Bungaejangter Raises Total of 40 Billion KRW in Series E Funding
Corporate Value of 500 Billion KRW... Investment Value Increased by 160 Billion KRW Compared to November 2021
2023 Revenue Increased by 50% Compared to Previous Year
Fashion second-hand trading platform Bungaejangter announced on the 11th that it has secured a Series E investment totaling 40 billion KRW. This investment was led by Hana Alternative Investment Asset Management. With this Series E investment, Bungaejangter's corporate value is expected to reach approximately 500 billion KRW. This marks an increase of nearly 160 billion KRW in corporate value since the previous investment round in November 2021, when it was valued at about 340 billion KRW.
Bungaejangter's recent investment is seen as a result of a business strategy that enhances added value by solving problems in the existing second-hand trading process. Last year, platform-based sales increased by more than 50% compared to the previous year. In particular, the authentic product inspection service ‘Bungae Care’ experienced rapid growth. Bungaejangter expects its sales this year to grow more than double compared to the previous year and views 2024 as the first year of turning a profit.
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Choi Jaehwa, CEO of Bungaejangter, said, “We are continuously introducing new services to provide customers with a convenient second-hand trading experience, such as strengthening authentic product inspection capabilities, establishing safe payment, and being the first second-hand trading platform to offer overseas direct purchase.” He added, “We will continue to enhance service usability and safety, striving to establish ourselves as a technology-based, stress-free second-hand trading platform.”
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