Top Korean Startups That Bloomed in 2024
We also recently published an article on the Top Korean Startups To Watch in 2024.
South Korea is one of the most technologically advanced societies in the world and it should come as no surprise that there are a number of top startups in the country. Some recent examples of South Korean startups that have been incredibly successful are Toss which was valued at $5.5 Billion and Yellow Mobile, which was also highly valued. In total, the Seoul startup ecosystem alone has been valued at more than $177 Billion.
There are a number of reasons why the Korean ecosystem is so successful such as access to an abundance of high-quality talent and the ideal tech infrastructure to create new startups. All of this is made possible by a large number of VCs and accelerators in the country. There are more than 190 VCs in the country and more than 100 accelerators and incubators helping Korean startups.
The Korean government is also very active in supporting startups in the country, actively investing more than $2 Billion into various Korean startups each year. It also runs the K-Startup Grand Challenge, which is an acceleration program aimed at enticing promising global startups to set up and do business in Korea.
We also recently published an article on the Top Korean Startups To Watch in 2024.
1. Rezi
Year Founded: 2015
HQ: Seoul, South Korea
Size: 1–10
Founders: Jacob Jaquet
Rezi is a Korean startup that was founded in 2015 and is currently based in the city of Seoul. The company helps people to get into the jobs they want by providing AI-powered services for resume building, cover letter writing, resignation letters and more. Users are also able to edit from a variety of available templates.
Since being founded, the business has done very well in securing startup funding. In total, the business has managed to raise a figure of 193 Million Won from four investors. Most recently, the startup has managed to raise $100 Million in debt financing, with this occurring in November 2022.
2. Bemyfriends
Year Founded: 2021
HQ: Seoul, South Korea
Size: 51–100
Founders: Junki Kim, Sanghun Bae, Steve Seo
Bemyfriends is a Korean startup that was founded in 2021 and is currently based in the city of Seoul. The company operates in the media market and has developed a SaaS platform that helps creators to build and maintain relationships with their fans through a range of functions like loyalty programs, data analytics, e-commerce and more. The company was founded by former K-Pop gurus.
Bemyfriends has been very successful in raising startup funding, with the startup raising a total of $25 Million from five investors. As the business seeks to expand further into international markets, it is likely that it will seek further startup funding to fuel this.
3. Energy X
Year Founded: 2019
HQ: Seoul, South Korea
Size: 11–50
Founders: Sean Park, Tom Hong
Energy X is a Korean startup that was founded in 2019 and is currently based in Seoul, South Korea. The company operates in the energy and sustainability market. The company has created a platform to create ESG sustainable architecture and enable the construction of zero-energy buildings to help reduce the impact of fossil fuel emissions on the climate, with buildings being one of the biggest culprits.
Energy X has secured a large amount of funding since being founded, with the business raising a total of $21.3 Million in startup funding. The last funding round for the business was a Series B Round that took place in January 2023 when it raised $16 Million from seven investors.
4. ONDA
Year Founded: 2016
HQ: Seoul, South Korea
Size: 101–250
Founders: Kevin Oh
ONDA is a Korean startup that was founded in 2016 and is currently based in Seoul, South Korea. The company serves the hospitality industry with software solutions for a wide variety of problems. One of their key offerings is the ability to help hotels across the world to sell their rooms to customers and reduces the management time required to complete these bookings.
Since being founded, the company has raised a good amount of startup funding. In total, the startup has managed to raise 31.5 Billion Won from thirteen investors. The startup’s last funding round was a Series B in November 2022 when it raised 12 Billion Won from six investors.
5. RECON Labs
Year Founded: 2019
HQ: Seoul, South Korea
Size: 11–50
Founders: Seong-Hoon Ban
RECON Labs is a Korean startup that was founded in 2019 and is currently based in Seoul, South Korea. The company operates in the imaging and modelling market and uses its software to help its customers to create cutting-edge 3D models and AR content which is created from photos and videos that were provided to them.
The business has done well with securing startup funding, in total, RECON Labs has raised $4.8 Million in startup funding. The last funding round the business went through was a Series A Round in May 2022 when it raised $4.4 Million from seven investors. It is likely that the startup will receive further funding in the future.
6. Upstage AI
Year Founded: 2020
HQ: Yongin, South Korea
Size: 51–100
Founders: Hwalsuk Lee, Lucy Park, Sung Kim
Upstage AI is a Korean startup that was founded in 2020 and is currently based in Yongin, South Korea. True to its name, the business operates in the AI market and help businesses to create their own AI models to help increase the efficiency of their operations and reduce the amount of administration required for certain tasks. This leads to improved profitability for the users.
The business has gone through a single round of startup funding since being founded. During this Series A Round in September 2021, the business raised a figure of 31.6 Billion Won from six investors.
