||Korea Investment Accelerator|
|MARO STUDIO||Digital Content||-||Kidari studio|
|LBOX||Legal tech||2 billion||Series B||Samsung Venture Investment|
|Bunkerkids||Healthcare||-||Series A||Series Ventures|
|ZConverter Cloud||Software||-||Series A||Samsung Venture Investment|
|Fluentt||3D Motion Capture||-||Seed||Korea Investment Accelerator|
|Standard Measurements and Characterization Lab||SPM-TERS Device||3 billion|
|ANIAI||Food robotics||4 billion||Seed||Capstone Partners, Lotte Ventures|
|Guhada||Luxury Fashion||8 billion||Series B||Korea Investment Partners, Woori Bank, DT & Investment, BM Ventures|
|Greenpakage solution||Clean package||2 billion||Korea Venture Investment|
|Fullleaf||Plant platform||-||Seed||Korea Investment Accelerator|
|Breeding||Pettech||-||Pre-Series A||Bluepointpartners, The Ventures|
|Brlab||Sleeptech||7 billion||Daol Investment, KB Securities, Insight Equity Partners, Tigris, Nau IB, Ajou IB Investment, Cosine Investment, BDC, Yugyung PSG|
- Guhada, a luxury goods distribution platform, raised KRW 8 billion in funding, increasing its total investment to KRW 13.5 billion. With a distribution hub that links local European boutiques, domestic shopping malls, and luxury fashion commerce, Guhada generated KRW 11.1 billion in total revenue last year. The company signed API integration agreements with over 50 local boutiques and plans to achieve profitability with the investment.
- Bialab, a sleep tech company, secured KRW 7 billion in funding. Founded by a medical school and biosignal lab that studies sleep, its platform measures sleep data without equipment. In H1 2023, it plans to launch wellness products.
- Aniai, a robot kitchen startup, raised KRW 4 billion in seed investment. It successfully commercialized Alpha Grill, an AI robot that grills hamburger patties, cooking both sides in less than a minute based on the pre-entered temperature and thickness. The company plans to expand Alpha Grill and enter the US market with this investment.
Factors Driving the Growth of the Secondhand Market
The second-hand marketplace is experiencing rapid growth worldwide, as evidenced by Naver’s recent acquisition of Poshmark, the world’s leading second-hand fashion platform, for a staggering 1.5 trillion won earlier this year. Despite the COVID-19 pandemic, second-hand trading platforms have seen significant growth in 2021, thanks to the advantages of online transactions and consumers’ desire to purchase products at a lower cost. Several platforms, including Daangn Market, Korea’s leading second-hand platform, Cream, and BGZT, have achieved unicorn status or high valuations. Even Joongonara, a second-hand platform, was acquired by Lotte, causing the second-hand market to explode in 2021.
Changing consumer spending patterns have driven the growth of the second-hand market. As the pandemic has made online shopping more popular, consumers are seeking unique, affordable items, and young people are increasingly environmentally conscious and interested in sustainable living, prompting them to seek out second-hand goods. For young people with limited budgets, second-hand trading is also an attractive option. While fashion and luxury goods currently dominate the second-hand trading platform market, other types of platforms are emerging, such as those that trade vehicles and industrial materials.
Despite a waning investment market in 2022, early-stage investments dominated the market, and investors remain interested in second-hand trading platforms, as evidenced by Mineis, the operator of second-hand fashion service Charan, receiving KRW 4.15 billion in seed funding.
The thrift market is projected to continue growing, with a 2022 study by The Boston Consulting Group and resale service Vestiaire finding that Gen Z consumers are the most likely to buy (31%) and sell (44%) second-hand goods. This generation is not only the most active in buying secondhand goods, but they also participate in the circular economy by selling unused products or clothing to make money. This is one of the ways teens are using secondhand trading as a legitimate way to make money, contributing to market growth. The increasing number of environmentally conscious and sustainable consumers is also contributing to the growth of the second-hand market. Another advantage is the ability to expand to global markets such as Canada like Daangn Marketor operate both online and offline stores like Cream and BGZT.
For these reasons, investors are also interested in second-hand trading platforms with sustainable business models, and the high demand for second-hand trading platforms, which generates stable transaction volumes, is also an attractive investment factor, so second-hand trading platforms are expected to continue to grow.
|Mineis||Second-hand fasion platform||4.15 billion||Seed||Goodwater Capital, CJ Logistics, SM Culture Partners, Angel investors|
|Upstairs||Second-hand phone platform||4.3 billion||SeriesA||IBK Venture Capital, E& Investment Partners, Partners Investment|
|Craving Collectors||Second-hand fasion platform||5.5 billion||Pre-series A||Kream|
|Turnback||Second-hand luxury platform||Undisclosed||Seed||Yoonmin Foundation, New Flight|
|Mr. Camel.||Second-hand luxury platform||1 billion||Pre-series A||KB Investment, Fast Ventures|
|Palm||Second-hand luxury platform||Undisclosed||SeriesA||IPS, Openwarter Investment|
|Endend Korea||Second-hand luxury platform||Undisclosed||Seed||The Ventures|
|Fruits Family||Second-hand fasion platform||Undisclosed||Pre-series A||Strong Ventures, KB Investment, Stone Bridge Ventures, Fast Ventures, Tekton Ventures|
|Dosty||Second-hand Digital device Platfom||Undisclosed||Seed||CNT Tech|
|Plav||Second-hand luxury platform||Undisclosed||Seed||Fast Ventures, Hashed|
|Koodon||Second-hand luxury platform||Undisclosed||–||CNT Tech|
|Market of Matereriel||Second-hand materiel platform||Undisclosed||Seed||Awesome Ventures, ETRI Holdings|
|Corner market||second-hand kids platform||Undisclosed||–||Joongonara|
|the handle||Second-hand car ecommerce||Undisclosed||Seed||Sparklab|
|Chexcar||Second-hand car ecommerce||Undisclosed||SeriesA||Kream, KB Securities, Lotte Ventures|