A Korean mobile music streaming app company, The Beatpacking Company received a Series B investment. The big news was announced through Su-man Park’s social network.

Park elaborated about the investment on his blog, saying “Beatpacking is on the verge of the going on another adventure with Altos Ventures, Capstone Partners that invested $11 million USD; taking risk of Beatpacking’s Odyssey.”

Meanwhile, The Bell reported “Beatpacking is in the final phase of finalizing Series B funding, and major Korean venture capitals acquired a $10 million USD worth of redeemable convertible preference shares from the venture.”

According to this coverage, Beatpacking will use the fund mostly on music sourcing and marketing. Also, the report analyzes why this Series B investment was possible, despite the fact that their revenues and records are yet insignificant. Investors saw a huge growth potential in Beatpacking, as the first mover of Korea’s mobile streaming radio market.

CEO of Beatpacking, Su-man Park, said through his blog that “Beatpacking will make a service that more people can enjoy music through their smartphones, and in turn, contribute to build up the market size that music producers can focus on their music.” He also added “We are going to leap over the current 6 million users and encroach all 40 million smartphone users, and eventually become a beloved service globally,” showing great enthusiasm.

Related Article List

‘COMEUP 2023’ Concludes with a Grand Finale, Establishing Itself as the leading Global Startup Event in South Korea Gadget Korea Showcases Superalink eSIM Platform at GITEX 2024 in Dubai, Transforming Global Data Roaming 콘테크 ‘메이사’, 국토부 수주지원단 일원으로 UAE 방문 디지털 문구 플랫폼 ‘위버딩’, ‘디즈니코리아’와 정식 라이선스 계약 체결…IP 비즈니스 확대 프리랜서 마켓 ‘크몽’, 오프라인 생활 서비스 개시