Dunamu & Partners, the investment arm of Dunamu, announced on the 24th that it has invested approximately 2 billion KRW (1.5 million USD) in Glencoco, a U.S.-based sales marketplace.

Glencoco is a platform that connects businesses needing sales personnel with verified sales professionals. The platform pays a success fee to these professionals for each meeting they successfully arrange with potential clients. This approach allows businesses to continuously acquire new customers without the need to directly hire sales staff, reducing costs by roughly 40% compared to in-house hiring.

The average fee that Glencoco charges businesses per meeting is 600 USD (around 800,000 KRW), which marks a 100% increase since the platform’s launch in June 2023. Glencoco’s major clients include Verkada, a cloud-based physical security solutions provider, Multiplier, and Rho, a digital banking service.

Notably, Rho used Glencoco to set up approximately 40 meetings with companies interested in issuing corporate cards over a span of two months, paying 800 USD (about 1.1 million KRW) per meeting. Of these meetings, 25% converted into customers, representing new clients that could potentially generate 19.2 million USD (approximately 26 billion KRW) in card transactions.

Founded in 2022 by In-gwon Chae, who previously worked as an options trader at Morgan Stanley’s U.S. headquarters and held sales management roles at cloud security startups Verkada and Wiz, Glencoco aims to solve the challenges of hiring sales staff and securing a continuous sales pipeline.

“According to Gartner, the average tenure for sales representatives in the U.S. is only 14 months, and this period is even shorter for high-growth companies,” said In-gwon Chae, CEO of Glencoco. “Just as Uber connected passengers with drivers, Glencoco aims to become a global marketplace that creates new opportunities and value in the B2B sales sector.”