According to eMarketer, Japan and Korea’s e-commerce markets were estimated at $144 billion and $121 billion, respectively, in 2021. Despite the large e-commerce market size, both countries have fewer e-commerce aggregators than other countries with smaller markets, South Korean e-commerce aggregator New Vessel said.
The startup announced today it has raised an undisclosed seed round co-led by South Korean internet giant Naver, CKD Venture Capital and Wooshin Venture Investment, with participation from Lighthouse Combined Investment and S&C Networks to take the market in South Korea and Japan.
The new funding will be used to acquire Korean and Japanese e-commerce brands and hire additional experts in brand management, marketing and supply chain management, CEO of New Vessel Jaebin Lee told TechCrunch. The startup is currently seeking brands that generate at least $1 million in annual revenue with 15-30% in margins, Lee said, adding that the acquisition deal size would be between $1 million and 2 million. The company plans to raise its Series A funding in June after completing acquisitions in the first half of this year, Lee noted.
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