[StartupRecipe] The Thriving Foodtech Investment Sector

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#Weekly Funding Overview

[Sep. 25 ~ Sep. 29]

The total funds raised by Korean startups of this week is KRW 72.1 Billion.

Company	Industry	Amount	Round	Investors
MitoImmune Therapeutics	Bio	5.2 billion		BNC, K-Ground Ventures, BMI
Noutecompany	Digital stationery	2.5 billion		Goodnote, Strongventures
Tripsoda	Travel commnunity commerce	800 million	Seed	Primersazze, Soppong Ventures
AimBe lab	Livestock Industry	-	Pre-Series A	Korea investment accelerator
Curaum	Medical device	10.6 billion	Series B	CKD VENTURE CAPITAL, Etri Holdings Daily Partners, Shinhan Capital, IBK Industrial Bank, Samsung Securities, Hyundai Technology Investment, Korea Venture Investment, Roi Investment Partners
XL8	AI Translation	10 billion	Series A	KB Investment, Atinum Investment
Neocannbio		10 billion	Series B	Quad Asset Management, Bilanx Investment, Donghoon Investment, Prologue Ventures, MedytoxVenture, HLB Investment, BM Ventures
Tripod Lab	Foodtech	-	Grant	TIPS
Futurism Labs	Fintech	-	Grant	TIPS
Squadx	Shortform commerce	-	Seed	Cnttech
Growv Edu	Edutech	18 billion	Series B	LG U+, Hana Ventures, KB Investment, Midas Dong-A Investment
Fine one	Display materials	15 billion	Series C	Innopolis Partners, KDB Development Bank, A Ventures, TS Investment, Daedeok Venture Partners
Newlook	Korean traditional Beverage	-	Seed	The Ventures
Theoneder	Building Management	-	Seed	Bass Investment, Soppong Ventures
Superworks Company	Brand consulting	-	Seed	Cnttech
HB Smith	QA	-	Grant	Post Tips
VPPlab	Renewable Energy IT Platform	-	Grant	Deeptech TIPS
3-youth	Medical device	-	Grant	TIPS

Major Funding

• EduTech company GrowV Edu has attracted an additional investment of KRW 18 billion, achieving a total investment of KRW 44 billion. Their flagship product ‘Superv’ provides customized smart educational content in English, math, and Korean for children aged 4 to 8 through dedicated tablets.
• Fine One has secured an investment of KRW 15 billion. The company succeeded in localizing the key component, the magnet plate, in the OLED display deposition process and achieved sales of KRW 40.6 billion last year.
• Specialized healthcare medical device company Curaum has secured KRW 10.6 billion in funding. Curaum develops next-generation medical services by integrating oral sensors and Software as a Medical Device (SaMD), providing the device ‘Oralog’ for treating chronic sleep disorders.
• AI translation startup XL8 has attracted an investment of KRW 10 billion. Operating and developing the ‘MediaCat’ solution for localizing media content, the investment will accelerate their entry into the markets of the United States, Europe, and the Middle East.

#Trend Analysis

The Thriving Foodtech Investment Sector

In the face of a recent downturn in startup funding, the foodtech industry remains a focal point for investors, buoyed by the prevailing investment landscape. According to data from Startuprecipe, foodtech startups have secured a KRW 3469 million in funding by September of this year. This resilience is underscored by several significant transactions, indicative of sustained interest and commitment within the sector. Notably, investment emphasis has leaned towards Series B and higher stages.

Investment focus primarily orbits around food e-commerce and pioneering startups dedicated to revolutionizing restaurant operations through digital means, encompassing functions like reservations and payments. While e-commerce has commanded the lion’s share of investments, it is worth noting that numerous e-commerce enterprises, originally eyeing public listings, have opted for postponements due to the prevailing market conditions.

The venture into alternative meats, notably cultured meat, has experienced a measured pace, marked by a sparse number of large-scale investments. However, seed investments persist, foreshadowing a surge in interest towards alternative food sources in response to the global climate shift. Additionally, the rise of ‘robots as a service’ in kitchen and restaurant environments will be a salient feature of the industry this year. Startups specializing in unmanned and automated solutions, exemplified by kitchen and serving robots, promise enhanced operational efficiency and reduced labor costs, ensuring they remain on investors’ radars.

Company	Description	Funding (Billion won)	Round
Kurly	E-commerce	120	Pre-IPO
Smartfood networks	Food distribution	40	Series B
Ignis	Functional food	34.8	Series B
WAD	Restaurant management	30	Series D
Payhere	Restaurant management	20	Series B
Bbodeck	Dishwashing system	18	Series B
Cellmeat	Cultured meat	17.4	Series A
Sweetbio	Foods	10.5	Series B