NamDoMarket Secures 2 Billion KRW in Pre-Series A, Accelerating Digital Transition for Wholesalers
NamDoMarket, a B2B platform for wholesale and retail at Namdaemun Market, has secured 2 billion KRW in a pre-Series A round. All previous investors participated in this round, with new investors including D.CAMP, Inha University, IBK, Korea Social Investment, and Hana Financial Group.
The VCs involved in the new investment were drawn by NamDoMarket’s high growth potential. Korea Social Investment and Hana Financial Group particularly noted the company’s strong performance in the ‘Social’ aspect of ESG management as a decisive factor for their investment.
NamDoMarket’s management activities prioritize social impact, initiating a new trading environment in Namdaemun wholesale market. Even 2-3 years ago, most transactions in the market were conducted via phone, messaging, or in-person visits. NamDoMarket has established an O2O platform where wholesalers can easily list their products, and retailers can conveniently purchase goods online, operating primarily in Namdaemun.
Although NamDoMarket began with the idea of facilitating wholesale transactions in Namdaemun, it has established itself as a service that aids local businesses, particularly small business owners who have suffered revenue declines due to COVID-19, by providing new trading opportunities. Since its launch, over 60,000 businesses have joined, and wholesale and retail trading volumes are increasing annually. NamDoMarket contributes to the revitalization of the Namdaemun market area and continues its collaborative efforts as a representative company selected by the ‘Namdaemun Market Revitalization Council’ in March 2022.
Additionally, through collaborations with government agencies, it has contributed to the activation of economic activities for youth and women. In the three years since its establishment, it has created 21 new jobs, maintaining a workforce above industry averages as of July 2023, thus contributing to social impact activation.
Seungwoo Yang, the representative of NamDoMarket, stated, “With the initiation of NamDoMarket, the digital transformation of the Namdaemun wholesale market has accelerated, and while similar businesses have emerged, only NamDoMarket continues to operate its services steadily.” He expressed his ambition, “We will grow our service into one that is used by wholesalers nationwide through service updates.”
NamDoMarket plans a significant service renewal in the second half of 2023, including AI services exclusively for wholesale merchants, to provide a more convenient trading experience.
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