Joy Corporation raises 5 billion won in pre-Series C funding

Joy Corporation, which operates the online business messaging platform Channel Talk, announced on the 17th that it had raised KRW 5 billion in a pre-Series C funding round.

The round included three leading Korean venture capital firms: KB Investment, Atinum Investment, and Laguna Investment. Joy Corporation has raised a total of KRW 11.8 billion to date.

Since the paid version of Channel Talk officially launched in 2017, Joy Corporation has posted notable results, growing fivefold in 2018 and threefold in 2019. It has quickly emerged as a promising potential unicorn in Korea’s B2B SaaS (software as a service) market. Annual growth of threefold is especially remarkable for a B2B company like Joy Corporation, reportedly placing it among the top 5% of companies worldwide.

Channel Talk has reportedly built a strong foothold beyond Korea and in global markets. It is currently used in 22 countries, and its international business is progressing well, with Japan accounting for 10% of total revenue.

Joy Corporation plans to use the funds to promote Channel Talk in domestic and international markets and strengthen its global competitiveness. It aims to accelerate growth and more than triple revenue in 2020 compared with the previous year.

KB Investment Director Jang Sang-hyuk, who led the funding round, said, "Channel Talk grew threefold in 2019 compared with the previous year, driven by overwhelming customer satisfaction. This is the fastest growth rate among Korean SaaS startups, and we expect Channel Talk to deliver strong investment returns."

Joy Corporation CEO Choi Si-won said, “We expect this investment to accelerate Channel Talk’s expansion in Korea as well as its growth in global markets, including Japan. We will continue to enhance the service, strengthening its customer management capabilities to bring business communications together in the mobile era, and ultimately aim to become a leading SaaS company representing Korea’s B2B market.”