SodaCrew raises 5.7 billion won in Series A funding

SodaCrew, operator of the global gifting service SodaGift, announced that it has raised KRW 5.7 billion in Series A funding. New investors include KDB Industrial Bank, AJU IB Investment, Korea Investment Partners and SK Securities. Existing investor Big Basin Capital also participated in the round.

SodaGift makes it quick and easy to send gifts from overseas to South Korea. Digital gift certificates and mobile vouchers are delivered instantly, while physical products such as flowers and health products are shipped to recipients. Customers can pay by card from anywhere in the world without going through complicated verification procedures. Since launching its app in June, SodaGift has continued to grow by quickly responding to customer demand, including by significantly expanding its partner brands.

“After running an international remittance business in the U.S. and Australia for several years, I faced many setbacks and learned valuable lessons. That experience helped us successfully pivot to SodaGift,” said SodaCrew CEO Yoonse Lee. “People around the world want to send gifts conveniently. SodaGift aims to connect global gifting demand through technology and service.”

SodaCrew plans to focus the funding on technology investment and hiring. It also aims to build infrastructure that will enable customers to send gifts to North America, Australia and other regions, creating a global gifting service that transcends borders.

“Drawing on its competitive strengths in global payments and settlements, SodaCrew launched SodaGift and has successfully demonstrated a global gifting business model, surpassing KRW 13 billion in cumulative transaction volume,” said Geunho Jang, investment director at AJU IB Investment, which participated in the round. “Gifting is still in its early stages in global markets, but the business can grow in step with the worldwide expansion of online commerce. We expect SodaCrew to become a leading global company in the sector.”

SodaGift: https://sodagift.com/