Lotte Ventures, 16 Startups Participate in the '8th L-Camp Demo Day'

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[Asia Economy Reporter Lim Jeong-su] Lotte Ventures announced on the 8th that a total of 16 promising startups participated in the ‘8th Batch - Busan 3rd Batch L-Camp Demo Day’ held to discover new startups.

Lotte Ventures held the L-Camp Demo Day at Lotte Cinema World Tower Hall and online the day before. Startups supported by Lotte with initial investment funds and office space participated in the startup demo day and online booths to gain additional investment and business linkage opportunities.

About 600 people, including domestic and international venture investment officials, Lotte executives and employees, and startup representatives, attended both online and offline. At this event, 12 out of the 16 startups from the 8th batch of L-Camp and the 3rd batch of Busan took the stage to introduce their business models and achievements.

Among them, notable companies included Rapique and Recon Labs. Rapique introduced a new technology that uses plant softening technology to incorporate more than 95% plant ingredients into cosmetics and food products. Using this technology, they are jointly developing beverage products with Lotte Chilsung Beverage. Cosmetics applying the softening technology sold more than 1.5 million units this year alone.

Recon Labs, which provides a 3D modeling platform service for augmented reality (AR) commerce, showcased technology that converts products such as furniture and home appliances into 3D images through product photography alone. Recon Labs supplies this technology, which drastically reduces modeling costs and time compared to existing technologies, to companies such as Lotte Hi-Mart.

According to Lotte Ventures, the 8th batch of L-Camp and the 3rd batch of Busan have achieved meaningful results through Lotte Ventures’ program over about eight months since March. Ollink, together with Seven Eleven, introduced the first iPhone simple payment solution in domestic convenience stores and grew its corporate value by more than 400%.

Over the past six years, a total of 5,065 startups have applied to the L-Camp program, with 166 companies selected, showing a competition rate of 31:1. An analysis of the corporate value (based on venture capital evaluation) of 119 companies from the first to the seventh batch of L-Camp showed growth from a total of 302.9 billion KRW at the time of entry to 1.1986 trillion KRW in November 2021, about 3.9 times growth. Among them, 57% have already attracted follow-up investments.

Jeon Young-min, CEO of Lotte Ventures, said, "We prepared the demo day so that the businesses and ideas of the 8th batch of L-Camp and the 3rd batch of Busan startups, which have the potential to change the world for the better, can be well conveyed to the world," adding, "Lotte Ventures will strive to make the world new and better through supporting startups."

Meanwhile, Lotte Ventures has also actively supported domestic startups’ overseas expansion. In November, it established the first foreign venture investment company in Vietnam to lay the groundwork for supporting entry into Vietnam, and selected 13 startups wishing to enter Silicon Valley in collaboration with ‘82startup,’ a non-profit organization in Silicon Valley, USA.

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