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[StartupRecipe] Rise in Startups Catering to Active Seniors

#Weekly Funding Overview

[May. 15 ~ May. 19 ]

The total funds raised by Korean startups of this week is KRW 122.1 billion.

Bredis HealthcareHealthcare-SeedKaistventures, Checkmate Capital
cellmeatCultured meat17.4 billionSeries ABNK Venture Investment, Yugyung PSG Asset Management, Strong Ventures
Securenet-SeedInfo Bank
Rich AlienGame11.5 billionSeedStonebridge Ventures, SV Investment, Bass Investment, 111%,
LivelivelySenior healthcare-GrantTIPS
Viva la vidaSenior community-GrantTIPS
LeesolDigital Therapeutics-Pre-Series ANew Paradigm Investment
MetaCampMetaverse platform-GrantTIPS
TrustayProptech3 billionHana Financial Group
Puzzles VenturesMobility3.5 billionSeries AForest Partners
DeepsalesSales intelligence-GrantTIPS
GrowplusDigital AD-M&ACarenation
Onit KoreaFreight transport-GrantTIPS
YounivEducation-M&AMegastudy `
AlonEV charging-SeedThe Ventures
DtonicBigdata13.4 billionPre-Series A
CallgateARS10 billionThe Wells-Kiwoom Growth Capital Investment Fund
SmaxhTennis platform-GrantTIPS
VWXArtist casting platform-Seed1billion partners
SigniturelableK-Beuaty-Pre-Series AD.CAMP, Angle investors
KickthehuddleHealthcare2 billionHyundai Department
Smart food networksFood commerce40 billionSeries BKorea Develpoment Bank, KB Securities, Nohnparners, REDBADGE PACIFIC, E & Investment, Signite Partners, Hana financial PE, Ever Best Partners
BlueSignumMental healthcare1.3 billionKorea Investment Partners, Sprng camp
EverEXHealthcare8 billionSeries APremier Partners, Woori Venture Partners, KB Securities, Insight Equity Partners, Quad Asset Management, Hana Ventures, Samsung Next, LG Electronics
Oceans bioDigital therapeutics-Pre-Series ASeoul National University Technology Holdings, Pusan National University Technology Holdings, D.Camp, KODIT
SinolSenior service-SeedAUM Ventures
StorelinkEcommerce Marketing-Series B bridgeShinhan Capital
FUNTION12Design tool1.2 billionPre-Series AMobidic Ventures, D.Camp, KODIT
HumanscapeDigital Healthcare20 billionSeries CGC, Care Labs, UTC Investment, Shinhan Bank, Shinhan Asset Management, Kyobo Securities, Hana Securities, Mint Venture Partners

Major Funding

  • Smart Food Networks, a startup specializing in B2B logistics and distribution, has secured an investment of KRW 40 billion. The company is actively involved in providing a cold chain fulfillment service and operating a food commerce platform, which resulted in sales of KRW 95 billion last year. The infusion of funds will primarily be allocated towards facility enhancements, IT system development, and potential mergers and acquisitions.
  • Healthtech startup Humanscape has raised KRW 20 billion bringing its total cumulative investment to KRW 55 billion. The company operates Mamitok, a platform for pregnancy and parenting, and offers a solution for rare and incurable diseases.
  • Cellmeat, a cell cultured food company, has secured an investment of KRW 17.4 billion. The company has gained notable recognition for its prototype of cell-cultured caviar and has also introduced a prototype of Dokdo shrimp, which has attracted attention in the industry. Cellmeat is committed to continually unveiling innovative food products in the future.

#Trend Analysis

Rise in Startups Catering to Active Seniors

Startups catering to the emerging consumer group of active elderly individuals are on the rise as population aging becomes more prevalent. While previous attention has been given to services focused on senior care, there is now a notable increase in startups addressing the needs and interests of the middle-aged population, who possess economic power and enjoy leisure activities. In particular, numerous interest-based social communities and meeting platforms, which have already proven their marketability with the MZ generation, are now surfacing.

One such platform is Viva La Vida, which operates through the app OE and offers hobby groups that cater to specific regions and interests for the middle-aged population. Its distinguishing feature lies in providing a voice communication metaverse service, catering to the preference of middle-aged individuals who are more comfortable with voice interactions than text-based chats. Viva La Vida supports the establishment of relationships among its users. Additionally, Whocares Korea has introduced SINOR, a service that connects active seniors above the age of 50 by providing information about potential friends and activities. SINOR facilitates both one-on-one and group matching based on shared interests. To ensure user safety, SINOR plans to implement facial authentication and a 24-hour monitoring system to prevent malicious users. Moreover, Roche Korea operates Siso, a leisure curation platform targeted at the 5060 generation.

The demand for commerce platforms catering to this demographic is also on the rise. Bind operates Athler, a fashion e-commerce platform specializing in middle-aged men’s fashion, including outdoor goods. Athler boasts a repurchase rate of 31% and plans to exclusively introduce 140 men’s favorite brands that have yet to enter the online market. Additionally, a helper service called DDOKBI has been introduced to assist middle-aged individuals who may find online services challenging. DDOKBI serves as a personal assistant through chat, offering support for daily tasks such as information search, shopping, and reservations.

Senior healthcare startups are also leveraging technology to enhance their expertise. Silvia Health applies human-centered AI technology to clinical research, offering solutions for early detection and prevention of dementia. This approach has been proven effective in preventing dementia onset. Another startup, Livelively, has developed its own exercise prescription algorithm by utilizing feedback from seniors regarding pain and utilizing all-weather exercise data. Other healthcare startups catering to seniors include Care, a family-based healthcare communication app, and Junction Med, which provides Care-Bom services.

The proliferation of startups targeting seniors can be attributed to their pursuit of diverse lifestyles empowered by their economic capabilities. As a result, the market is expected to further expand, accompanied by an increase in the number of related companies.

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