Korean Mobile Music Streaming Startup, The Beatpacking Company Raises $11 million
2월 3, 2015


A Korean mobile music streaming app company, The Beatpacking Company received a Series B investment. The big news was announced through Su-man Park’s social network.

Park elaborated about the investment on his blog, saying “Beatpacking is on the verge of the going on another adventure with Altos Ventures, Capstone Partners that invested $11 million USD; taking risk of Beatpacking’s Odyssey.”

Meanwhile, The Bell reported “Beatpacking is in the final phase of finalizing Series B funding, and major Korean venture capitals acquired a $10 million USD worth of redeemable convertible preference shares from the venture.”

According to this coverage, Beatpacking will use the fund mostly on music sourcing and marketing. Also, the report analyzes why this Series B investment was possible, despite the fact that their revenues and records are yet insignificant. Investors saw a huge growth potential in Beatpacking, as the first mover of Korea’s mobile streaming radio market.

CEO of Beatpacking, Su-man Park, said through his blog that “Beatpacking will make a service that more people can enjoy music through their smartphones, and in turn, contribute to build up the market size that music producers can focus on their music.” He also added “We are going to leap over the current 6 million users and encroach all 40 million smartphone users, and eventually become a beloved service globally,” showing great enthusiasm.


0 0 votes
Article Rating
beSUCCESS is a professional media company with a particular focus on startups and tech industry | beSUCCESS는 국내 기업의 해외 진출을 지원하는 미디어 회사로, 실리콘밸리를 포함한 전세계 테크 트렌드와 스타트업 뉴스, 기업가 정신 등 국내 스타트업의 인사이트 확대를 위해 필요한 외신 정보를 직·간접적으로 제공할 뿐만 아니라, 한국의 스타트업 생태계와 출시 소식 등 주요 뉴스를 영문으로 세계 각국에 제공해 한국 스타트업의 글로벌 성공을 지원하는 '연결'의 역할을 합니다.
Inline Feedbacks
View all comments