E-commerce operator Balaan secures ₩25 billion in Series C funding

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E-commerce operator Balaan secures ₩25 billion in Series C funding

Balaan, operator of an e-commerce site specializing in luxury goods, announced Friday it raised 25 billion won ($17.5 million) in Series C funding from investors including Shinhan Capital.
Venture capital firms including Shinhan Capital, Company K Partners and Daol Investment invested a total of 20 billion won into the start-up. Two other undisclosed investors will make an additional investment of 5 billion won by the end of this month.
The Series C funding will bring Balaan’s total funding to 73.5 billion won.
Balaan was founded in 2015 and specializes in online sales of luxury fashion.
It has been offering same day deliveries of select items for customers in Seoul since March and plans to expand the services to other areas with the investment.
“We were able to raise the Series C funding due to investors highly valuing our services and growth potential, despite the start-up investment market going through difficult times,” said Choi Hyung-rok, CEO of Balaan, in a statement Friday. “We plan to strengthen our position as a luxury sales marketplace and use the investment to find new sources of revenue.”
Following the funding, the start-up said it expects to report an annual net profit for the first time this year. Balaan logged a net loss of 19 billion won in 2021, compared to a net loss of 6.3 billion won the previous year.
The company also aims to break 1 trillion won in annual transactions this year, up from 315 billion won last year. Transactions in the first half of this year have already surpassed 2021 levels, increasing 399.6 percent on year to 381.2 billion won.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]
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