KREAM – a spin-off startup from SNOW – attracts Coupang Investor.
Summary
KREAM a second-hand goods eCommerce platform spin-off from SNOW secured its Series A funding from SoftBank Ventures and Altos Ventures.Altos Ventures is well known as the early-stage investor for Coupang (NYSE: CPNG).Both venture capitals are the investor of Socar, one of the unicorn startups in South Korea.The size is around KRW 20 billion (US$ 18 million). The gross attracted investment amount since its spin-off is KRW 40 billion (US$ 36 million).KREAM started its business in March 2020 as a customer-to-customer resell relay platform.The monthly average growth rate since March 2020 was 121%. The gross transaction amount via KREAM was KRW 270 billion.According to the BCG, the Millennials and Generation Z showed 10% more purchases on second-hand luxury goods.Furthermore, Cowen & Company projected the Sneakers resell market size in 2025 as US$ 6 billion.Sneakers and Luxury Goods resell, becoming a cultural phenomenon for the Millennials and Generation Z.One of the beloved fashion eCommerce platforms Styleshare launched Ours as the second-hand luxury goods resell platform in November 2019.Now Official: Naver x Shinsegae Group. Why?Yahoo Japan x LINE: We are here to conquer the Japanese Market.Coupang: Unveiled Strategy, Target Market, and Business Status from its IPO filing.