Korean handmade goods marketplace Backpackr gears up to expand into Southeast Asia
Summary
About a decade ago, Donghwan Kim helped his cousin, a ceramist, look for sales channels, like flea markets, to sell his ceramics. But they had a hard time locating a suitable platform, so after about a year, Kim decided to create a marketplace for handmade goods himself in South Korea called Backpackr.Today, Backpackr, which operates handmade marketplace called idus, has raised a $16 million (20 billion won) extension to its Series C financing, two-and-a-half years after its first Series C, which was $24 million (about 30 billion won).The startup is now valued at approximately $240.1 million post-money, according to sources familiar with the situation. Backpackr also plans to use the proceeds to invest in R&D to advance its artificial intelligencepowered search and recommendation system, as well as hire additional employees.The startup intends to sell products made in South Korea overseas and bring handmade products made in Southeast Asia to South Korea via its platform. Backpackr will have to compete with other handmade marketplaces in Asia like Japan-based Minne and Creema, Taiwan-based Pinkoi and Singapore-headquartered Carousell. Backpackr also has launched a Patreon-like creator subscription service, Steadio, to connect artists with their fans, Kim said.