South Korea VC Report 2022.pdf

South Korea Venture Capital
Landscape 2022
Through the eyes of an
International Investor

White Star Capital
Eric Martineau-Fortin
CEO & Managing Partner
Global
In this updated edition of our report, we share our continued excitement
for the South Korean technology and venture capital ecosystem.
Since the release of our first report in 2018, we have seen startup and
funding activity accelerate, with larger IPOs and acquisitions to match.
Through this report, we hope to highlight the key strengths and
differences in this market for investors, entrepreneurs and researchers.
We have also included commentary from local investors who share their
optimism for, and unique perspectives, on the region.
We have been actively investing in South Korea since 2020 and believe
strongly in the country’s continued success. We have backed the
extraordinary teams at Swing and Himedi, and are keen to double down
on our presence in South Korea.
For those that have followed the tech ecosystem in South Korea, it is
obvious that the country is having its moment in the limelight as a
regional startup powerhouse following Coupang’s high-profile US
IPO and Delivery Hero’s acquisition of Woowa Brothers.
While these are undoubtedly incredible stories for the South Korean
market, we recognize that Korea’s key strengths have been in
consistently producing multi-billion-dollar technology companies over
the years, long before the startup scene became as closely
integrated into the global capital markets as it is today. The depth of
Korea’s local startup ecosystem, both on the operator and investor
side, as well as the nation’s unique strengths in categories such as e-
commerce, social, and gaming continue to define South Korea an
important market for us.
With more global investors turning their attention to Korean startups
today, we’re excited to continue strengthening our presence in this
exciting ecosystem.
Eddie Lee
Partner
New York & Seoul
The South Korean startup market has steadily grown in recent years,
backed by an increasing pool of talented and ambitious entrepreneurs
with global aspirations.
The government has also been key in supporting this growth, by
establishing the Ministry of SME and Startups in 2017, which has wasted
no time in establishing critical mechanism to provide growth capital to fuel
startups that range from e-commerce, retail, bio and health, deeptech,
gaming.
Record funding round sizes and exit valuations have launched South
Korea onto the world stage. Global attention from international investors
such as ourselves have turned to the South Korean ecosystem in search of
innovative entrepreneurs and business models.
We hope that many international investors will share our excitement
toward this market, and that we find ways to collaborate.
Shun Nagao
Venture Partner
Tokyo & Seoul
2

White Star Capital
3
A Word from KVIC
After years of solidifying a sound fundamental of startup ecosystem, South Korea has
witnessed a remarkable growth not only in the size of venture investment but also in the
quality of the ecosystem itself over the past five years. More than 120,000 new startups
are emerging every year and there are now 16 unicorns, which is seven times the number
of unicorns we saw back in 2016. The latest Bloomberg Innovation Index has put South
Korea in first place amongst 60 of the most innovative countries in the world. Additionally,
according to Startup Genome’s Global Startup Ecosystem Report 2021, Seoul, the capital
of South Korea, has advanced to 16th on the list out of 280 cities across 100 countries.
2021 was a particularly spectacular year for the Korean venture capital industry with VC
investments and fundraising all setting record highs. Korean startups raised approximately
$6.4 billion in 2021, representing a YoY growth of 78.4%. More than 400 new venture
funds were formed last year with the value of $7.7 billion. With robust venture investments
and their financial return, we have seen an influx of capital coming from corporates and
financial institutions into funds, diversifying the LP composite of local venture funds. As the
virtuous cycle of the venture ecosystem is getting settled down, one very significant change
South Korea never saw before is becoming prominent; a cultural and perspective change
towards working in the startup scene. High quality workforce is no longer obsessed with
working at traditional behemoth companies but is rapidly opening its view to the benefits
and potential of being in the startup community. The general view the society had towards
people working at startups has also changed accordingly.
However, due to the size of the local market and limited scalability within, startups are
making internationalizing their business a top priority, which obviously provided foreign
VCs an enormous advantage over local VCs in securing hot deals. Korea Venture
Investment Corp (KVIC), a VC fund-focused sovereign wealth fund, has capitalized on these
trends and opportunities and expanded its allocation for overseas VC fund investments
over the last 8 years building up its own global platform.
White Star Capital was among the very first ones who saw this mega trend and has built its
unique strategy to preempt investment opportunities in South Korea. It is very exciting to
continue to build a long-term partnership with White Star Capital and we hope that this
report helps all readers recognize their own opportunities in the rapid change in the South
Korean venture ecosystem.
KVIC is the management company of a
sovereign wealth fund called "Korea Fund
of Funds" with a focus on venture capital
fund investments. Since its establishment in
2005, KVIC has played a critical role in
cultivating the modern Korean venture
ecosystem by working closely with Korean
and global VCs around the world
Website: https://www.kvic.or.kr/en/
Email: fvcif_us@kvic.or.kr

