SparkLabs Ventures invests in healthcare platform Slick Corporation

SparkLabs Ventures announced on the 18th that it had invested in Slick Corporation, an operator of online and offline healthcare platforms.

The 3.5 billion won pre-Series A round, led by SparkLabs Ventures, included participation from T Investment, NH Investment & Securities, KB Securities, and existing investor Coolidge Corner Investment. Slick Corporation previously raised 500 million won from Coolidge Corner Investment in 2019.

Slick Project, operated by Slick Corporation, is a community-based fitness platform where groups of up to 16 people work out under the guidance of an expert. It has won a strong following by making exercise more enjoyable through activities such as climbing and running, while also offering online meal-planning services. Its main users are millennials in their 20s and 30s. Since launching in January 2017, it has served more than 16,000 customers, with an average attendance rate of 95% and a repeat enrollment rate of 55%.

The company also operates Slick Market, an online platform selling healthy diet foods. It offers proprietary private-label diet products developed through its own research. Its signature product, Sweet Potato Balls, has sold a cumulative 500,000 packs in the 18 months since launch. Chicken Breast Balls, designed to provide carbohydrates and protein in one meal, has sold 850,000 packs in 12 months.

Kang Yun-seok, CEO of SparkLabs Ventures, said, “Slick Corporation is a leader that has introduced a new paradigm in group fitness. Even amid the rapidly changing business environment caused by COVID-19, it demonstrated its business capabilities and the quality of its programs through rapid growth, including exceeding its projected quarterly revenue for 2020. We also see strong potential for global expansion, as online and offline group training is emerging as a key trend in the fitness industry overseas.”

Slick Corporation co-CEOs Kim Hyung-joo and Choi Dae-ho said, “We plan to expand our service from the greater Seoul area and Busan to nationwide coverage by strengthening benefits through partnerships with leading fitness companies in Korea and securing more than 60 locations by year-end. This investment will lay the groundwork for expansion overseas, with a focus on Japan and other Asian markets.”