A few months ago, South Korea passed a law that made it legal to operate crowdfunding platforms. I’ve always been interested in crowdfunding platforms like Kickstarter and Indiegogo so I did some digging and started researching some of these sites.
The problem I see is that South Korea’s market size is too small. This is an issue with Korean’s startup ecosystem. We only have about 50 million people here. I don’t see this space being sustainable for more than 1 player. And even if we get one dominate platform…wouldn’t it be better to post a project to either kickstarter or indiegogo? The problem is language and I’ve been seeing agencies offering this specific type of service. Companies like KSeed help Korean startups prepare crowdfunding campaigns for Global platforms.
Here is a list of crowdfunding sites in Korea.
Tumblbug. Probably the most famous crowdfunding platforms in Korea. Just received around $1.6 million.
Fundu. One of the first sites in this space. Deals mostly with books and comics etc…
Terafunding. Real estate crowd funding hence the tera? But shouldn’t it be terra as in terra firma?
Kickki. Very little activity.
OpenTrade. Also one of the main competitors in Korea.
Ohmycompany. Has a large user base.
Wadiz. Not much going on here.
FundingTree. Like a micro loan website?
Villy. Means “borrow” in Korean.
And also found some Korean government run organizations/associations.
This is a side note, but I want to be less lazy with this blog. Just in life general. Less lazy. I love blogging and everything. And I’ve been a blogger since like 2007, but it’s so time consuming. I wanted to write up a quick list of crowdfunding sites in Korea, and I ended up burning like an hour and a half. Can someone solve this problem? Build a platform that people can easily update that people can own.
Sean Lee out.