IGAWorks raises 15 billion won in Series E funding

IGAWorks announced on the 31st that it had raised a Series E investment in the pre-IPO stage.

Korea Investment Partners, Atinum Investment, Mirae Asset Daewoo Securities, KB Securities and others participated in the round with a total of 15 billion won in common stock, valuing IGAWorks at approximately 400 billion won.

Along with the investment announcement, IGAWorks reported strong growth in 2019. Its annual advertising spend handled reached 208.4 billion won, up 2.34 times from the previous year, representing a compound annual growth rate (CAGR) of 94.6% since 2016. Platform revenue also rose to 84 billion won. Despite the broader economic downturn caused by COVID-19 in the first quarter of this year, monthly advertising spend handled exceeded a record 28 billion won. IGAWorks is therefore expected to comfortably reach its 2020 target of 300 billion won in total advertising spend handled.

“Data analysis and the ability to put data to use are becoming essential competitive strengths in the changing advertising and marketing industry,” said IGAWorks CEO Ma Guk-seong. “As digital transformation accelerates worldwide, we will expand the data-driven marketing ecosystem across the board by advancing IGAWorks’ data technology and platforms.”

With the start of the pre-IPO process, IGAWorks is expected to proceed with its listing in stages. In preparation for its IPO, IGAWorks has converted all redeemable convertible preferred shares (RCPS) held by institutional investors through cumulative fundraising into common shares. Since this year, it has also been publishing consolidated financial statements under K-IFRS (Korean International Financial Reporting Standards), having switched from K-GAAP (Korean Generally Accepted Accounting Principles).