According to the Ministry of SMEs and Startups’ report on the domestic venture investment fund formation trends for the first half of 2024, the total new investment amount reached approximately USD 4.08 billion, marking a 19% increase compared to the same period last year.

In August 2024, South Korea’s startup ecosystem demonstrated vibrant growth with significant investments across various sectors. Despite a general trend of reduced startup funding, several companies secured major investments, showcasing a strong focus on deep tech, content, healthcare, and biotech with potential for global expansion.

PIP Labs raised USD 80 million in Series B funding to innovate in IP and generative AI. This investment will accelerate their efforts to enhance creator protection and revenue models using blockchain technology.

In the gaming industry, NCsoft invested USD 27.7 million in VIC GAME STUDIOS to acquire global rights for the new game “BREAKERS.” This strategic move is expected to boost NCsoft’s market presence and game development efforts.

Storelink secured approximately USD 15 million in Series C funding to drive its global expansion and enhance its platform capabilities, reinforcing its position in the martech sector.

Holiday Robotics obtained USD 13.1 million in seed funding for the development of humanoid robots, bringing its innovative robotics solutions closer to commercialization.

In the biohealth sector, ADEL raised USD 12.72 million in Series B bridge funding to advance its Alzheimer’s drug development. BaroPharm also secured USD 11.23 million in pre-IPO funding, increasing its total funding to around USD 26.2 million for its pharmacy management platform.

Fintech company Payhere raised an additional USD 11.23 million in Series B2 funding, bringing its total investment to USD 37.4 million to enhance its all-in-one store management solution.

Vely Monkeys, which operates the K-beauty commerce platform Macaron in India, secured USD 9.6 million in Series B funding to expand its K-beauty offerings in the Indian market.

Korean quantum technology leader SDT received USD 7.47 million in pre-IPO funding from Shinhan Venture Investment, advancing the commercialization of its quantum technologies.

In the entertainment sector, BIGC raised an additional USD 3.74 million in a pre-Series A bridge round, bringing its total funding to USD 10.84 million and aiming to strengthen its global market presence.

Overall, August 2024 saw South Korean startups making significant strides, leveraging substantial investments to accelerate their global market expansion and technological advancements. This momentum is expected to further enhance their growth prospects and global recognition.

• PIP Labs;Story Secures USD 80 million in Series B Funding to Revolutionize IP and Generative AI 
• NCsoft Acquires Global Rights for “BREAKERS” through Strategic Investment in VIC GAME STUDIOS 
• Storelink Raises 20 Billion KRW to Drive Global Expansion and Innovation
• Holiday Robotics Secures KRW 17.5 Billion in Seed Funding for Humanoid Robot Development 
• ADEL Secures 17 Billion KRW in Series B Bridge Round for Alzheimer’s Drug Development 
• Payhere Secures Additional 15 billion KRW in Series B2 to Enhance all-in-one Store Management Solution 
• BaroPharm Secures ₩15B Pre-IPO Funding to Boost Pharmacy Platform
• Vely Monkeys Secures $9.6M Series B for K-Beauty Expansion in India
• Korean Quantum Leader SDT Lands ₩10 Billion Pre-IPO Funding
• BIGC Raises 5 Billion KRW in Pre-Series A Bridge Round aiming at Global Entertainment Market