White Star Capital
Contents
Section 1 South Korea Venture Capital: An Overview 6-13
Section 2 Ecosystem 14-21
Market
Talent
Government
Capital
Section 3 Top South Korean Companies & VCs 22-33
Category-leading Companies
Leading Investors
4

White Star Capital
White Star Capital
South Korea Venture
Capital: An Overview
1

White Star Capital
White Star Capital
1st
Globally for Bloomberg’s
Innovation Index1
1st
Globally for smartphone
ownership rate2
3rd
Highest e-commerce share
of retail sales after China
and the UK in 20223
3rd
For Venture Capital
funding in Asia after China
and India
4th
For number of venture-
backed exits in Asia after
China, India and Japan
4th
Highest concentration of
unicorns in Asia after China,
India and Singapore
The South Korea Venture Capital
Ecosystem in the Spotlight
Source: PitchBook
(1) Bloomberg 2021.
(2) Pew Research Center 2020.
(3) eMarketer 2022.
6

White Star Capital
White Star Capital
VC funding increases
VC as an asset class has truly stepped into the limelight in South Korea
since 2014, with local startups such as Coupang leading the charge.
Deal volume and value
Source: KVIC Marketwatch 2022, PitchBook
Evolution of median deal size
Median deal size has climbed steadily in the last 10 years at a rate of
12.5% compounded annually.
South Korea Venture Capital: An Overview
7
1.5
0.8
0.5
1.0
1.7 1.7
1.9
2.8
3.0
3.2
4.9 4.7
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
YTD Aug
Median Deal Size ($m)
1.42
1.79 1.99 2.00
2.88
3.59 3.62
6.45
901
1,045
1,191
1,266
1,399
1,608
2,130
2,438
-
500
1,000
1,500
2,000
2,500
3,000
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2014 2015 2016 2017 2018 2019 2020 2021
Capital Invested ($b) Deal Count

White Star Capital
Funding growth in larger
rounds…
Median deal value has increased significantly in South Korea,
illustrating increasing investor appetite to fuel high-growth companies
locally.
Investors from across Asia are leading large investment deals in South
Korea.
Median deal value by series, in South Korea ($m)
Representative South Korea leads of $25m+ rounds
Source: PitchBook
8
0.6
2.7
4.1
0.4
2.9
6.5
0.5
4.3
11.5
0.9
3.6
8.4
0.5
3.5
9.1
0.8
4.5
12.8
0.9
5.0
15.6
Seed Series A Series B
2016 2017 2018 2019 2020 2021 2022 YTD Aug

White Star Capital
...with a steady rise in later stage
investing
White Star Capital
Share of deals in South Korea by stage
The South Korean venture capital ecosystem is maturing as later stage
rounds increase their share in all deals.
Share of deals by deal count and stage (2021)
Rapid growth in the proportion of Series B and Series C deals
indicates that the ecosystem is maturing.
Source: PitchBook
South Korea North America Europe China Southeast Asia
Seed
Share of deals 53% 55% 62% 20% 57%
∆ share (’20-’21) (10ppt) (3ppt) (1ppt) 1ppt 0ppt
Series
A
Share of deals 28% 23% 22% 42% 26%
∆ share (’20-’21) 4ppt 0ppt (1ppt) 4ppt (3ppt)
Series
B
Share of deals 13% 11% 8% 22% 9%
∆ share (’20-’21) 3ppt 1ppt (0ppt) (2ppt) (0ppt)
Series
C
Share of deals 5% 5% 3% 10% 3%
∆ share (’20-’21) 3ppt 1ppt 0ppt (1ppt) 0ppt
Series
D+
Share of deals 2% 6% 5% 5% 5%
∆ share (’20-’21) 1ppt 1ppt 2ppt (2ppt) 3ppt
9
60% 57% 52%
63%
53% 50%
25% 29%
32%
24%
28% 32%
13% 11% 12% 10%
13% 11%
2% 2% 3% 2% 5% 5%
2017 2018 2019 2020 2021 2022 YTD Aug
Seed Series A Series B Series C Series D+

