#Weekly Funding Overview[July. 24~ July. 28]
The total funds raised by Korean startups of this week is KRW 125.5 billion.
|Aplykorea||-||Seed||Blue Point Partners|
|Buen Camino||Market platform||-||Pre-Series A|
|Puntacompany||Audio food commerce||-||Smilegate Investment|
|Wello||-||Pre-Series A||Korea Investment Partners, KODIT|
|Comment Computer||Blockchain cloud||8 billion||Series B bridge||Inbody, HB Investment|
|Tripearlgames||Game||-||Seed||Bigbang Angels, Korea Omega Investment|
|Mineis||Secondhand Platform||1.21 billion||Seed||Woori Venture Partners|
|Smoretalk||Visual generation||-||Seed||Korea Investment Accelerator, Post Holdings|
|Liquor square||Craft Beer||300 million||Seed||ImpactSquare|
|Finda||Fintech||47 billion||Series C||JB Group, 500Global|
|Lalajob||Gig worker platform||-||M&A||Saramin|
|BookIPs||Edutech||8.5 billion||Series A||KB Investment, Primer sazze partners, SL Investment, Blue Point Partners, SBA|
|Delabs||Web3 Game||6 billion||Hashed, Planetarium, Merit Circle, Polygon, Spartan|
|Hospitalpeople||Nurse community||-||Seed||Mashup Angels, KODIT|
|Chainlogis||Delivery||1 billion||Purple Corp|
|Equaltable||Eco friendly coffee||-||Sparklab, Youth Impact, Band|
|Stress sloution||Mindwellness soultion||500 million||Seed||Korea Investment Accelerator, Enlight Ventures,|
|SSSDC||Oneday class||3 billion||Series A bridge||Lighthouse Combined Investment, LGU+|
|DreamAES||Mobility||13 billion||Pre-IPO||Korea Investment, InterValue Partners, Golden Oak Ventures, DB Capital|
|CTTD||Digital Marketing||-||M&A||Africa TV|
|Iron Device||System Semiconductor||12 billion||Series B||Cornerstone Investment Partners, KB Investment, IBK Industrial Bank, Wonik Investment Partners, Daishin Securities|
|Moreh||AI Infra SW||15 billion||KT Group|
|Susimdal||Edutech||-||Seed||The Invention Lab|
|Lutra||NFT Solution||-||Seed||Gyeonggi CCEI|
|Sispia||1 billion||Yougpoong paper|
|Uppthera||Bio||10 billion||YuanBio Venture Capital|
- Fintech company Finda has attracted an investment of KRW 47 billion. This investment, secured in just 2 years and 6 months, acknowledges the growth and growth potential of the loan brokerage market. Founded in 2016, Finda has surpassed KRW 1 trillion in brokerage amount, and this investment will be used for various purposes, including the development of services for refinancing home mortgage loans.
- AI infrastructure software Moreh secures KRW 15 billion investment. It provides products and services covering the entire process from AI semiconductor and cloud infrastructure to AI application services. With this investment, Moree plans to accelerate its AI full-stack business.
- DreamAEC has secured a KRW 12.5 billion investment. Founded in 2015, the company specializes in providing vehicle infotainment solutions to major automakers, including Hyundai, Kia, Renault Samsung, and GM Korea. The newly acquired investment will be put to use in expediting solution development, ramping up mass production, and expanding its presence in the global market.
- Common Computer raised an investment of KRW 8 billion. Established in 2018, it provides cloud infrastructure services, creating a decentralized cloud and developing an AI sharing network platform. This strategic investment, along with the collaboration of strategic investor InBody, will be used to advance their AI chatbot.
Blockchain Startup Investments Plunge by 67%
Blockchain startups are facing their most challenging period this year, with the recent Luna crisis and FTX collapse dealing a serious blow to the cryptocurrency market’s trust and further intensifying the market downturn. As a result of the cryptocurrency crash and the broader economic slowdown, investors are actively steering clear of risks, causing blockchain investments to nosedive.
According to PitchBook data, fundraising for cryptocurrency startups during the first quarter of this year hit the lowest point since 2020, experiencing an alarming 80% drop compared to the same period last year. The impact is being felt even by heavyweight investors like Sequoia Capital, who responded to the economic downturn by cutting their investments in half, cryptocurrency funds included, for startups.
In Korea, the downward trend in blockchain investment has been a recurring theme year after year. In 2022, the total funds raised by blockchain companies amounted to KRW 261.1 billion, marking a 24% decline from the previous year. During the first quarter of this year, the funds raised were a meager KRW 63.5 billion, witnessing a staggering 67% drop compared to the same period in the previous year. Up until July, a total of KRW 90.2 billion was invested in related startups, and if the current investment pace persists, it is expected to fall short of last year’s numbers. However, there is a glimmer of hope as analysts predict the investment scale to show signs of revival from the second quarter onwards. Investors are still showing keen interest in companies equipped with core technologies, creating possibilities for additional fundraising opportunities.
Throughout the first half of the year, considerable investments have been funneled towards infrastructure companies, particularly web3 gaming platforms, mainnet development, and on-chain data analysis startups. Many of these companies have struck gold with overseas investment firms and major corporations, targeting a global audience.
Leading the pack as one of the most well-funded companies is Story Protocol. This innovative venture aims to build a “Story Lego Ecosystem” within the web3 realm, empowering creators to craft diverse stories with ownership and incentives managed through blockchain-based IP. Another noteworthy endeavor, Superblock, secured a significant KRW 9 billion investment for its development of a decentralized mainnet with a lightweight node structure, simplifying access to the blockchain ecosystem for users. Likewise, Common Computer obtained a substantial KRW 7 billion investment to fuel the expansion of its AI development ecosystem on a global scale.
Another standout performer, TeamBlackBird, has raised KRW 8.5 billion. Utilizing virtual asset wallet identification technology, TeamBlackBird creates CryptQuant and provides its services to over 200 countries. The CryptQuant data is being utilized by major global media and other sources, earning the company recognition as a trusted entity.
Additionally, the blockchain landscape continues to evolve with the emergence of new services like virtual asset exchanges, blockchain communities, and AI virtual asset management firms, all benefiting from initial investments. Despite the challenges posed by the global economic downturn, cryptocurrency crashes, and the slow commercialization of blockchain technology leading to a decline in startup investments, the technology’s potential to eliminate intermediaries and enhance transparency and efficiency remains undeniably promising. Though uncertainty clouds the timeline for market recovery, the presence of ample cryptocurrency funds in the market and the unwavering hope of investors for the technology’s potential bode well for avoiding a pessimistic evaluation of the market.