Jae-ho Choi CEO of Drama & Company has announced that their business card organizing app 'Remember' has secured $2 million USD from Daekyo Investment, CyberAgent Ventures, and Capstone Partners.
This is the second round of funding for the company this year, after Capstone Partners invested $1 million USD. The additional funding will help them prepare a stable foundation for ongoing service development and management.
Unlike the previous OCR based business card organizing apps, with ‘Remember’ their users can personally manage the service. After the beta version launched in January the company received a lot of local attention, and was awarded as a ‘Top in Class’ app at the Korea Mobile App Awards in March. They followed this success with Naver Magazine Cast's 'App of the Week' and 'iTunes Best New Apps' in April. They were also nominated as a top 20 app at the 2014 Naver Nstore Application Best 20 in December.
Drama & Company believes that their quick execution to stabilize in the field, unparalleled position among the other domestic card organizing apps, and the possibility of expansion through other platforms helped them to raise this investment. Remember currently has the highest number of downloads, compared to other similar apps. Their monthly users increase of 35% and over 6 million cards have been organized so far.
Choi said of the investment: "This extra investment means a lot to the company. Well known venture capitalists from Korea and Japan are now working together with us for quantitative and qualitative growth. With their help Remember was able to reach the No. 1 spot in the business card organizing app category in 2014. In 2015, we will progress even further to become the a business-focused vertical platform."
CyberAgent Ventures is a Japanese VC that funded KaKao Talk, Baedal Minjok, and Kimgisa to help them advance in Japan market. Capstone Partners is an exemplary early investment specialized VC that lead the early investment for Remember.