K-pop platform MakeStar raises 14 billion won in Series C funding

Global entertainment platform Makestar announced on the 14th that it has raised KRW 14 billion in Series C funding from leading Korean investors.

The investment comes about six months after the company raised KRW 6 billion earlier this year from investors including the Korea Development Bank and Altos Ventures. Existing investors Korea Development Bank and Next G Investment participated again, joined by new investors KC Ventures, Timewise Investment, Hana Financial Investment, and Isu Investment. The company’s cumulative funding now totals KRW 25.6 billion.

Founded in 2015, Makestar is a global K-pop platform that attracts users from more than 230 countries and generates revenue in 120 countries. Some 70% of its revenue comes from overseas, making it better known internationally than in Korea.

Building on this performance, Makestar surpassed KRW 4 billion in monthly revenue in August, its highest since its founding. This year, it expects revenue to grow to about three times last year’s KRW 10.8 billion.

“We secured this investment because we are leading the industry with events that let fans around the world participate remotely and services that bring fan merchandise to fans both online and offline,” said Makestar CEO Kim Jae-myeon. “In the second half of the year, we will continue providing services that connect closely with fans, including selecting a blockchain technology partner to bring NFTs into entertainment content and entering the virtual artist market using the metaverse.”

Makestar plans to use the funding to expand beyond K-pop into areas including dramas, films, animation, and influencers, while investing heavily in technology and continuing to provide new, distinctive services for Korean culture fans around the world.