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The South Korean startup ecosystem has grown over the last decade as major technical school firms and venture capital from the West has assay to make inroads in the country . No surprise there : South Korea has long been one of Asia ’s strongest economies . startup here have enjoyed honest admission to funding , benefiting from Big Tech company like Google , Meta , Qualcomm and Samsung setting up operations locally , as well as from consecrate speculation arm . It also helps that the Korean government has spur investiture by setting up conception hubs , brooder and accelerators .
Today , South Korea ranks ninthon the list of countries with the high bit of unicorn , per Statista , and its capital city , Seoul , is considered one of the top destinations to build up a technical school startup .
But like elsewhere in the humankind , startups here have not been immune to economic turmoil — tech firm have been reduce cost and laying masses off to make the most of a wasted funding environs , startup valuation have dipped , and growth - phase funding has raise grueling to hail by . Asian startups in general have struggle to raise capitalsince the grocery turned in early 2022 , and in 2023 , speculation upper-case letter investments in South Korea dip to around 5.4 trillion KRW ( $ 4 billion ) from6.8 trillion KRW($5.1 billion ) a year earlier , according to Statista .
It seems that 2024 will prove to be a pivotal year for many startup in the country , especially as some large name intend to go public either domestically or in the U.S. Here ’s a tilt of the top startups to count out for :
Yanolja
A traveling booking platform founded in 2005 bySu - jin Lee , Yanolja is best know for revisit and pivoting the concept behind love hotel in Korea — turning them from places known best foramorous assignations(rented for as little as one hour ) into attractive unforesightful - full term rental option for hip vernal people and travelers . Today , it has operations in more than 200 country .
The inauguration joined the unicorn lodge in June 2019 witha $ 180 million Series D roundled by Singapore ’s sovereign stock , GIC and Booking . And in 2021 , SoftBank Vision Fund II invested about $ 1.7 billion in a Series E that valued the startup between $ 7 billion and $ 9 billion .
Earlier this yr , Yanolja do up a underling in Manhattan , Yanolja US , to speed up its move toward a Nasdaq list . Last December , the company hiredAlexandre Ibrahim , who had a stint at the New York Stock Exchange , as its new principal financial officer . Yanolja isreportedly set to raise $ 400 millionin its initial public offering in the U.S. , which could prize the company between $ 7 billion and $ 9 billion .
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However , Singaporean atomic number 99 - commerce platformQoo10 ’s liquidity crisishas come forth as an important variable quantity in Yanolja ’s listing on the Nasdaq . Yanolja sell Interpark Commerce to Qoo10 in April 2023 and was promised to be paid$127.8 millionin instalment by 2026 , but Yanolja has not yet received the remaining amount .
Viva Republica (Toss)
Seung - ordnance Lee , a former tooth doctor , founded Viva Republica in 2015 , the company behind the finance super appToss , because he was eat up with the complexity of South Korea ’s online payment systems . Lee was apparently not the only one hackneyed of jumping through basketball game to make payment , and his app cursorily took off . Three years later , Viva Republicahit unicorn statusafter raising $ 80 million . The companionship was last valued at about $ 7 billion ( 9.1 billion KRW ) in December 2022 after a$405 million Series G round . Today , Toss has more than 19 million monthly active drug user .
sooner this year , Viva Republica hired advisor to go publicnext yearin South Korea . It place receipts of $ 994.1 million ( 1.37 trillion KRW ) in 2023 , and the company say it is likely to reachprofitability this yr .
Kurly
Kurlyhas harbored dream of an initial offering for year , but it may finally be capable to resume its listing plan .
Riding high on pandemic - aim tailwind , the grocery delivery serviceinitially plan to list in the U.S. in 2021 . But then it shelved those design in favor of an IPO in Seoul in 2023 . Those plans ended upgetting shelved , too , after the IPO windowpane fail to reopen in full in 2023 .
The party last year started diversifying its offerings , sell everything from mellow - end cosmetics to personal care product and supplement as it seek to bolster its revenue and gross merchandise volume ahead of its initial public offering .
But an IPO may be on the cards soon : Kurly recorded its first profitable month in December 2023 , denounce a significant milestone since its establishment in 2015 . The company has long express its intention to pursue a listing after becoming Earnings Before Interest Taxes Depreciation and Amortization - positive .
Kurly was last valued ataround $ 3.3 billionwhen it raised a $ 210 million pre - IPO rhythm in December 2021 , but reports suggest the company ’s price tag has sinceshrunk to $ 669 million .
Dunamu
Dunamu , the operator of Seoul - basedcryptocurrency commutation Upbit , started as a stock trading service in 2012 and launched a crypto exchange in 2017 . And in 2021 , it became the first company to evolve a virtual asset service provider ( VASP ) license in South Korea .
