Social network-based e-commerce startup Adapt has secured a new round of investments worth 10 billion won ($8.4 million), the company said Oct. 15.
Six financial institutions participated in the round -- Aju IB Investment, Innopolis, KB Securities, Mirae Asset Venture, Hyundai Venture Investment and KDB Capital.
A screen shot of Adapt`s video advertisement
Founded in 2017 by Park Jeong-ha, Adapt develops private brands and markets through online channels like YouTube and social networking services. The company logged 20 billion won in revenue in the first half of the year, soaring from 9.2 billion won for the entire 2018. The company said its revenue goal is 100 billion won next year. The company’s portfolio includes cosmetic brand Skin Builders, perfume brand L’absense and health care brand Foodology.
“We will use the funds to improve our products and create high-quality advertisement videos as well as for our overseas expansion,” Park said, adding that the company plans to go public in 2021.
By Park Ga-young (firstname.lastname@example.org)