The Korea Herald

Payment services start-up attracts W20b funding

Jul 26, 2016

[THE INVESTOR] JTNet, an operator of online and offline payment services, has attracted 20 billion won (US$17.5 million) of funding from BNW Investment and Zenitas Investment, the company said on July 26. The Korean company under Yellow Mobile’s online-to-offline business affiliate Yellow O2O, offers value-added network and payment gateway services -- core technologies behind credit card transactions.Founded in 1993, the company joined Yellow Mobile, a start-up giant consisting of dozens of diff
470 start-ups registered over W100b revenue in 2015

Jul 21, 2016

[THE INVESTOR] The number of South Korean start-ups with annual revenue of 100 billion won (US$87.9 million) or more surpassed 470 last year, data showed on July 21. A total of 474 startups saw their annual revenues exceed 100 billion won last year, up 14 from the previous year, according to the data jointly released by the Small and Medium Business Administration and the Korea Venture Business Association. Korea`s main financial district in Yeouido, Seoul (Korea Herald file photo)Whisky brand
Korea to invest W12.5b in ‘soft robots’

Jul 19, 2016

[THE INVESTOR] The Ministry of Science, ICT and Future Planning said July 19 that the ministry will invest a total of 12.5 billion won (US$11 million) in the field of bio-inspired robotics, often called “soft robotics,” over the next seven years. Soft robots are highly flexible and look like sea creatures. The research aims to build machines that handle tasks impossible with traditionally designed robots. A stingray-shaped bio hybrid robot (left), a joint research project of Korea’s Sogang Unive
Korea’s first generation start-up entrepreneur acquires Cyworld

Jul 19, 2016

[THE INVESTOR] Jeon Je-wan, a Korean first generation start-up entrepreneur, has acquired Cyworld, a social networking service considered a trailblazer in the SNS sector in Korea.Cyworld said on July 19 that Jeon, the head of streaming service Air, has recently taken over the firm after acquiring 100 percent stake in the company previously held by 29 shareholders. The exact cost of the takeover deal was not revealed, but it is estimated to be less than 1 billion won ($881,000).Jeon founded Web p
Woowa Brothers vows to risk operating loss for growth

Jul 13, 2016

[THE INVESTOR] Woowa Brothers, the operator of food delivery app Baedal Minjok, said July 13 that the company returned to profit in the first half of this year after suffering an operating loss for two years.The Korean start-up posted 900 million won (US$750,000) operating profit during the half year with its sales coming in at 34.9 billion won. The company attributed the operating profit in the first half to reduced marketing costs and surging orders. In May, the total number of monthly deliver
Tencent to hold start-up competition in Korea

Jul 12, 2016

[THE INVESTOR] China’s Internet giant Tencent is seeking to nurture competitive Korean start-ups as it plans to hold a global start-up competition event in Korea in the latter half of this year. The company said on July 12 it will hold the event -- the first of its kind -- in four countries, including Korea, China, India and the US. Regional winners will be selected through semifinals to compete for the global championship title. In Korea, three teams will be named to participate in the final co
New start-up center to support foreign businesses

Jul 11, 2016

[THE INVESTOR] A new start-up center funded by the Seoul Metropolitan Government will help expats grow their businesses by assisting them in developing globally.The Seoul Global Startup Center in Yongsan-gu is the first government-subsidized scheme to provide seed funding mainly for foreigners through an incubation program in Korea. Seoul GSC’s five-month incubation program will provide 10 million won ($8,656) in seed funding to successful applicants.Each team will also receive a 24-hour office
Hyosung joins effort to help game start-ups’ China expansion

Jul 7, 2016

[THE INVESTOR] Hyosung Group, a South Korean industrial conglomerate, and North Jeolla Province have joined the efforts to help local game start-ups gain a foothold in China. Hyosung Group and four other organizations, including South Jeolla Provincial Office and HN Games, formed a business agreement on July 7 at the Jeonbuk Creative Economy and Innovation Center, the company said. Under the plan, Hyosung plans to invest 1 billion won (US$ 864,650). The company, in partnership with the organizat
KT to nurture 20 start-ups this year

Jul 7, 2016

[THE INVESTOR] KT, South Korea’s leading telecommunications company, will pour 2 billion won (US$1.7 million) to foster 20 start-ups this year, the company said on July 7. In line with the investment plan, the company held the so-called “speed dating” pitching event, at its headquarters in Seoul on the same day. At the event, start-ups suggest their ideas to attract investment and KT executives choose candidates to receive marketing and financial support on the spot. Among the start-ups selected