Innocean Spins Off Its Second In-House Startup, 'Moduup'

Im Ju-il (left), Lee Chang-hyung, co-CEOs of Moduup.

[Asia Economy Reporter Lim Chun-han] Innocean Worldwide announced on the 5th that ‘Moduup,’ selected through the in-house startup nurturing program Pump Season 2, will spin off and launch as an independent company.

Pump is a new concept nurturing program where internal employees directly plan, propose, and invest. After an in-house idea contest, external expert evaluation, virtual funding, and employee evaluation processes, the best idea is selected. Innocean then supports it through its own accelerating program by hosting demo days and aiding commercialization.

Moduup is an ad tech platform that helps sole proprietors secure digital sales capabilities more easily and quickly. It features automation technology that allows users to easily manage everything from social media ad planning, selection of creative materials, ad execution, to result analysis. Additionally, it provides promotion and customer management functions for one-person businesses at a low cost, enhancing competitiveness in the market.

Moduup was planned by a fifth-year planning staff member and an art director at Innocean who experienced the rapidly changing advertising market trends and designed a new advertising business for the rapidly increasing number of sole proprietors. Moduup, which presented a roadmap for a hyper-personalized global business market where everyone’s job (up) can grow, executed digital ads for about 100 client companies during one year of incubation. It completed a successful beta service, recording steadily increasing repurchase rates and monthly sales growth of over 300% since the first advertisement. Having been selected last year as an in-house venture nurturing company under the Korea Startup Promotion Agency of the Ministry of SMEs and Startups, Moduup plans to systematize all digital marketing needs for sole proprietors and expand into a SaaS business targeting the global market.

An Innocean official said, “Following the success of Neunggeum born in Pump Season 1, the successful spin-off and launch of Moduup in Season 2 has elevated Innocean’s differentiated digital transformation competitiveness to the next level. We will continue to experiment with the potential of new businesses and further develop the program to discover innovations by expanding into diverse fields.”

This content was produced with the assistance of AI translation services.