White Star Capital
South Korea now features
many ecosystem champions...
Source: PitchBook
(1) Excludes companies founded before 2009, companies that have gone public and undisclosed deals.
(2) Korea Startup Index 2020, Born2Global.
Share of investment by deal value and sector2
Biotech, software and logistics firms have attracted the lion’s share of
investments in recent years.
South Korea’s best funded companies received much of their funding
in the past two to three years.
Highest funded VC-backed companies in South Korea ($m)1
10
28%
25%
22%
18%
9%
8%
25%
22%
19%
12%
7%
7%
17%
17%
12%
13%
5%
9%
7%
10%
13%
17%
19%
16%
6%
9%
10%
10%
20%
20%
4%
4%
4%
12%
17%
17%
4%
4%
7%
5%
11%
10%
3%
4%
7%
11%
9%
9%
6%
6%
7%
4%
3%
5%
2020
2018
2016
2014
2012
2010
Biotech Software Logistics Media & Video Hardware
IT Manufacturing Materials Gaming Others
100
287
85 56 50 15
1,880
683
689
571 314 239 252 235 191 189
1,980
970
709
575
399
295 262 248 241 204
Raised before 2019 Raised after 2019
Zigbang
Bucketplace

White Star Capital
11
New South Korean
unicorns from 2019 -
2022
$6.7bn
Capital raised
by South Korean
unicorns
Source: PitchBook
(1) Unicorn defined as a private venture-backed company raising a round of financing at a valuation of $1bn+.
11
…and is home to 16 unicorns1,
the 4th highest concentration in
Asia
White Star Capital
China
210 unicorns
India
72 unicorns
Singapore
17 unicorns
Seongnam
$1.0bn
$1.0bn
Seoul
$1.4bn
$1.3bn
$2.6bn
$7.4bn
$12.6bn
$3.3bn
Danggeun
Market
Bucketplace
$1.9bn $1.8bn
$1.3bn
$2.0bn
$1.0bn
$1.1bn
$1.0bn
ZigBang
$2.2bn

White Star Capital
Innovative business models have
attracted global investors...
Source: PitchBook
(1) Goodwater Capital.
12
IPO on
NYSE
March 2021
Coupang is an end-to-end ecommerce
platform with the largest market share in
South Korea.1 Their investments in
technology and a logistics network
enable same-day delivery across the
entire country, effortless returns and
packaging-free delivery.
Woowa Brothers operates Baedal
Minjok, a leading food delivery service
in Korea. The company continues to
innovate the FoodTech industry through
robotics, virtual kitchens, crowdsourcing
riders, and instant grocery delivery
services. Woowa Brothers was acquired
by Delivery Hero In March 2021.
Acquired by
Delivery Hero
December 2020
Hyperconnect is the developer of social
networking apps, Azar and Hakuna
Live, which focus on one-to-one video
chats and live streaming. Their
technology includes real-time translation
and P2P low latency connectivity now
used by videoconferencing firms around
the world. Hyperconnect was acquired
by Match Group in June 2021.
Acquired by
Match Group
February 2021
Viva Republica operates Toss, a leading
Korean fintech platform, and has built a
highly integrated ecosystem that drives
value across consumers & merchants.
The Toss ecosystem includes Toss
Payments (merchant payment solution &
gateway), Toss Securities (mobile stock
trading service), and Toss Bank (fast-
growing internet-only challenger bank).

White Star Capital
White Star Capital
…providing great outcomes for
entrepreneurs and investors
Date Company Valuation1
Mar 2021 $60.0bn
Aug 2021 $21.2bn
Sep 2020 $4.1bn
Sep 2020 $3.0bn
Sep 2017 $1.1bn
Aug 2022 $731m
Dec 2018 $593m
Jan 2021 $491m
Feb 2018 $469m
Jul 2020 $340m
Selected VC-Backed IPO Exits Selected VC-Backed M&A Exits
Date Target Acquirer Valuation1
Apr 2020 $4.6bn
Nov 2021 $3.7bn
Jun 2021 $1.8bn
Jan 2016 $1.6bn
Apr 2021 $900m
Oct 2019 $195m
Feb 2020 $189m
Sep 2017 $90m
Mar 2021 $65m
Jan 2019 $59m
309
VC-backed
IPOs
242
M&A Exits
12%
South Korea’s
Share of Asian
Exits
Exits have been on an uptrend over the past 10 years, with activity in
YTD 2022 remaining robust.
Source: PitchBook
(1) Values represent post-money valuation.
VC-backed exits in South Korea since 2012
13
7
18
22
37 35 32 33
38
30
40
17
11
18 13
23
11 17
26
26
22
39
36
2
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
YTD
Aug
IPO M&A Buyout
Korea

