The crowdfunding service increased its latest round to $84.5m and has formed a joint investment vehicle with Lotte.
Diversified conglomerate Lotte Holdings has invested KRW80m ($68m) in South Korea-based crowdfunding platform developer Wadiz, extending its series D round to KRW100 billion ($84.5m), Marketwatch reported yesterday.
Founded in 2012, Wadiz provides crowdfunding services for small and medium-sized businesses and has approximately 4 million users. It also offers a retail service connecting consumers and startups.
The company’s total funding stands at approximately $125m, according to Pickool. The proceeds from the round will be used to support its expansion both at home and internationally.
Wadiz will serve as a base for the launch of new Lotte units, and is establishing a joint fund with the corporates to invest in companies campaigning on Wadiz’s platform.
The round came after Wadiz raised $26.2m in May this year from DS Asset Management, Korea Investment Partners, Smilegate Investment, L&S Venture Capital, Stick Ventures and Neo Plux Investments, a subsidiary of diversified holding group Doosan.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
