Busan Shoe Tech Startup KRISTIN Secures KRW 7 Billion in Series A to Revitalize Industry
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Busan, South Korea, once renowned as a hub for the shoe manufacturing industry, experienced a decline as the industry was perceived to be waning. In an effort to reinvigorate this sector, a Busan-originated shoe tech startup, KRISTIN Company, has successfully secured KRW 7 billion in series A funding.
This round of investment saw contributions from new investors including KDB, TKG Ventures, and BNK Venture Capital, as well as continued support from existing shareholders such as Aju IB Investment and Gyeongnam Venture Investment. To date, KRISTIN Company has amassed an impressive 14 billion won in total investments, setting a record in South Korea’s shoe tech industry. The company’s innovative technology and rapid growth trajectory have earned high praise from its investors, signaling strong potential for future expansion.
Established in 2019, KRISTIN Company distinguishes itself by leveraging big data and AI to infuse digital twin technology into shoe manufacturing, revolutionizing the traditional analog production process. It manages both a cutting-edge manufacturing solution called ‘SINPLE’ and the premium shoe brand ‘KRISTIN’.
The ‘SINPLE’ platform addresses the inefficiencies of the conventional shoe production process, which is often mired by complexity and dependency on offline agencies. Utilizing AI, it autonomously analyzes global footwear trends to offer design modifications tailored to each season. This innovative approach has significantly expedited the product development cycle, enabling KRISTIN Company to become a trendsetter, particularly among the MZ generation. The company currently collaborates with over 30 major fashion brands worldwide.
A representative from KDB, one of the investors, remarked that KRISTIN Company has revolutionized the shoe manufacturing industry by shifting from a high-volume, low-variety production to a digital, online-based model capable of producing small quantities of a wide range of products, thereby overcoming geographical barriers. There’s a strong belief that this move will rejuvenate South Korea’s shoe industry, particularly in Busan, which has historical significance in this sector. This investment is anticipated to catalyze regional development.
Lee Min-bong, CEO of KRISTIN Company, expressed gratitude for the trust and support from investors during challenging times. He emphasized the company’s commitment to spearheading industry transformation and expanding its global market presence.
KRISTIN Company has previously received ongoing support through pre-A series investments from major entities like Naver and Aju IB Investment, along with regional accelerators such as Series Ventures and Busan United Technology Holdings. The company was also chosen for the TIPS program by the Ministry of SMEs and Startups in 2021, underscoring its innovative potential.
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