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Korean Crowdfunding Startup Tumblbug Raised $16m In Funding But It Has Too Many Competitors

May 22, 2015

Crowdfunding is a global phenomenon now. People are making awesome, out of the box ideas happen with the support from masses.

BeSuccess, a Korean tech news portal, reports Tumblbug, a South Korean crowdfunding platform for the creative industry has raised an amount of KRW 17 billion (around US$16 million) in series A investment. Investors include DCM, Strong Ventures, and Naver, the maker of messaging app Line.

A 2013 report by Inha University Law School professor Hye-Hwal Seong claims Korea has around 30 crowdfunding platforms; Tumblbug which uses a Kickstarter like model serves country’s creative community. Launched in 2011 Tumblbug has hosted more than 1800 projects of which 65% of projects reached their goal successfully.

Sources: BeSuccess, TechInAsia

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Ibrahim works as an Intern at FS. He takes interviews, writes features, and meets entrepreneurs and makers and doers.

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