Monolabs Secures 12.5 Billion KRW Series B Funding

[Asia Economy Reporter Lee Gwan-joo] Digital healthcare startup Monolabs announced on the 1st that it has secured 12.5 billion KRW in Series B funding.

This investment round included participation from existing investor Main Street Investment as well as new investors Cheongho Nice, CTK Investment, and several others. To date, Monolabs has raised a total of 23.3 billion KRW in cumulative investments.

Since being selected as the pilot operator for the "health functional food small-quantity sales" regulatory sandbox project in April 2020, Monolabs has been offering the customized health functional food small-quantity subscription service "IAM____ (I AM)." Centered on customers in their 20s and 30s, the service boasts a repurchase rate exceeding 80%, leading the customized health supplement market.

Additionally, in February last year, Monolabs launched the smart snack "Gongmeokjel" (a gel snack for studying), which has surpassed 200,000 units in cumulative sales. They are also preparing to release smart snacks for golf rounds and collagen products in the second half of the year.

With this investment, Monolabs plans to expand its business areas beyond personalized health functional foods to include pharmaceutical distribution, telemedicine, and senior healthcare, aiming to grow into a comprehensive digital healthcare company. They are actively preparing to launch a senior healthcare business in partnership with strategic investor Cheongho Nice from this funding round.

So Tae-hwan, CEO of Monolabs, stated, "We aim to achieve annual sales of 100 billion KRW next year through expanding our smart snack product lineup and full-scale entry into global markets such as China, Vietnam, and the United States. We also plan to rapidly advance new businesses including pharmaceutical distribution, telemedicine, and senior healthcare."