South Korean online book club platform operator Trevari has received a combined 5 billion won (US$4.44 million) investment from venture capitalists Softbank Ventures Asia and Fast Investment.
This marks the first round of investment in the startup founded in 2015, said Seoul-based Softbank Ventures Asia on Feb. 12, which made a 4.5 billion won investment.
Courtesy of Trevari
Trevari runs a subscription-based platform through which subscribers join book clubs that meet in person. A four-month membership ranges from 190,000 won to 290,000 won, excluding the cost of purchasing books.
Trevari’s service has not only created a sustainable business model but also addressed people’s need to discover a sense of belonging with those who share similar tastes, said Jay Choi, a senior associate at Softbank Ventures Asia who led the investment.
“Trevari has proved the success of a book club’s business model by keeping users’ participation rate and membership extension rate high,” Choi said in a release. “Trevari has operated quality book clubs, amid a steady decline in Korean adults’ appetite for reading books.”
Some 4,600 active paid members have participated in some 300 book clubs in spaces run by Trevari as of February, according to the venture capitalist.
By Son Ji-hyoung (email@example.com)