Toss Lab raises 14 billion won, adds four outside directors

Toss Lab, which operates the collaboration tool JANDI, announced on the 2nd that it had raised 14 billion won. Despite a contraction in the investment market due to COVID-19, it is the only Korean collaboration-tool startup to have raised a cumulative 27 billion won, leading the market.

The investment was led by SoftBank Ventures, with participation from SV Investment, Atinum Investment, Must Asset Management, SparkLabs, Shinhan Capital, and T Investment.

Alongside the investment, Toss Lab plans to step up its push into Asian markets. It appointed Shin Hyun-seong, founder of TMON, as chairman, and named Lee Jun-pyo, CEO of SoftBank Ventures; Kang Jun-yeol, former Kakao CSO (chief service officer and vice president); and Lee Jun-hyo, CEO of SBI Investment, as outside directors.

Kim Dong-shin, founder and CEO of Sendbird, and Lee Han-joo, founder and CEO of Bespin Global, along with other Korean and international SaaS experts, will join an advisory group to help expand JANDI’s global business.

“The new board members’ extensive experience in business expansion and global networks will provide a solid foundation for JANDI to become Asia’s leading B2B SaaS company,” said Chairman Shin Hyun-seong.

JANDI, operated by Toss Lab, is a SaaS (Software as a Service)-based workplace collaboration tool that supports companies’ digital transformation. In particular, it helps organizations establish remote-work environments and ensure business continuity in crises such as COVID-19.

JANDI has recorded revenue growth of more than 100% for three consecutive years and has the most downloads among collaboration-tool apps in Korea, according to Google Play. As remote work has increased amid the pandemic, JANDI has expanded its reach to major and midsize Korean companies, including LG CNS, CJ, and Nexen Tire, and is now on a strong growth trajectory.

That momentum has also extended overseas. JANDI ranks first among collaboration tools in Taiwan, and its localization strategy tailored to different cultures has helped it reach 200,000 teams across about 60 countries, including Japan, Vietnam, and Malaysia.

“Demand for productivity tools has surged both in Korea and abroad amid external changes such as the recent COVID-19 pandemic,” said Lee Jun-pyo, CEO of SoftBank Ventures, which led the investment. “We plan to actively support JANDI in seizing this opportunity and growing into Asia’s Slack.”

“JANDI has taken another step toward becoming Asia’s leading collaboration tool,” said Toss Lab CEO Kim Dae-hyun. “We will accelerate large-scale hiring across all roles and further develop our product, marketing, and sales.”