Report: Korean Startups raised $362 billion across 816 deals in 2020.

The report was published by Startup Recipe, a tech media company from South Korea


Kenneth Ho

15 Mar, 2021

Report: Korean Startups raised $362 billion across 816 deals in 2020. | BEAMSTART News

South Korea's startup ecosystem is rising, with more funding being poured into the country.

According to a funding report by Korean media company Startup Recipe, Korean startups raised a total of KRW 4.118 trillion (~$362 billion) in 2020 across 816 investment deals.

Although funding was significantly lower during the first half of the year due to the pandemic, it recovered quickly in the second half.

Coupang, also known as the amazon of South Korea, went public in 2020.

Highest Investments in Consumer, Healthcare, and Software 

Consumer tech, bio/healthcare, and software attracted the most investments, while travel, coworking spaces, and retail-related businesses performed poorly due to the pandemic. 

Viva Republica, which runs the financial platform Toss, attracted the most investment (KRW 206 billion), followed by Kurly, which runs the fresh delivery service Kully (KRW 200 billion), and English education platform ST Unitas with KRW 150 billion.

Due to the pandemic, there was little news of startup IPOs last year, with many startups cancelling their plans to go public.

One of the most notable IPOs in Korea was Big Hit Entertainment, the agency behind the popular BTS band.

More South Korean women are starting their own ventures.

Female entrepreneurs only accounting for 8% of total funding

The region where the most investment was made was Seoul, with Gangnam and Seocho having the largest deals. 

The sector newly attracting investment in Korea in 2020 was ESG (environmental, social and corporate governance), with early investments pouring into startups developing cultured meat and plant-based meat.

According to the government's official announcement, Korea currently has 13 unicorns (billion dollar valuation startups), with Socar being the only publicly announced unicorn in 2020.

The amount of investment raised by companies established by female founders accounted for only 8% of the total investment.

The Startup Recipe official website.

Startup Recipe continues to report on Korea's ecosystem

Since their launch in December 2020, Startup Recipe has continuously covered the Korean ecosystem with news, insights, and investor matching services.

The company provides subscription-based newsletters for its users, which continues to become the go-to place for people who are interested in engaging with the Korean startup ecosystem.

The 2020 detailed report can be downloaded via their official website here.

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Senior Marketing

Gallons & Grapes Pte Ltd

Buona Vista, Singapore

Full Time

SGD 4000 — SGD 4500 monthly

English-Korean Freelance Transcriber in Singapore

Elite Asia

Singapore

Contract / Freelance

Salary Undisclosed

Account Manager (Hybrid)

Pinkerton

New York, NY, United States

Full Time

Salary Undisclosed

Customer Service Representative

Gamer's Hideout Sdn. Bhd.

Dataran Prima, Petaling Jaya, Malaysia

Full Time

MYR 3000 — MYR 4000 monthly

GROCERY SHOPPER UP TO $11/H !THEY ORDER, YOU SHOP!

RecruitFirst

SIngapore, Singapore

Contract / Freelance

SGD 9 — SGD 11 monthly

English Technical/Legal Writer

Pacston Technology Group

Kuala Lumpur, Malaysia

Full Time

USD 20000 — USD 60000 monthly

Junior Accounts Cum Admin Assistant

LABEL-LINE CORPORATION PTE LTD

Kallang, Singapore

Full Time

SGD 1600 — SGD 1800 monthly

Head of Developers

TWGT

Manila, Philippines

Full Time

USD 2000 monthly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).