7. Terrapin
Year Founded: 2019
HQ: Seoul, South Korea
Size: 101–250
Founders: Young Hak You
Terrapin is a startup in Korea that was founded in 2019 and is currently based in the city of Seoul. The company is a digital art studio that produces a range of animations and digital art content. Businesses are also able to get access to a range of fun emoticons that they can use in communication with their customers, such as giving reviews for services and much more.
The business has received a large amount of startup funding since being founded, with the startup raising a figure of $55.8 Million from a pair of investors. The company’s last funding round took place in January 2022 when it raised $43 Million from a single investor, namely NPX Capital.
8. Fantom Foundation
Year Founded: 2018
HQ: Seoul, South Korea
Size: 11–50
Founders: Michael Kong
Fantom Foundation is a Korean startup that was founded in 2018 and is currently based in Seoul, South Korea. The company operates in the blockchain market and has created a high-value smart contract platform to enforce the rules of a variety of digital assets and Dapps, helping the market to head towards wide-scale adoption at a faster rate.
The business has secured a large amount of funding since being founded, with the startup raising a total of $40.1 Million in startup funding from fourteen investors. The company’s most recent round was from an ICO that took place in December 2022.
9. Bringko
Year Founded: 2019
HQ: Seoul, South Korea
Size: 51–100
Founders: Bujung Kim, Taehwan Kim
Bringko is a Korean startup that was founded in 2019 and is currently based in Seoul, South Korea. The business works in the e-commerce market and has developed an online shopping platform that makes it easier for consumers to connect with businesses selling Korean products outside of Korea. This allows ex-pats to get the comforts of home, without having to shell out on expensive travel.
Since being founded, the company has been very successful in raising startup funding. So far, the business has secured funding from a single investor and this investor has backed the business with a total of 1.7 Billion Won.
10. Haegin
Year Founded: 2017
HQ: Seoul, South Korea
Size: 101–250
Founders: Young-Il Lee
Haegin is a Korean startup that was founded in 2017 and is currently based in Seoul, South Korea. The company works in the game development market and offers a range of family-friendly, fun games. They have more than 163 Million downloads on their games and are quickly expanding and creating more games.
The business has been incredibly successful in securing startup funding, with a total of $202.7 Million from fourteen investors. It is likely as they seek to create new games and reach new markets, they will seek further funding from investors.
11. Imagoworks
Year Founded: 2019
HQ: Seocho, South Korea
Size: 51–100
Founders: Yongjung Kim
Imagoworks is a startup in Korea that was founded in 2019 and is currently based in Seocho, South Korea. The company works in the artificial intelligence market and creates cloud-based software for the provision of medical and dental services. They are breaking new ground in the digital dentistry market.
The business has been successful in securing a large amount of startup funding since being founded, with the business managing to raise a figure of 13.7 Billion Won. It is currently unclear whether the business will seek further funding in the near future.
12. CHAI
Year Founded: 2019
HQ: Seoul, South Korea
Size: 101–250
Founders: Daniel Shin
CHAI is a Korean startup that was founded in 2019 and is currently based in Seoul, South Korea. The business works in the financial services market and provides the vital infrastructure required for businesses to process transactions and create an efficient financial system for businesses online.
The business is well one the most well-funded in South Korea, with a total of $120 Million being raised from eleven investors. The company’s most recent funding round was a Series B Round in December 2021 when it raised $45 Million from eight investors.
13. bHaptics
Year Founded: 2015
HQ: Daejon, South Korea
Size: 11–50
Founders: Gwak Kiuk, Sangwon Choi, Wonho Yu
bHaptics is a Korean startup that was founded in 2015 and is currently based in the city of Daejon, South Korea. They work in the virtual reality market and is behind the development of a new head-to-toe haptic suit which can improve and enhance the experience of virtual reality and brings a sense of touch to the market, which has sorely been missing at the current stage of development.
The business has been very successful in raising startup funding, with the business raising a total of 7 Billion Won from a group of five investors. It is currently unclear whether the business will attempt to raise further funding, but with the advent of VR in recent years, it looks likely.
14. TESSA
Year Founded: 2019
HQ: Seoul, South Korea
Size: 1–10
Founders: Jun Kim, Timothy Shin
TESSA is a startup in Korea that was founded in 2019 and is currently based in the city of Seoul. The business works in the financial services market and offers customers the ability to buy, sell and trade fractional ownership of a range of blue chip artworks from artists such as Picasso and Warhol.
The startup has done well in terms of securing startup funding, with a total of $9.7 Million being raised from a single investor. This investor was Kyobo Securities and the company funded the startup’s most recent Corporate Round in December 2022 with $9 Million.
