Top 8 Unicorns in South Korea

South Korea may not be the first country that comes to mind when you think of healthy and exciting environments for startups, but believe it or not, it’s actually becoming a great destination for budding entrepreneurs.

And it’s no coincidence. South Korean bureaucrats and industry leaders alike have made a concerted effort to position the country in such a way that makes it seem like a desirable location to start and nurture a new business.

South Korea is seeing a great deal of capital investment and along with that, it’s experiencing great growth too. Figures show that the country experienced a 78% growth in investment from 2020 to 2021, with a total of $6.4 billion of investment capital in 2021.

This entrepreneurial culture and success is a relatively new phenomenon, however, as the country relied more on a handful of large, successful businesses to sustain the economy. Now, however, with the loss of prominence of some of these industry giants, new life has been breathed into the world of small businesses.

In fact, in 2021, 99% of South Korea’s businesses were small and medium-sized businesses (SMEs), and they accounted for 49% of the country’s annual revenue. Thus, South Korea doesn’t just have a lot of small businesses, because anyone can do that. South Korea has plenty of successful small businesses.

South Korea and the Rest of the World

South Korea ranks really well among the most successful countries in the world in terms of startup ecosystems, as well as the number of unicorns produced by a single country.

In fact, it recently placed 10th in the world with regards to countries that have produced the most unicorns in the world. Of course, this changes constantly as valuations fluctuate and businesses flip from private to public ownership, but it still positions South Korea in the upper echelons of successful businesses and startups in thew world.

Top 8 Unicorns in South Korea 

By 2021, South Korea has produced nearly 20 unicorns, even though some of them have since lost their billion-dollar title or have become publicly listed since then.

For now, here are the top 8 unicorns in South Korea.

1. M $6.5 Billion

Founded in Seongnam, South Korea in 2017, Kakao Mobility is a service that helps people find and use public transport of several different types. As a developer of mobility-as-a-service (MaaS) software, this startup provides its services to users by means of an easy-to-use app.

Providing users with access to the hiring of electric bikes, hailing of taxis, locating designated drivers, assistance with parking and more, Kakao Mobility manages big data to provide users with a seamless experience.

Today, the startup has completed eight funding rounds, has nearly 1,000 employees and is worth $6.5 billion.

2. Tridge: $2.7 Billion

Tridge is a Seoul-based agritech startup that has designed and created a platform that allows for the trading of agricultural products while using market intelligence. The platform allows users to view market trends based on things like production trends, production volume analysis, wholesale market price and supplier information.

Companies can use the platform to engage with each other, as well as credible suppliers, importers, producers, growers and wholesalers to help optimise their professional operations.

Tridge was launched in 2015 and upon completion of its sixth funding round, brought in $36.2 million of investment.

3. Karrot: $2.7 Billion

With its most recent valuation setting it at $2.7 billion, Karrotis a secondhand goods marketplace platform that allows users to buy and sell bits and pieces virtually. It uses GPS to help buyers and sellers connect directly based on their exact locations.

Karrot was launched in Seoul in 2017 and founded by a team made up of Yonghyun Kim, Changhoon Jung and Jaehyun Kim.

4. TMON: $2.5 Billion

TMON is the developer of an e-commerce platform that is used for buying and selling products. The company was founded in 2010 and it currently has about 500 employees and has been through 12 financing rounds.

The startup facilitates efficient buying and selling of goods under a variety of different categories, from food and travel to clothing and accessories.

TMON was founded by Kwon Gi-Hyeon, Lee Ji-Ho, Seong-Yoon Shin and Tom Kim and is now worth $2.5 billion.

5. ZigBang: $1.93 Billion

With a total of 27 different investors to date, ZigBang is a Seoul-based startup that is now worth an incredible $1.93 billion. Launched in 2010, the company was founded by SungWoo Ahn and received a $78.2 million dollar investment at the end of its last funding round at the end of 2022.

ZigBang is a prop-tech software operator that caters specifically to real estate services. The platform helps users search for rental properties by means of their needs and desires regarding the number of rooms, budget, number of occupants and more.

6. Megazone Cloud: $1.74 Billion

Megazone Cloud provides users with integrated cloud consulting and implementation services that aim to help companies make the transition to the cloud easier, more effective and more efficient. Specialising in web services, Megazone Cloud offers services including deployment and managed services, architectural consulting, implementation and more.

Ultimately, the platform aims to provide clients with optimised business operations and services to make management easier and more effective.

The company was founded by Joowan Lee back in 1998, and today, it’s worth $1.74 billion.

7. Bucket Place: $1.4 Billion

Bucket Place is an interior design content platform that was launched in 2013 in Seoul, South Korea. It provides users with techniques and tips for all your interior design needs, from housewarming decor to complete professional remodelling of a home.

The platform allows individuals with little interior design knowledge to learn to shop for products and accessories online and ultimately make their homes look incredible without hiring an actual designer.

The startup was founded by Seungjae Lee and Jinsik Kim and today, Bucket Place is worth $1.4 billion.

8. GP Club: $1.32 Billion

GP Club was founded by Kim JungWoong in 2003 in Seoul, South Korea, and it’s now worth $1.32 billion.

The startup is a cosmetics manufacturer and distributor that caters to the fashion industry. The GP Club provides cosmetics planning, distribution, development, and export services, including lipsticks, cleansers, moisturisers, and more.

With just over 200 employees, the GP Club has attracted a total of $67 million of investment after only having been through two full funding rounds.