Venture capital (VC) Kakao Ventures made an additional investment in the gym operator Start - Up Buffett Seoul.
On the 25th, according to the VC industry, Kakao Ventures participated in Buffett Seoul's recently completed 10 billion won series B fundraising. Kakao Ventures has continued follow-on investments since taking part in Buffett Seoul's series A round in 2019.
In this round, in addition to Kakao Ventures, BA Partners, Murex Partners, Gravity PE, FuturePlay, and Ilshin Venture Capital joined as investors. A major domestic construction company was also said to have participated as a strategic investor.
Buffett Seoul began in 2018 as the operator of the Buffett Ground gym brand. Going beyond simply providing workout facilities, it combined a gamification system that pays rewards for exercise performance, and within four years of its founding secured 16 locations in Seoul.
Buffett Seoul also operates Team Buffett, a community-based team training brand. Three coaches jointly coach up to 24 people. In Mar. next year, it plans to unveil a new brand in collaboration with a global sports brand.
The company plans to use the newly secured funds to expand Buffett Ground's locations and facilities. Over the past year, Buffett Ground has successively opened in major commercial buildings in Seoul, including Gwanghwamun SFC, Magok One Grove, and Gangnam GFC.
Jang Dong-uk, a director at Kakao Ventures, said, "Buffett Seoul has proven brand competitiveness, operational efficiency, and scalability even in a difficult market environment," and added, "We decided to reinvest, judging that it has sufficient potential to respond to structural changes in the fitness industry."