This article was published on the ChosunBiz MoneyMove (MM) site at 5:41 p.m. Oct. 21, 2025.
SmartScore, the country's largest golf platform, has begun seeking external capital, according to reports. SmartScore has carried out organizational efficiency measures since last year to improve performance.
On the 21st, investment banking industry sources said SmartScore recently launched a tapping (demand survey) to attract new investment. It is currently in the early stages and has not separately selected an underwriter to proceed. The issuance of new shares is being seriously considered as the likely form of investment. Exact fundraising amounts have not yet been decided.
Founded in 2014, SmartScore's main businesses include golf course reservation agency services, golf tours and score management services. As of the end of last year, the largest shareholder was private equity firm VIG Partners, which holds about 22.33% equity. The second-largest shareholder is founder Jeong Seong-hoon, chairman (20.12%). In addition, NH Investment & Securities PE (NH Investment & Securities PE division) holds 11.53% and S2L Partners holds 8.88%.
SmartScore's value surged during the COVID-19 pandemic as golf gained popularity. In early 2019, SmartScore received a series B investment of about 10 billion won through a joint lead by IBK Capital and S2L Partners, and at the end of 2020 it secured a 10 billion won series C investment that included KT and Woori Bank. The company's valuation rose from 41 billion won to 100 billion won in about a year and a half, an increase of roughly 2.5 times.
SmartScore went on to secure a 50 billion won investment in 2021 from NH Investment & Securities PE division and the Korea Development Bank scale-up finance office. It was the largest single venture investment in the golf industry. In June 2022, VIG Partners invested a large sum of 180 billion won, pushing the company's valuation to 860 billion won.
Building on that, SmartScore acquired the golf apparel brand McKeison in 2020 and continued to expand by acquiring Golf Magazine Korea, golf club brand Majesty Golf, fitting club specialist brand Gestime, golf and resort brand Atitaya, and golf course materials and course management company Jongsin Trading (now E&L), among others. However, after the COVID endemic, as the golf market weakened, SmartScore also faced a performance crisis.
In response, SmartScore entered an emergency management system last year, exiting unprofitable businesses and implementing layoffs and voluntary retirement. It completely withdrew from the distribution business and focused on its platform business and golf course tech services such as paid score management services and self check-in. It also recently sold McKeison to private equity firm J&W Partners.
The market expects SmartScore's performance to rebound through these improvement measures. An industry official said, "As the golf market is in a slump, course operators and other market participants increasingly need to collaborate with platform companies, so there are more opportunities than during boom times," adding, "With KakaoVX, the industry's No. 2, exiting the market, profitability is expected to recover, creating a more favorable environment for additional fundraising." SmartScore's standalone operating loss narrowed by about 8 billion won, from a 9.2 billion won loss in 2023 to a 1.1 billion won loss last year.