Currently South Korea ’s largest cryptocurrency exchange wheeler dealer , Dunamu briefly enjoyed ajuicy evaluation of about $ 17 billionin 2022 , when the crypto industry was still riding high . But as the hoopla around crypto faded in 2023 watch over the prostration of Luna and FTX , the company’svalue similarly plummet to $ 2.2 billion .
Dunamu saw an uptick in profit in the former class , stemming from the recovery of cryptocurrencies like Bitcoin . This result in a net profit of approximately $ 594 million in 2023 , reflecting a 515.4 % increase from the previous year . Nevertheless , the company has encountered obstacles in diversifying its revenue sources and managing personnel casualty within its subordinate . Dunamu is reportedlyaiming to go public on the Nasdaq .
Musinsa
Along with its Kakao ’s way platform Zigzag , Korean retail giant Shinsegae ’s W Concept , and Naver - backed Brandi , Seoul - based fashion marketplace Musinsa is one of the biggest and most democratic mode market place in South Korea . It offers more than 8,000 local and strange way steel sweep diverse category , include casual , sports and luxury to 13 million users .
The startup claims its yearly GMV baffle $ 2.35 billion ( 3 trillion KRW ) in 2022 and that its revenue hit $ 662.5 million in 2022 .
The society is reportedly in talks with investment banks to run its initial public offering in South Korea in 2025 . Founded in 2012 by CEO Man - ho Cho , the Korean manner political platform call down a$190 million Series Cround led by KKR that value it at approximately $ 2.76 billion in July 2023 .
Danggeun Market
Founded in 2015 by Gary Kim and Paul Kim , Danggeun Market runs Karrot , the hyperlocal marketplace app for possess good . The weapons platform has procedure in South Korea , Canada , the U.K. , the U.S. and Japan , and raised$162 million in a Series D roundat a valuation of $ 2.7 billion in 2021 .
The company posted itsfirst profitin 2023 on the back of strong drug user growth in the U.S. and Canada . The party has since been expected to go public , but its CEO Gary Kimsaidin May that the company would consider an initial public offering after building a stronger financial base .
Bucketplace (O!House)
establish in 2016,Bucketplace‘s place adorn and upcountry app OHouse started off simply as a community of people sharing upcountry design message . Today , the party is offering a variety of service that encompass almost everything involved in the residential space , ranging from home improvement , domicile repairs and maintenance to article of furniture delivery , moving Service and even a scraps can pickup service .
The company last raised a $ 182 million Series D round at a valuation of$1.4 billion in 2022 . Itrecently change by reversal downan investment funds from China - based e - mercantilism colossus Alibaba , according to local culture medium reports .
Bucketplace ’s business model is similar to Houzz , a California - based home remodeling package platform that’spreparing to go public as early as this class .
Moloco
Moloco , an adtech startup that apply motorcar learn tech to build wandering campaigns , serves roving app developers in a broad range of industries , like gambling , societal networking , e - commerce , drive - sharing , food delivery and fintech , help them work their first - political party user datum into marketing , monetisation and user acquisition crusade .
The companywas valued at more than $ 2 billionafter EDBI , a Singapore - base private equity and venture capital arm ofthe Singapore Economic Development Board , acquired shares in the company from another investor .
The company had lastraised $ 150 million in a Series C roundled by Tiger Global Management at a evaluation of $ 1.5 billion in 2021 .
Moloco intends to quest after a public listing on the Nasdaq and is currently tax the appropriate timing for its initial public offering , CEO Ikkjin Ahn said during a press conference in Seoul in December 2023 .
ZigBang
ZigBang , a South Korean proptech startup , raised just about $ 77 million ( 100 billion KRW ) in Series E fundingat a evaluation of about $ 1.8 billion ( 2.5 trillion KRW ) as its pre - IPO investment from the Korea Development Bank , IMM Investment and Hana Securities in 2022 . It gain asmart habitation business from Samsung SDSin January 2022 before getting Series E support to insert the fresh home industry .
The Seoul - base material landed estate platform has been in the Red River for three years in a row , which is in line with the state of the veridical estate marketplace in the land .
Korea Credit Data
Founded in 2016,Korea Credit Data ( KCD)is a Seoul - based fintech startup that offer an raiment of services for 2 million small- and medium - sized enterprises ( SMEs ) merchandiser in Korea . KCD launched its flagship service , Cashnote , a bookkeeping app for SMEs , in 2017 to enable SME owners to give chase a comprehensive overview of cashflow , including revenues , credit wag sales , expenditures , sales ledgers , and insurance info .
The inauguration raised $ 77 million ( 100 billion KRW ) in fundingat a valuation of approximately $ 1 billion ( ~1.3 trillion KRW ) from investment funds managed by Morgan Stanley Tactical Value in August 2023 . KCD isreportedlyplanning to go public in 2025 .
