Wadiz has successfully attracted a 100 billion series D investment worth 100 billion won. It is planning to expand into a comprehensive funding platform for startups and SMEs through engendering synergy effects with the Lotte Group which participated in the investment as a strategic investor.
Wadiz announced on the 10th that it attracted a total of 100 billion won worth of series D investment from Lotte Corporation and the Korea Development Bank. Lotte Corporation made investments worth of 80 billion won.
Wadiz made a total investment of 147.5 billion won. Wadiz has paved the way for a series D investment in two years and six months since it attracted 3.1 billion won series C investment where Shinhan Venture Investment, DS Asset Management, Korea Investment Partners and Smilegate Investment took part in in May 2019.
Wadiz said, “we have received much attention from various investors at home and abroad from the second quarter. The series D investment was carried out with a focus on the selection of investors who were able to engender synergy effects with the platform business of Wadiz.”
Lotte Corporation took part in the investment as an SI(Strategic Investor) for the aforementioned reason. It is thinking that it would engender synergy effects with Wadiz based on infrastructure of each sector including food, distribution, manufacturing, finance, logistics, and services.
Wadiz is planning to spend the money on expansion of the financial sector, providing marketing support for participating startups and advancing the Wadiz platform.
Shin Hye Sung said, “Wadiz is the only platform that provides opportunity for startups and SMEs. We would strive to make sure that startups and the SME ecosystem in South Korea could sustain solid growth momentum through this strategic investment.”
Wadiz started out as a crowdfunding company in 2013. It is running “Space Wadiz,” a brick and mortar experience store where visitors can see products in person which help fundraising efforts and “Wadiz store,” an online sales channel for products that successfully helped raise money.
As of this month, Wadiz’s brokerage fees including a cumulative amount raised by crowdfunding campaigns surpassed 600 billion won. 4 million members signed up and a monthly average of 1,000 cases of project were up and running. 100 startups attracted cumulative investments of 400 billion won from other institutes following the Wadiz funding.
Source: Pangyo Techno Valley Official Newsroom
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