Cheotjang Company, the operator of the online funeral platform Cheotjang, has secured seed investment from New Paradigm Investment. The investment reflects the firm’s strategic move to lead the digital transformation of the funeral and burial market in response to Korea’s rapidly aging society and shifting funeral culture.

Korea’s funeral and burial market, valued at approximately USD 7.3 billion(KRW 10 trillion), continues to grow annually. However, public columbariums have reached capacity, private burial plots remain prohibitively expensive, and transparency in transactions is severely lacking, limiting consumer choice.

To address these issues, Cheotjang Company is building a one-stop platform that integrates cemetery search, comparison, and transactions, including columbarium transfers, subscription-based burial services, and ESG-friendly funeral options. Users can filter by location, budget, and facility conditions, review actual transaction prices, facility photos, and location details, and finalize contracts through a secure payment system.

Currently, its “cemetery consultation service” serves as the first stage of platform development, allowing users to compare multiple burial sites and access discounts that save time and costs. The company has already generated revenue through additional services such as obituary notifications, securing a stable income stream.

Founded from the winning team of Kyowon Group’s in-house venture competition, Cheotjang officially launched its service in October 2023. Just one month after being spun off as an independent corporation in November 2023, the company achieved profitability, backed by infrastructure established during its beta phase and numerous completed transactions.

Commenting on the investment, Jae-hyun Park, CEO of New Paradigm Investment, stated, “Cheotjang Company is a professional team solving critical challenges in funeral and burial planning through digital solutions. Its market potential, coupled with its socially and environmentally conscious business model and strong execution capabilities, demonstrates clear global expansion opportunities.”

Cheotjang Company’s CEO, Won-bong Jang, formerly a department head at Kyowon Life, brings deep expertise from his career in Korea’s major mutual aid association and IT service sectors. The core team also consists of seasoned professionals in service planning, marketing, operations, and legal affairs, enhancing execution through clear role allocation and agile decision-making.

“We are committed to ensuring that bereaved families no longer suffer from lack of information or opaque transactions,” said CEO Jang. “Our mission is to make funeral preparation more transparent, efficient, and accessible, enabling more families to choose funeral homes and burial sites rationally and with confidence.”

The new funding will be directed toward expanding the nationwide funeral home and cemetery database, upgrading the platform, enhancing functionality, and strengthening technological capabilities through the recruitment of key developers. Cheotjang also plans to explore overseas expansion, particularly across Asia, with the goal of becoming the global standard for digital funeral platforms.