Mobile Group Buying Commerce Allways Secures 13.3 Billion KRW in Series A2 Funding

Mirae Asset Capital Leads, New Participation from Hantupha, etc.
Growth Expected Like Nasdaq's 'Pinduoduo'

[Asia Economy Reporter Kwangho Lee] RevIt, the operator of the mobile group-buying commerce platform 'Always,' announced on the 13th that it has secured 13.3 billion KRW in Series A2 funding. The investment round included Mirae Asset Capital, Mirae Asset Venture Investment, Korea Investment Partners, GS Ventures, and Kkeullim Ventures.

Launched in September last year, Always is a mobile ultra-low-price group-buying commerce app. Within just one year of its launch, it has rapidly grown, surpassing 2.5 million users and a cumulative transaction volume of 45 billion KRW. The total accumulated investment has exceeded 26 billion KRW.

Always is continuously expanding direct sales from producers to eliminate intermediary distribution margins and unnecessary brand margins. It helps producers who are not familiar with marketing to easily find and sell to a large customer base, maximizing producers' sales volume. Through direct transactions with producers, consumers are offered high-quality products at reasonable prices, and the producers receive a greater share of the profits. The number of sellers on Always has increased about 70 times compared to the beginning of the year, growing rapidly alongside the user base.

Always is characterized by automating all areas of platform operation, including store management, evaluation, and exposure management, through IT technologies such as system development, algorithms, and machine learning. With this investment, RevIt plans to aggressively recruit and prioritize securing outstanding talent to further advance its platform and technological capabilities.

Manager Seung-hyun Cha of Mirae Asset Capital, who participated in RevIt's Series A funding and led this follow-up investment, said, "Always is creating a more advanced future commerce by digitalizing not only sales channels but also the supply chain through technology." He added, "We highly evaluated the company for achieving high customer loyalty and rapid service growth in a short time with a small team of 22 people. We expect it to emerge as a powerful commerce platform that will replace the first-generation commerce."

Hee-jin Kim, Senior Team Leader of Korea Investment Partners, a new investor in this round, stated, "Always is the fastest-growing C2M commerce in Korea. Given the business model's characteristic of low fixed costs, we decided to invest expecting growth into a commerce capable of realizing operating profits, similar to Nasdaq's Pinduoduo."

Jae-yoon Kang, CEO of RevIt, said, "The consumer mindset prioritizing cost-effectiveness remains central regardless of the era and has been expanding even faster recently amid rapidly rising prices. Through technology, we will continuously solve inefficiencies in the retail market to create a platform where consumers can make the most rational purchases and producers can reap the greatest rewards."

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