[THE INVESTOR] IT&Basic, the operator of Korea’s top audience response system Symflow, aims to reach break-even point in 2019 by expanding its domestic and overseas business.
The Korean startup is known for providing an effective system for connecting shy audiences with presenters on stage through its mobile-based platform that make it possible for participants to raise questions anonymously.
Symflow CEO Min Kyung-wook
“We expect our sales to increase further this year to reach 2 billion won (US$1.80 million), especially through cooperating with Multicampus and break even this year,” said Symflow CEO Min Kyung-wook during an interview with The Investor.
Multicampus, which is a Samsung affiliate that focuses in HR areas, will provide its educational contents and IT&Basic will be responsible for establishing a customized platform for the contents and data organizing system, according to the partnership deal signed between the two companies last year.
The Symflow operator added that it expects more conglomerates to become their clients this year.
“Companies like LG Electronics and Shinhan Financial Group used Symflow during their New Year’s meeting and gave us positive feedback. They said that our platform helped the employees to communicate with the company’s management, including chairman, better,” Min said.
Moreover, in order to expand its business here, the company has also found ways to attract addition funds.
“Currently, we are talking with education giant Chunjae Education for a partnership. We are also talking about investing in us as a strategic investor,” he said.
“Since we have started expanding our business overseas, we are expecting that some global VCs will also see realize our potential.”
THE INVESTOR PROFILE
Description: IT&Basic operates audience response system Symflow
Founder: Min Kyung-wook
Headquarters: Bucheon, Gyeonggi Province.
Total equity funding: 60 million won (US$53,710) angel funding from Venture Square