Socialbean raises Series B funding for influencer commerce platform Hott

Socialbean, a startup that manufactures lifestyle products and operates Hott, an influencer commerce platform, has raised a Series B round. This is its third funding round, following a pre-Series A in January last year and a Series A in August. Socialbean has raised more than 15 billion won in total across three rounds in just 16 months.

Korea Development Bank, K& Investment Partners, and Shinhan Investment Corp. joined the round as new investors. Existing investors Kakao Ventures and Platinum Technology Investment also participated.

Socialbean manufactures and sells lifestyle products for babies, pets, and everyday living. It operates Hott, an influencer-based C2M (customer-to-manufacturer) commerce platform.

C2M is a model that connects consumers directly with manufacturers, bypassing intermediaries. It allows companies to incorporate consumer needs into products based on reviews, while streamlining distribution to offer products at reasonable prices.

Hott has about 6,000 influencers and is growing rapidly despite still being in beta, with more than 500,000 average monthly users.

Hott has drawn particular attention for its 5.5% purchase conversion rate, a key measure of commerce profitability. That means one in 20 people who view a product go on to buy it—more than five times the 1% average for traditional online marketplaces.

Thanks to Socialbean’s competitive strengths and reputation, global leaders such as Hill’s, Colgate, and Bayer have also joined as partners.

A representative involved in the investment said, “Commerce platforms are growing rapidly in the era of contactless services. With its manufacturing base and ability to select and sell high-quality products, Socialbean has strengths in manufacturing, sales, and marketing, and we expect it to lead the influencer commerce market.”

Socialbean CEO Kim Hak-soo said, “With our manufacturing capabilities, Socialbean operates a commerce platform and will continue expanding Hott so customers can confidently buy quality products. We will make the platform more convenient for users and influencers through authentic reviews and AI-powered data analysis, and sell vetted products at reasonable prices so both consumers and sellers are satisfied.”