THENEWGREY Secures Seed Funding from Bluepoint for Senior Market Innovation
The Korean senior-focused content and commerce startup, THENEWGREY, has successfully secured seed funding from Bluepoint Partners. The amount of the investment remains undisclosed.
THENEWGREY, known for operating the senior model group ‘Ahjussis‘, gained widespread recognition for its ‘Senior Makeover Project’ in collaboration with several brands including New Balance, BMW, and Kakao. The project, aptly named ‘Changing My Dad’s Profile Photo’, transformed the fashion of ordinary men in their 50s and 60s and photographed them in a professional model style, which garnered significant positive response.
Additionally, THENEWGREY manages a Senior Academy tailored for active seniors, cultivating senior influencers such as the ‘Ahjussis’, and is currently expanding into the commerce sector. The company is developing a value chain encompassing content, academy, community, and commerce, centered around a media network of 700,000 seniors and an influencer network of 300,000 seniors.
Bluepoint Partners justified their investment by highlighting THENEWGREY’s substantial potential in the ‘Well Aging’ market. They commended the company for its exceptional planning and execution of services designed for ‘active seniors’, who are focused on maintaining physical and psychological health in their later years.
The domestic silver economy market in Korea is projected to grow significantly, from 27.38 trillion won in 2012 to an estimated 168 trillion won by 2030.
Kwon Jeong-hyun, CEO of THENEWGREY, who majored in information systems at university, has been actively engaging in the senior market since 2014. He has been using makeovers as a key tool to address senior issues. In November of the previous year, he expanded into Japan, a country facing serious aging issues similar to Korea.
This investment is also part of Bluepoint’s strategy to address ‘population issues’ through innovative startups. It underscores the importance of startups that can identify new market opportunities within changing demographic structures, a concept known as ‘Demographic Market Fit’ (DMF).
Lee In-seong, the Senior Auditor at Bluepoint who led the investment, commented, “THENEWGREY stands out for its creative planning and strong execution in developing services targeted at the senior market. We anticipate rapid growth as they address aging issues in a way that aligns with market demands.”
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