Korean B2B startup CastingN has completed its Series B funding round, raising 5.2 billion KRW. This brings the total investment in CastingN to over 15 billion KRW, following the 2 billion KRW raised in a pre-Series B round last year. Existing investors Magna Investment, Pksha Capital, HG Initiative, and Pathfinder H reinvested in this round, with new participation from Smilegate Investment, TT Venture Investment, and Envisioning Partners.

CastingN operates ‘WorkMarket9‘, a service that combines an office shopping mall with a purchasing management solution. Currently, over 30,000 suppliers are part of WorkMarket9. CastingN has created a database of the items these suppliers offer, helping client companies save nearly 30% on costs. By using WorkMarket9, clients can benefit from the lowest purchase prices and deferred payments of up to 100 million KRW per month. Thanks to these advantages, WorkMarket9, launched in 2021, has surpassed 80,000 accumulated bids. As a result, CastingN achieved annual sales of 8 billion KRW last year.

Since 2020, CastingN has maintained annual sales growth of over 95%, driven by the acquisition of more than 200 new clients each year and a re-contracting rate exceeding 85%.

Lee Sang-geun, Senior Team Leader at Smilegate Investment, a new investor, said, “WorkMarket9 is a SaaS-based B2B platform that has secured both growth and profitability. CastingN is leading the digitalization of procurement tasks through WorkMarket9.”

Jun-hyuk Choi, CEO of CastingN, stated, “Just as the food delivery market transitioned from phone calls to apps, indirect purchasing will rapidly digitalize. We plan to use the funds raised to enhance our indirect procurement optimization management system and secure talent, aiming to establish ourselves as a leading company while expanding our customer base to large enterprises. Our annual sales target for this year is 40 billion KRW.”