Online logistics and distribution service Mychango (My Warehouse) has received 1.5 billion won (USD $1.24 million) in series A funding form SV Investment. The company initially received 300 million won (USD $249,000) in seed investment from Fasoo.com in June this year.
Mychango is Korea’s first fulfillment service, a third-party warehouse that not only rents out storage space, but also handles distribution, including taking care of inventory management, picking and packing, and courier delivery. The company has received interest for developing its management systems, while running its logistics service at the same.
An SV Investment spokesperson said that Mychango’s business model was unique and with over 50 different customers in just one year, had also proven to be stable.
“A year developing systems, and another year operating has passed. Now we’ve assessed the market and gained a lot of knowledge through our operations. In 2017 we’ll expand into not just the SOHO (small office/home office) sector, but also the larger corporate market.” said Mychango CEO Min-jae Son.
At beginning of December, the company released a new service called Mychango Fresh which offers storage and distribution service for products that need to be refrigerated or frozen. A partnership was also formed with shopping mall solution service Playauto to provide logistics services for online retailers.