White Star Capital
White Star Capital
Ecosystem
2

White Star Capital
White Star Capital‘s model for a
Venture Capital ecosystem
At White Star Capital, we believe there are 4 key constituents to the VC
ecosystem.
Ecosystem
15
3
4

White Star Capital
90
88 88
86 86 86
86
85
South Korea Singapore Switzerland Germany Sweden Denmark Israel Finland
South Korean market brimming
with the right characteristics
1st
Globally for
Bloomberg’s
Innovation Index1
1st
Globally for
smartphone
ownership rate2
South Korea is among the world’s most technologically advanced and
digitally connected countries, where ‘ubiquitous connectivity’ is a way of
life.
(1) Bloomberg Innovation Index 2021.
(2) Pew Research Center 2020.
(3) eMarketer 2022.
3rd
Globally for
e-commerce
share of
retail sales3
16
Ecosystem: Market
97%
88% 86% 86% 85% 83% 82% 81%
South Korea Lebanon Netherlands Sweden Australia UK Israel US
45%
36%
30% 28%
17% 15% 15% 14%
China UK South Korea Indonesia Singapore US Russia Canada

White Star Capital
Excellent pool of academic talent
South Korea ranks first globally in educational attainment with a high
proportion of students majoring in STEM subjects in university.
Although, talent is often drawn towards academia over business or
startups.
70%
63%
62%
52%
50%
48%
45%
28%
31%
34%
34%
42%
39%
40%
South Korea
Canada
Japan
UK
US
France
OECD
Tertiary Upper-Secondary Below Upper-Secondary STEM % of Tertiary Degrees
2
4
6
8
10
12
1 2 3 4
Academics
moving
to
industry
per
1,000
researchers
Industry researchers moving to academia per 1,000 researchers
9%
34%
13%
15%
29%
Very Positive
Positive
Unsure
Negative
Very Negative
Corporate employees attitude
towards entrepreneurship
7%
29%
15%
26%
24%
Very Positive
Positive
Unsure
Negative
Very Negative
College seniors attitude
towards entrepreneurship
Attitude towards entrepreneurship is beginning to shift, as workers seek
opportunities to innovate and jobs in less hierarchical organizations.3
32%
20%
20%
29%
19%
21%
South Korea
Educational attainment by level (2020)1
Talent swap (2019)2
17
Ecosystem: Talent
(1) Organisation for Economic Cooperation and Development.
(2) League of Scholars 2020.
(3) Startup Trend Report 2020, Startup Alliance.

White Star Capital
Government-Led Innovation Initiatives
(1) Republic of Korea Ministry of SMEs and Startups.
(2) Illustrative and non-exhaustive list of initiatives supporting the local ecosystem.
(3) Korean Startup Ecosystem 2019, Austrade.
Domestic Ecosystem Initiatives3 Markets Abroad
Government
Accelerators
11 Programs
Example: Seoul Global
Startup Center
Female Entrepreneur
Support
3 Programs
Example: South Korean Women
Entrepreneurs Association
Foreign Entrepreneur
Funding and Support
7 Programs
Example: OASIS Startup
Visa Program
Global Expansion
Support
3 Programs
Example: K-Global
Smart Mobile
South Korea Focused Foreign
VC and CVC Funds
Example: Altos Ventures,
Qualcomm Ventures, Big
Basin Capital, Softbank
Export competitive South
Korean businesses to
international markets
Encourage foreign
entrepreneurs and
investors to enter the
market and increase local
competition
Both local initiatives and foreign entrants are driving innovation in South
Korea.2
The government is fostering innovation through SME-focused
organizations and funding from KVIC and other South Korean fund of
funds.1
Founded: 2017
Korea Venture Investment Corp (KVIC)
General partner managing government
capital and limited partner for venture funds
abroad
Korea Development Bank (KDB)
Wholly state-owned bank with
accelerators and a venture capital arm
Korea Growth Investment Corp (K-Growth)
Fund of funds manager specialized in both
venture capital and private equity
18
Ecosystem: Government

