Nudge Healthcare raises 30 billion KRW to expand into global markets
South Korea-based Nudge Healthcare, which operates the health management app Cash Walk, announced today that it has raised KRW 30 billion in funding.
The investment was led by Korea Investment Partners, Shinhan Capital, and Shinhan Investment & Securities. The company said, “The investors highly appreciated Nudge Healthcare’s business competitiveness and sustainable development potential, which has led to continuous sales growth even in the midst of the economic downturn.”
In particular, the investors agreed to work together to establish Nudge Healthcare as a global digital healthcare company and further strengthen its competitiveness in the domestic and global markets.
“NudgeHealthcare delivers the value of self-efficacy by encouraging users to continue their health habits through monetary rewards,” said Hwamok Chung, Director at Korea Investment Partners. “If startups are in the process of exploring sustainable and profitable business models, we believe that NudgeHealthcare is a hidden champion that has found the first answer and can prove the global growth of Korean digital healthcare services.”
A representative from Shinhan Financial Group, a strategic investor, said, “NudgeHealthcare is a super app that organically connects various platforms centered on Cash Walk and has a solid user base from teens to 50s,” adding, “We plan to expand its scope to banking, cards, and insurance, starting with a strategic collaboration with Shinhan Investment & Securities.”
Nudge Healthcare consolidated its leading position in the digital healthcare market with strong domestic and international sales of its healthcare app CashWalk. In 2022, Nudge Healthcare’s consolidated revenue increased by approximately 39% year-on-year to KRW 79 billion, and operating profit increased by approximately 12% to KRW 10 billion.
In particular, the company has achieved remarkable results in the North American and European markets, with revenue from overseas cashwalks controlled by its U.S. subsidiary increasing by 227% year-on-year.
Following the investment, Nudge Healthcare will focus on expanding CashWalk’s B2B and B2G businesses and expanding into global markets outside of North America and Europe, starting with Asia. The company plans to continue to provide effective rewards to global users by combining its patented walking-based rewards and programmatic advertising technology.
“This investment and the support of our partners will help us firmly establish ourselves as a leading company in the domestic digital healthcare market, enter the global market, and achieve stable and sustainable monetization,” said Seungkyun Na, CEO of Nudge Healthcare.
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