South Korean beauty video app Zamface said Thursday that it has raised 5.5 billion won ($4.64 million) in series A funding from multiple investors to expand into the Southeast Asian market.
STIC Ventures and Timewise investment as well as existing investors Korea Investment Partners joined the round.
Series A refers to the first stage of fundraising for a startup after its foundation, as it gears up for full-fledged business operations.
Launched in June last year, total downloads of the mobile app have exceeded 600,000. Within a year of operating the service, Zackdang, which operates the mobile app, successfully attracted investors to series A funding round.
Based on AI technology, the mobile app allows users to skip ahead or rewind while watching beauty videos. It is currently gearing up for the launch of its Vietnamese version of the app. It plans to enter Vietnam this year and also Indonesia and Thailand.
“Targeting the MZ generation -- those born between 1980 and the early 2000s -- Zamface provides unprecedented convenience to users when watching videos. We’ve decided to join the funding due to its potential to be a beauty platform, where it could expand its service to social and commerce businesses,” said Lee Hyun-suk, principal of STIC Ventures.
By Jie Ye-eun (email@example.com