White Star Capital
Angels and accelerators
(1) Ministry of SMEs and Startups.
(2) Venture Square Korea.
28.9
12.0
4.7 4.0
2.2 2.1 2.7 2.2 1.7 1.2 0.7 0.6
2.6
4.9
7.1
9.6
12.6
14.8
16.1
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
50
46
40
39
38
35
23
16
11
10
Lotte Accelerator
Kakao Ventures
Blue Point Partners
Spring Camp
Bon Angels
Bass Investment
Primer
Mashup Angels
Neoply
Naver D2SF
Most active seed funds in 20192
Number of registered angel investors (000s)1
Angel activity has gradually returned two decades after the height of the
dot-com boom. In 2016, the government introduced tax benefits for angel
investments in a bid to further diversify funding options for startups.
Accelerators and angel syndicates play a major role in the South
Korean ecosystem and have backed 6 of the 11 current unicorns.
Other key global accelerators
19
Ecosystem: Capital

White Star Capital
Investment in South Korea’s
ecosystem is booming
Capital commitments to VC funds have boomed in recent years, owed
to government support and inflows from investors from overseas.
New VC fund creation1
Global attention is turning to South Korea, as startups are increasingly
attracting foreign capital to finance their rapid growth into unicorns.
Altos Ventures
GIC Goodwater Capital
Founded 1981 – Singapore
Selected Investments:
Toss
Woowa Brothers
Yanolja
Founded 1996 – Menlo Park
Toss
Woowa Brothers
Krafton
Founded 2014 – San Francisco
Toss
Memebox
Snow
Softbank Ventures Asia
Sequoia Capital Partech
Founded 1972 – Menlo Park
Coupang
Woowa Brothers
Musinsa
Founded 2000 – Seoul
Socar
OP.GG
Hyperconnect
Founded 1982 – Paris
Toss
My Real Trip
Mind Logic
Source: PitchBook
(1) KVIC Marketwatch 2022.
20
Ecosystem: Capital
2.3 2.2
3.5 3.9 4.1 3.6
5.8
7.7
82 108
120 164
146
170
206
404
$0.0bn
$1.0bn
$2.0bn
$3.0bn
$4.0bn
$5.0bn
$6.0bn
$7.0bn
$8.0bn
$9.0bn
2014 2015 2016 2017 2018 2019 2020 2021
Capital Committed ($b) New Fund Count

White Star Capital
South Korean corporates have
been actively investing
Corporates and their venture arms have been amongst the most active
investors in South Korea.
Investment count over LTM1
Corporates have been investing across diverse sectors with a broad
mandate, including in leading South Korean companies.
Hana Ventures
Kakao Ventures Lotte Ventures
Founded 2012
Danggeun Market
Korea Credit Data
Heybit
Founded 2018
Ridibooks
BlockOdyssey
Super Kitchen
Founded 2016
Haegin
42dot
Fresheasy
Naver
Posco Capital
Hanwha Investment &
Securities
Founded 1997
Market Kurly
DeepBrain AI
VOGO
Founded 1999
Bucketplace
Mesh Korea
Cafe24
Founded 1962
Dunamu
Toss Bank
Travel Wallet
Source: PitchBook
(1) From Aug 2022.
21
Ecosystem: Capital
35 34 33
20
10 9 9 9 7 6
Kakao
Ventures
Hana
Ventures
Lotte
Ventures
Posco
Capital
Naver
Hanwha
Investment
&
Securities
Hyundai
Venture
Investment
Signite
Partners
(Shinsegae)
SK
Securities
Samsung
Venture
Investment
Top 10 Top 25 Top 100
Other non-corporate investors in top 50 include KB Investment, Korea Investment Partners,
IMM Investment, KDB, DSC, Smilegate, Mirae Asset Venture, CRIT, Kolon, Openwater etc.
Top 150

White Star Capital
White Star Capital
Top South Korean
Companies & VCs
3

White Star Capital
23
Category-leading companies
have embraced tech &
innovation
Leading companies have emerged across multiple categories across
Blockchain, PropTech, FoodTech, Virtual Reality, Gaming, Transport,
and various marketplaces, amongst others. Many of these companies
have achieved strong traction despite only being founded well within
the last decade, enabled by a heavy emphasis on tech and innovation.
Leading investors from South Korea and international funds are paying
close attention to these trends, having deployed actively into the
ecosystem, with several investors holding positions in multiple leading
South Korean startups.
Bucketplace

White Star Capital
Dunamu
About the Firm
24
Dunamu is a developer of a crypto-asset exchange platform designed to provide mobile-
ready crypto trading services. The company's platform provides real-time coin prices for
various markets on the mobile lock screen, as well as analysis of various altcoins and coin
trends at-a-glance, providing clients and investors with a safe and easy way to perform
cryptocurrency transactions.
Year Founded 2012
Latest Valuation $12.6bn
Total Raised $575m
Sector Focus Blockchain, FinTech
# Employees 146
Firm Snapshot Selected Investors
Market Kurly
About the Firm
Market Kurly is an operator of a fresh food delivery platform intended to transform the
production and distribution of groceries in South Korea. The company's online grocery
delivery platform delivers products from offline stores closest to the place where shoppers
are located, offers non-perishable foods such as jam, pasta sauce, tuna cans, canned
foods, enabling people to get fresh food on scheduled time.
Year Founded 2015
Total Raised $707m
Sector Focus FoodTech
# Employees 800
Source: PitchBook

White Star Capital
Danggeun Market
About the Firm
25
Danggeun Market is a developer of a marketplace platform intended to facilitate second-
hand goods transactions online. The company's platform offers an online GPS service
where buyers and sellers of goods can connect directly through the portal, enabling users
to locate and buy their desired product as per their location.
Year Founded 2015
Total Raised $195m
Sector Focus E-commerce
# Employees 300
ZigBang
About the Firm
ZigBang is a developer of proptech software designed to cater to the areas of real estate
services. The company's software helps to search for rental properties by the number of
rooms, occupants, and prices, enabling users to save money while choosing houses.
Year Founded 2010
Total Raised $295m
Sector Focus PropTech
# Employees 600
Source: PitchBook

White Star Capital
Bucketplace
About the Firm
26
Bucketplace is a developer of an interior design content platform intended to give
customized interior design photos, techniques, and tips. The company's platform provides
different types of content such as online housewarming and interior know-how, product
and home remodeling professionals' information, along with quotations and expert
consultations, enabling individuals to gain information, shop for interior accessories online
and beautify their homes.
Year Founded 2013
Total Raised $262m
Sector Focus Consumer
# Employees 229
VA Corp
About the Firm
VA Corp is a developer of a metaverse platform designed to provide service from
planning and production to branding and distribution of content. The company's platform
offers creative possibilities through virtual reality, thereby providing businesses conditions
for content and virtual production such as movie, drama, advertisement, music, video
production, conference event, live commerce, fashion photoshoot, and much more to
experience new technology.
Year Founded 2021
Total Raised $89m
Sector Focus Virtual Reality
# Employees 5
Source: PitchBook

White Star Capital
Npixel
About the Firm
27
Npixel is a developer of computer and mobile gaming application software designed for
entertainment purposes. The company's service offerings include the development of
animated single, as well as multiple users, and console gaming applications, enabling
gaming enthusiasts to get access to new gaming experiences.
Year Founded 2017
Latest Valuation $860m
Total Raised $150m
Sector Focus Gaming
# Employees 530
Musicow
About the Firm
Musicow is an operator of music copyright trading platform intended to serve the music
industry. The company offers music copyright sharing and music project financing,
enabling users to bid on the creations of music available on the platform and earn
royalties on the basis of the times the song is streamed and used.
Year Founded 2016
Total Raised $168m
Sector Focus Media, Music
# Employees n/a
Source: PitchBook

White Star Capital
Socar
About the Firm
28
Socar is a developer of an eco-friendly car sharing app and community, that allows
travelers to share cars with others who are traveling the same route. Socar debuted on
the Korea Exchange on 22 Aug 2022.
Year Founded 2012
Market Cap $633m (30 Aug 2022)
Total Raised $296m
Sector Focus Ridesharing
# Employees 413
Swing
About the Firm
Swing is a mobility super-platform that operates e-scooter sharing services and franchising,
alongside motorcycle, e-moped, and e-bike rentals for last-mile delivery companies.
Year Founded 2019
Total Raised $35m
Sector Focus Mobility
# Employees 104
Source: PitchBook

White Star Capital
29
Leading investors foretell the rise
of startups in South Korea
Compared to ten years ago, the term startup is now mainstream. Since
then, there has been an acceleration of digital adoption and
innovation, and talent has been migrating into the startup ecosystem.
Startups are taking a larger share of the South Korean economy which
has historically been a global leader in traditional sectors.
Investors are paying attention to the transition of influence from
established corporations to leading startups, as many large
corporations now prioritize digitization and innovation either internally
or via M&A to stay relevant. The dynamic between large corporations
and startups is one of South Korea’s intricacies which presents various
opportunities for the ecosystem.
The South Korean community possesses a strong work ethic and places
a heavy emphasis on innovation. Combined with global ambition,
investors expect South Korean startups to also thrive internationally, as
local unicorns have begun to list on international stock exchanges.

