South Korea's Anipen raised US$8.8 million in series C -

The company will close its Series round after reaching a set target of 20 million Korean won
Currently, the company stands at 11 billion Korean won, which was about 13 million Korean won last year

Anipen, a South Korean metaverse platform, raised approximately US$8.3 million ( 11 billion Korean won) in its Series C round before its planned initial public offering (IPO) the following year.

The investors who have invested are Medici Investment, Ulmus Investment, and Korea Development Bank (KDB). The company is planning to grow its metaverse content services and build up a strong partnership with different companies across the globe.

Anipen is a platform that develops video content for communication and entertainment purposes. The platform is specialized in augmented reality, extended reality, and artificial intelligence.

The flagship service of the company is AnibeaR, and it is a 3D mobile application that enables users to create AR-infused video content. Users can use 433 different children’s animation characters like Hello Kitty, Pororo, and Larva.

Series C funding is the stage in which a startup company in need of funds can start raising funds for its company. It is the last stage of raising funds; however, many companies conduct further rounds for it.

Series C fundraising mainly depends upon the sale of the selected shares. The main benefit of conducting such rounds is that the company gets a chance to enter a new market and an acquisition of other companies.

Prior rounds had investors who were venture capitalists and angel investors but this round influences new players.

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Company’s Project

The company provides special features such as AniBear Zone, AR web TV show/movie production, and AR Live Services, which provides services such as taking pictures with favorite characters at malls, shops, and other public places. You can produce videos and clips through an AR content production engine, and you can also run multiple social media handles at the same time.

The previous year’s investments went to 13 billion won. After reaching a target of 20 billion won investments, the company will close its Series C round. The company is currently negotiating to reach the set target.

Conclusion

Frankly speaking, the companies seeking Series C funding are well-settled and successful in their past development period with a handsome amount of revenues and profits. The main purpose of these kinds of companies is to expand their business by scaling up their operations.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing