Newandy is a startup that operates the reverse purchasing platform Veasly for overseas consumers. It was established by CEO Song Myung-ki, who previously worked at the Korean entertainment corporation CJENM, in October 2022.
According to CEO Song, he realized the necessity of a reverse purchasing platform while living in China for seven years. He noted, “Whenever I went to Korea, my Chinese friends would give me a list and ask for my help in purchasing,” explaining, “There was no platform that could meet the requirements such as price and delivery time.”
According to CEO Song, it is very difficult for overseas consumers to purchase Korean products directly. This is primarily because most Korean online shopping malls do not support foreign currency payments and international shipping. In many cases, the inability to verify mobile phone identity prevents users from signing up for shopping mall memberships.
From the perspective of Korean corporations, the need for such a platform has also emerged. CEO Song stated, “In contrast to the consumer situation in China, many domestic brands felt difficulties in exploring overseas markets and marketing,” adding, “Veasly is a service that addresses the needs of both sides.”
Veasly, developed directly by Newandy, offers a simpler usage method compared to existing reverse purchasing platforms. Users can copy the internet address (URL) or an image of the product they want to buy and then access Veasly to input it. All necessary elements for purchase are automatically calculated in the estimate. The platform has increased convenience by allowing payments in local currency instead of Korean won. CEO Song mentioned, “Products requested by users are automatically registered, making it easier for other consumers to purchase,” adding, “A virtuous cycle occurs where customers become product planners for other customers.”
Newandy has set its first target market as Taiwan. The size of the market for Tai Gong (baotai merchants) is about 1.2 trillion won, and shipping is possible within four days due to its geographical proximity. The similar four-season climate and the established background of Korean Wave culture also make it an attractive factor.
CEO Song revealed, “We have established a corporation locally in Taiwan,” emphasizing that “localizing is a core value.” As a result of these efforts, Newandy has achieved cumulative sales of 1.35 billion won over the past year and a half. Since October, monthly sales have surpassed 200 million won.
Newandy was selected for the export voucher support project by the Ministry of SMEs and Startups in February 2023. In January 2024, it secured an investment of 200 million won from the global accelerator Antler Korea. Moreover, in August, it participated in the NEST program of the Korea Credit Guarantee Fund.
Newandy expressed its ambition to expand global traffic. CEO Song explained, “Even now, orders are increasing from Japan without paid marketing,” and stated, “Our goal is to boost overseas demand and assist various domestic small and medium-sized brands in entering international markets.”
Meanwhile, Newandy is a resident company under the Dongguk University Campus Town and is receiving support from Seoul City and Dongguk University Campus Town. The Dongguk University Campus Town project team selects promising startups as resident companies and plans and promotes various entrepreneurial and nurturing programs, including providing startup support space, practical education for startups, advancing startup items, and continuous consultation from experts in respective fields.