15. JNPMEDI
Year Founded: 2020
HQ: Incheon, South Korea
Size: 51–100
Founders: Kwhuno Jeong
JNPMEDI is a Korean startup that was founded in 2020 and is currently based in Incheon, South Korea. The company works in the medical sector, developing technological innovations. These particular innovations are focused on promoting and building Korean medical infrastructure and a great platform for medical data.
Since being founded, the company has managed to secure a large amount of startup funding. In total, the business has raised 16 Billion Won from five investors. The company’s most recent funding round was a Series A Round that took place in November 2022 when the business raised 12 Billion Won from five investors.
16. MORAI
Year Founded: 2018
HQ: Yeoksamdong, South Korea
Size: 101–250
Founders: Jiwon Jung
Morai is a Korean startup that was founded in 2018 and is currently based in Yeoksamdong, South Korea. The company helps to advance autonomous vehicle technology by providing a variety of simulation services to companies, as well as providing V&V solutions for driving. In the future, autonomous cars will be safe and Morai is driving this advancement from the front of the pack.
The business has secured an impressive amount of startup funding since being founded, with $24.9 Million being raised from eight investors. It is likely that the business will seek further funding as new developments occur in the autonomous vehicle space.
17. Seoul Robotics
Year Founded: 2017
HQ: Seoul, South Korea
Size: 11–50
Founders: Han Bin Lee
Seoul Robotics is a Korean startup which was founded in 2017 and true to its name is based in Seoul. The company works in the robotics industry and builds advanced LIDAR detection systems for self-driving vehicles and robots. These advanced sensors help to keep people safe and make sure that the machines using them are operating as they should be.
The business has secured a significant amount of startup funding since being founded, with a total of $43.1 Million being raised from ten investors. The company is aiming to head for an IPO by the year 2025 and this ambitious goal is likely to require further funding in the near future.
18. Naver Z
Year Founded: 2018
HQ: Seongnam, South Korea
Size: 51–100
Founders: Dae-Wook Kim
Naver Z is a Korean startup that was founded in 2018 and is currently based in the city of Seongnam. The company operates in the augmented reality market and has created a platform where users can create their own 3D avatars, custom-built using facial recognition. People can make new friends and interact safely with people all over the world in a way that hasn’t been experienced before.
Investors have been incredibly supportive of the company’s business model, with the company raising 228.5 Billion Won from six investors. The company’s most recent funding round came in August 2022 when five investors supported the business with $3 Million.
19. 42dot
Year Founded: 2019
HQ: Seoul, South Korea
Size: 101–250
Founders: Chang Song
42Dot is a Korean startup that was founded in 2019 and is currently based in Seoul, South Korea. The company operates in the technology market and provides autonomous mobility services through the development of UMOS. This is achieved through a fleet of ground and air vehicles that are driverless.
Since being founded, the company has raised a large amount of startup funding, with 153 Billion Won being raised from seventeen investors. The company’s most recent funding round was a Series A that was completed in November 2022 when it raised 104 Billion Won from seven investors.
20. SeaVantage
Year Founded: 2018
HQ: Seoul, South Korea
Size: 11–50
Founders: Gene Song
SeaVanatage is a Korean startup that was founded in 2018 and is currently based in Seoul, South Korea. The company works in the logistics market and provides key stakeholders in the maritime shipping industry by providing real-time information and AI-based predictions for a variety of shipping requirements.
The business has gone through a single round of startup funding since being founded, with this round allowing the business to raise 1.6 Billion Won from five investors. It is currently unclear whether the company will seek further funding in the immediate future.
21. JoyCity
Year Founded: 2017
HQ: Seongnam, South Korea
Size: 1–10
Founders: Eugene Kim
JoyCity is a startup in Korea that was founded in 2017 and is currently based in the city of Seongnam, South Korea. The company operates in the publishing and game development market and has worked on a number of high-profile games including Pirates of the Caribbean: Tides of War, Gunship Battle Total Warfare and more,
The business has raised an impressive amount of startup funding since being founded, with the company raising $40 Million from a sole investor. The company also made an investment into Intella X during its January 2023 Seed Funding Round.
FAQs
How Many Startups Are There in Korea?
Finding exact figures for the number of startups in Korea can be difficult, however, Seoul alone has more than 8000 startups.
What is the Average Investment in Korean Startups?
The average Seed Funding Round in Seoul is worth $518,000 whilst the average Series A Round is worth $2.6 Million.
What Startup Industries Are The Strongest in Korea?
The strengths of the South Korean startup ecosystem are AI, Life Sciences and Robotics.
For additional tools and resource ➡️ Visit StartupStash
Zendesk is giving $75,000 in credits and perks for startups! ➡️ Apply Now!
