East Gate Partners, specialist in technology venture capital revealed on the 8th of Septembers that they would invest into TownCompany. East Gate Partenrs are in charge of Daum’s Youth Startup Establishment Fund, and actively invest into startups that specialize in the fields of O2O (online to offline), IoT (Internet of Things) and eCommerce. Prior to the ‘Daum Youth Startup Establishment Fund’; Daum Communication with State Agency of Small and Medium Business formed ‘We Fund’, and last year following a merger with Kakao, the Youth fund was newly launched.
TownCompany have developed and are operating ‘TOWNUS’, a platform servicing group buy for university students.
Yoon Kyoung Ook a representative of Town Company explained, “The current trend for price savvy university students participating in group buy activities is increasing, however their efforts are challenged by easy of company selection and price negotiation”. “With this new investment, we plan on providing solutions to the challenges faced by students for group buying via TOWNUS”.
Lee Eun Jai from East Gate Partners said, “The members of Town Company have backgrounds as University students and Strategic Consultants, so they have a thorough understanding of University student needs. Combined with their know how for product planning, marketing, strategy implementation and company operations, they have the necessary foundations to expand their group buy platform technology”. From an investment perspective, this was the influencing factor that determined the high potential for this company.
TOWNUS can be used both with PC and mobile web. Their Android app is expected to be released in October.
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