BeMyFriends Secures US Investment... Total Funding Reaches 37.9 Billion KRW

US VC Cleveland Avenue Secures Investment Funding

Be My Friends, a global fandom business specialist company, announced on the 8th that it received investment from Cleveland Avenue, a U.S. venture capital firm. Having previously secured 33 billion KRW in investments from major domestic corporations and investors such as CJ, CJ OliveNetworks, Saehan Startup Investment, GS, and Dreamus Company within just over a year since its founding, Be My Friends has now achieved a total Series A investment of 37.9 billion KRW through this new funding round.

Cleveland Avenue, which led this investment, is a Chicago-based venture capital firm founded in 2015 by Don Thompson, former CEO of McDonald's. It primarily holds investment portfolios in the food and beverage, food tech, and entertainment industries. This investment decision was made after comprehensively evaluating the potential value, technological capabilities, and management expertise of Be My Friends' fandom business model. Don Thompson, CEO of Cleveland Avenue, stated, "We made this investment recognizing Be My Friends' global growth potential and business scalability," adding, "We expect Be My Friends' vision toward the global market and its core fandom business to create mutual synergy with Cleveland Avenue's portfolio."

Be My Friends aims to lead the global fandom market beyond K-pop. With this investment, Be My Friends plans to accelerate its U.S.-based global business by expanding partnerships across various fields such as entertainment, sports, and lifestyle, leveraging Cleveland Avenue's local network. Seo Woo-seok, co-CEO of Be My Friends, said, "Cleveland Avenue's investment signifies global recognition of Be My Friends' next-generation business model and potential," and added, "We will solidify our position as a leading company in the global fandom business by securing customers across diverse industries in the U.S."

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