SoftBank Ventures Invests 2.5 Billion KRW in Jewelry Tech Company 'Visual'
[Asia Economy Reporter Buaeri] SoftBank Ventures announced on the 1st that it has invested 2.5 billion KRW in the jewelry tech company 'Visual'.
Founded in 2017, Visual operates 'Amonz', the largest jewelry online commerce platform in Korea. Amonz has rapidly grown, especially among the design-conscious millennial generation, surpassing 500,000 cumulative members.
Choi Jihyun, Senior at SoftBank Ventures, stated, "Despite the jewelry market being a large market worth 6 trillion KRW, it has remained within the fashion accessories category of online clothing platforms. We expect Amonz to grow as a representative commerce platform within the global jewelry market, which is projected to grow at an annual rate of 20%."
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Heo Seil, CEO of Visual, said, "We want to connect more designers with customers both domestically and internationally to become the Amazon of the global jewelry industry. By collaborating with leading brands, we aim to become a leading company driving the online transition of the jewelry market."
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