White Star Capital
Altos Ventures
About the Firm
30
Altos Ventures is a venture capital firm that focuses on investing in early-stage technology
companies. Altos has been the first and lead institutional investor in 100+ companies
around the world and supports the full lifecycle of companies from inception to global
growth and profitability. Altos invests in both consumer and enterprise tech companies,
with a particular interest in enterprise SaaS, FinTech, e-commerce, and consumer brands
and services.
How do you see the South Korean startup ecosystem evolving
in the next ten years?
The South Korean startup market is enjoying a strong momentum
today. The term startup was foreign to many people just ten years
ago but now is mainstream. This resulted in a great talent migration
into the local startup ecosystem, and I expect this trend to only
continue over time. As Korean startups take on a larger share of
economic influence, it will be important for them to contribute back
to the overall local economy.
Heeeun Park
Partner
Year Founded 1996
Stage Focus Series A, Series B
Sector Focus Consumer, Enterprise
Geo Presence North America, South Korea
Firm Snapshot Notable South Korean Investments
Woowa Brothers operates Baedal Minjok, a
leading food delivery service in South Korea.
Altos made its initial investment through Series
A in February 2012. The company merged
with Delivery Hero (ETR:DHER) in March
2021 at a $4B valuation.
How would you
characterize the South
Korean market today?
Enterprise digitalization is
becoming a key theme.
Where South Korean
companies hired internally
to develop software
solutions in the past, they
are now actively paying
for numerous SaaS
products instead. This
trend is also tied to the
increased spotlight on,
and higher valuation of,
local tech giants such as
Naver and others.
How can South Korean
startups become more
competitive?
Unique to South Korea’s
economy is the ongoing
transition of influence from
established corporations
to the new class of mature
startups. It’s important for
startup leaders to build
towards an inclusive future
for all the stakeholders.
From a general execution
standpoint, sales tends to
be a key opportunity area
for many South Korean
startups.
Which industries are
you most excited about
going forward?
Enterprise SaaS stands out
as an exciting category in
South Korea because of
the demand that is only
now starting to become
truly unlocked. E-
commerce has flourished
in the country and is now
undergoing specialization
by category.
Fragmentation is
expected, but there will be
more opportunities for e-
comm enablers to rise.

White Star Capital
Murex Partners
About the Firm
31
Murex Partners is a South Korean venture capital firm focusing on an early & mid-growth
stage investments. Our investment strategy is based on a unique set of theses and thinking
that extends beyond conventional limits. We invest in extraordinary entrepreneurs arising
from South Korea’s unique market advantages and some of the most successful
entrepreneurs that we previously backed have become our venture partners who work
closely with us.
South Korea has historically led globally in areas such as
shipbuilding, semiconductor, electronics, and entertainment content.
While this competitive spirit started transferring to the startup
ecosystem in the late 90s, we’re now seeing an incredible
acceleration based on the highest level of digital adoption and
exceptional innovation diffusion rate. Startups will become a
prominent driver of the South Korean economy.
Bumsuk Lee
Managing Partner
Year Founded 2017
Stage Focus Early & Mid Growth
Sector Focus Software, Internet & Mobile
Geo Presence South Korea
Yanolja is South Korea’s #1 online travel
agency platform servicing both travelers and
property managers, now expanding
internationally.
Bumsuk Lee and Murex Partners invested in
the company from early stage to growth.
How would you
South Koreans are
hardworking and mobilize
around tech startups very
well because of their
genuine passion for
innovation. The wide pool
of talented operators and
engineers serves as a
strong foundation of the
startup ecosystem. Now, 3
of the top 10 South
Korean public companies
by market cap were
founded after 2000 and
were VC-backed.
competitive?
South Korea’s SaaS
category has been
historically difficult due to
large corporations in the
country relying on their
internal system integration
affiliates to develop most
software capabilities in
silo. Startups are now
quickly attracting many of
the best engineers, so
continuing to specialize in
this space will be critical
to unlocking a new large
vertical.
going forward?
The South Korean
healthcare infrastructure is
considered top notch
globally and is ranked
third behind only the US
and Germany according
to Newsweek’s World’s
Best Hospitals in 2020.
Alongside a strong
consumer adoption trend
of digital health, we
expect this sector to
experience tremendous
growth for the years to
come.

