Beautytech ‘Hwahae’ raises 20 billion KRW in pre-IPO funding

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South Korea-based beautytech company Birdview has announced that it has successfully completed its pre-IPO equity investment and is preparing to go public.

Birdview, which operates the mobile beauty platform ‘Hwahae‘, received a pre-IPO investment of 20 billion won from PS Alliance. Birdview succeeded in attracting this investment due to its business performance and growth, which has been stable with its own revenue since attracting Series B investment in 2018.

Since its launch in July 2013, Hwahae has been ranked No. 1 in the beauty category of the mobile app market (Android) for eight consecutive years, establishing a strong position in the beauty vertical platform market. Based on more than 270,000 product information including ingredients and 7.5 million reviews, Hwahae provides differentiated personalization services such as skin type information, product recommendations, and shopping. It also provides customized marketing services for small and medium-sized beauty brands to support their branding activities on its platform.

With this pre-IPO, BirdView plans to enhance its ultra-personalized services on the Hwahae platform. To this end, it will not only strengthen its AI technology, but also expand outward by handling various product information and products such as inner beauty and beauty devices in addition to cosmetics. In addition, in the commerce business, the company plans to expand its presence by focusing on competitive small and medium-sized brands and provide customized recommendation services and shopping benefits.

Last month, Birdview passed the technical evaluation for the special listing of its business model on the KOSDAQ market, qualifying it to apply for a preliminary listing review on the Korean exchange. The company plans to submit the preliminary listing application to the KOSDAQ in the third quarter of this year in consultation with Daeshin Securities, the listing agent.

“With this investment, we will focus on expanding our business areas and strengthening our technology to become a ‘beauty super app’ that provides all beauty-related services ,” said Lee Woong, CEO of Birdview.

[Startup News in Korea]

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Beautytech ‘Hwahae’ raises 20 billion KRW in pre-IPO funding

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Beautytech ‘Hwahae’ raises 20 billion KRW in pre-IPO funding