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Goifuneral Raises KRW 2.5 Billion to Revolutionize Korean Funeral Services

2024-04-18 2 min read


Goifuneral Raises KRW 2.5 Billion to Revolutionize Korean Funeral Services

Reading Time: 2 minutes

The Korean company Goifuneral, known for promoting “transparent funerals,” has successfully raised KRW 2.5 billion in a pre-Series A funding round. This investment was supported by FAST VENTURES, Kakao Ventures, and the Korea Credit Guarantee Fund (KODIT).

The domestic funeral service market in Korea, which has been growing annually by about 10% and is nearing KRW 10 trillion in prepaid funds, still faces issues like upselling, information asymmetry, and opacity of services. Goifuneral is addressing these challenges through digital innovation.

The company has taken a leadership role in the digital transformation of funeral services by digitizing information about funeral homes and burial sites nationwide, and incorporating personalization into the services offered. As of 2023, Goifuneral has managed to secure 180,000 customized funeral quotes and 10,000 pre-consultations, achieving a six-fold increase in revenue compared to the previous year, indicating rapid growth.

Founded in September 2021, Goifuneral initially received seed funding from Kakao Ventures and was the first in the funeral sector to be selected for the TIPS program in October 2023, validating its potential for growth. The latest funding will be used to enhance operational stability through direct service management and to accelerate the launch of new funeral services.

Kang Ki-hyun, a partner at FAST VENTURES who led the investment, commented, “Despite the substantial size of the funeral service market, which is worth over KRW 10 trillion, there have been few companies venturing into new territory. Goifuneral stands out with a team that possesses innovative ideas and the capability to revolutionize the market, beginning with the design of a rational pricing structure through improved customer acquisition and distribution methods.”

Song Seul-ong, CEO of Goifuneral, expressed his enthusiasm about the investment, stating, “This investment provides a solid foundation for us to innovate in the funeral market. We are committed to enhancing our business strategy by focusing on customer-centric management and the quality of our funeral services, ensuring our continued growth.”

[Funding News in Korea]

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