New Vessel, an e-commerce aggregator based in South Korea, has reportedly announced that it has raised an undisclosed amount through a seed round co-headed by Naver, the South Korean internet company, Wooshin Venture Investment, and CKD Venture Capital, with investment from Lighthouse Combined Investment as well as S&C Networks, to enter the South Korean and Japanese markets.
In 2021, the e-commerce marketplaces in Korea and Japan were predicted to be worth $121 billion and $144 billion, respectively. According to New Vessel, even with their enormous e-commerce marketplaces, both nations have fewer e-commerce aggregators compared to the countries with smaller markets.
According to Jaebin Lee, CEO of New Vessel, the latest funding shall be used to buy Japanese and Korean e-commerce firms as well as engage further brand management experts, supply chain management, and marketing.
Lee added that the business is looking for companies that earn at least $1 million in annual revenue and have margins of 15-30%. The buyout deal size would be somewhere around $1 million and $2 million. After closing acquisitions during the first half of this year, the firm aims to secure Series A capital in June, according to Lee.
Lee, who has over 10 years of experience as an investor and a lawyer in the M&A market, and Kyuyong Lee, who formerly worked at Coupang, Korean e-commerce, and Rakuten, Japanese e-commerce, formed New Vessel in September 2021.
The business claimed it will work with sellers on Japan's and Korea's main e-commerce platforms to help them develop by delivering credible optimization methodologies as well as sales expansion strategies.
As per Lee, New Vessel seeks to assist US-based vendors in expanding into Japan and Korea and vice versa, allowing Japanese and Korean businesses to reach the United States market. To strengthen its operating capabilities, New Vessel has struck a strategic relationship with Spigen, a cellphone accessory manufacturer based in the United States and South Korea.