White Star Capital
TBT Partners
About the Firm
32
TBT is a Seoul-based venture capital firm focused on investing in Series A startups going
global or born to be global. Based on the team's experience building an early ICT
(Information and Communications Technology) landscape in South Korea, TBT invests in
brilliant and persistent founders capitalizing on South Korea's competitive edge.
The local startup ecosystem has developed exceptionally over the
last decade but exit paths via M&A remain rare and limited. This will
be the most developed area over the next decade as we predict that
stagnant conglomerates will secure new growth engines via active
startup M&A. Furthermore, founders who have exited and secured
capital will create a virtuous cycle by participating as a limited
partner or by becoming investor themselves.
Ram Lee
Managing Partner,
Founder
Year Founded 2018
Stage Focus Pre-Series A, Series A
Sector Focus ICT, B2C Platform, B2B Solutions
Geo Presence Asia
GRIP is South Korea’s first live commerce
platform that believes anyone can sell.
TBT has been an early-stage investor since
2018. Kakao made a large-scale investment
of 180bn won (US$153m) in 2021.
How would you
Scale-up era of South
Korean startups is now
here with the emergence
of local big tech
companies that are worth
above 10 trillion won
($10bn USD) in addition
to the fast-evolving
consumer lifestyle patterns
in areas such as fresh food
delivery that are now
billion-dollar-industries.
Recent later stage
investments all point to a
much more robust market
for years to come.
competitive?
South Korea is a small
country with a population
of 50M; however, Seoul
with 25M acts as a
testbed of the future
through population
density, early-adopter
nature of consumers, and
outstanding IT human
capital. We encourage
South Korean startups to
reflect on this edge as
they enter the global
market so that their
product resonates on a
global stage.
going forward?
B2B SaaS will be the next
frontier. South Korean
companies have adopted
IT systems historically, but
many still lack the full
enterprise IT infrastructure
suited for today’s needs.
B2B SaaS has reached a
point now where it can
flourish as infrastructures
inevitably migrate from
on-premise to cloud, and
local startups account for
a larger share of South
Korean companies.

White Star Capital
White Star Capital
About the Firm
33
White Star Capital is a global multi-stage technology investment platform that invests in
exceptional entrepreneurs building ambitious, international businesses. Operating out of
New York, London, Paris, Montreal, Toronto, Tokyo, Hong Kong, and Singapore, our
presence, perspective, and people enable us to partner closely with our Founders to help
them scale internationally from Series A onwards.
Past economic events in South Korea such as the boom up to the
80’s or the Asian Financial Crisis in the late 90’s felt largely isolated
from the western hemisphere. Coupang’s recent NYSE IPO marks a
turning point where many more South Korean startups will
increasingly become more intertwined with the rest of the world. I
anticipate stronger cross border business development opportunities
for South Korean companies.
Eddie Lee
Partner
Year Founded 2014
Stage Focus Series A, Series B
Sector Focus Consumer, Enterprise
Geo Presence North America, Europe, Asia
Swing is a mobility super-platform that operates
e-scooter sharing services and franchising,
alongside motorcycle, e-moped, and e-bike
rentals for last-mile delivery companies.
White Star Capital led the company’s $24m
Series B in January 2022.
How would you
Both the startup and VC
industry are becoming
more competitive every
year. South Korean
founders know that they
can work with a deep
pool of local investors
who can support company
growth from pre-seed all
the way to IPO. South
Korean VCs are more
aggressively advising
local portfolio companies
to expand business
abroad.
competitive?
Data driven Go-To-Market
and growth strategy stand
out as key areas of
opportunity. We believe
that South Korean
founders are most
compelling when they’re
equipped with the same
depth of operational
toolkits that are leveraged
by many of the successful
entrepreneurs in North
America and Europe.
going forward?
Historically, South Korea
has been very strong with
consumer services due to
early ubiquity of mobile
and internet infrastructure.
Compared to this
category, SaaS has
lagged quite a bit despite
South Korea having a
very robust SMB and mid
cap makeup. We
anticipate many more
compelling business
solutions filling this void in
the near future.

South Korea VC Report 2022.pdf

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