Venditz, the startup behind online moving service Isamoa, has raised 600 million won (USD $525k) in funding from Coolidge Corner Investment and K Bridge Investment. The investment follows a 400 million won round from the latter firm in May last year.
Korea’s moving industry sees over 5 million people relocate a year, and Ismoa aims to help its customers by matching them with reliable movers that offer affordable prices. Companies also benefit by saving on advertising fees, while substantially increasing their customer base.
Isamoa has already partnered with 1000 moving companies, a first in the industry, and the app has received over 100,000 downloads. Venditz says that the service is now bringing in five times more revenue than one year ago, and expects the growth to continue.
Moving house in Korea often involves using a “ladder truck” to efficiently get belongings and furniture to higher floors, and cleaning services are also common to hire. The company plans to use the latest venture capital to improve its matching system which connects customers to the best firms for moving, cleaning and rentals.
“As a company based in Busan, we are pleased to gain additional funding from Coolidge Corner and K Bridge,” says Venditz CEO Yeom Sangjun. “We will develop into a platform that offers affordable prices and reliable services for customers moving for the first time.”
