The Korea-based office media company, spaceAdd, raised KRW 7.3 billion in Series C Round
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The Korea-based office media company, spaceAdd, announced that they have secured a Series C investment amounting to KRW 7.3 billion. This round witnessed participation from existing investors including Altos Ventures and ARK Impact Asset Management, with new entrants like Hanwha Investment & Securities also stepping in. Following this round, spaceAdd’s valuation is recognized at approximately KRW 80 billion.
Founded in December 2017, spaceAdd presents digital signage and proprietary content across various lifestyle spaces, bridging the gap between spaces, brands, and consumers. Currently, their office media coverage expands through prime office buildings across key business districts like Seoul’s Central Business District (CBD), Gangnam (GBD), Yeouido (YBD), and Bundang Pangyo (BBD), covering over 29,700 square meters.
Their notable clientele includes Parnas Tower, Trade Tower, ARC Place, Park One, Hana Securities Building, Seoul Square, Jongno Tower, Concordian, and K-Twin Tower among other major regional office buildings. Their Prime Office Media service not only enhances building interiors but also elevates tenant living standards and enriches the working environment. Furthermore, spaceAdd is bolstering its position in the office media market by securing contracts with approximately 20 buildings each month.
As a result, just 20 months post the service launch, their Prime Office Media venture has secured contracts with about 300 prime office buildings and approximately 1500 office media deals. They have also positioned themselves as a key office media channel, reaching an average of 1 million workers in the 20-50 age group daily.
Mr. Oh Moon-seok, a partner at Altos Ventures remarked, “Despite the downturn in the advertising market due to economic recession, spaceAdd has shown rapid growth by securing long-term contracts with more than 300 large-scale buildings within two years of service launch.” He added, “Seeing their potential to leap beyond the DOOH (Digital Out-of-Home) market with a competent team, we decided to proceed with this follow-on investment.”
CEO of spaceAdd, Mr. Oh Chang-geun, stated, “With this capital infusion, we aim to expand our office media coverage to 1,000 buildings, reaching out to over 3 million potential customers, half of the metropolitan workforce.” He further emphasized that “Beyond the media business, our focus will be on developing new real estate-related services catering to landlords’ diverse needs.”
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