K-Pop Platform 'Makestar' Secures 14 Billion KRW Investment
Follow-up Investment Secured Six Months After 6 Billion KRW Funding Earlier This Year
August Sales Surpass 4 Billion KRW... Expected Over 200% Sales Growth Compared to Last Year
[Asia Economy Reporter Kim Cheol-hyun] Entertainment platform MakeStar (CEO Kim Jae-myeon) announced on the 14th that it has secured a total of 14 billion KRW in Series C funding from domestic investors.
This investment comes about half a year after raising 6 billion KRW earlier this year from the Industrial Bank of Korea and Altos Ventures. Existing investors, the Industrial Bank of Korea and Next G Investment, participated consecutively, while new investors including KC Ventures, Timewise Investment, Hana Financial Investment, and Isu Startup Investment also joined. With this, the cumulative investment amount reached 25.6 billion KRW.
Founded in 2015, MakeStar is a K-Pop global platform visited by users from over 230 countries worldwide, generating sales in 120 countries. Notably, 70% of its total sales come from overseas, making it more famous abroad than domestically. Riding on this success, MakeStar surpassed 4 billion KRW in sales last August, achieving its highest monthly sales since establishment. This year, it is expected to record sales growth approximately three times last year's 10.8 billion KRW.
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Based on this investment, MakeStar plans to expand its business areas beyond K-Pop to include dramas, movies, animations, and influencers, while focusing on technology investment to continuously provide differentiated and new services for Hallyu fans worldwide. Kim Jae-myeon, CEO of MakeStar, said, "We were able to lead this investment because we are leading the industry with event fields where fans worldwide can participate non-face-to-face and services that combine fan merchandise both online and offline." He added, "In the second half of the year, we will continue to provide services that can interact organically with fans, including entering the virtual artist field using the metaverse."
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