Digital Healthcare Startup Monolabs Secures 12.5 Billion KRW Series B Funding

[Asia Economy Reporter Jang Hyowon] Digital healthcare startup Monolabs (CEO So Taehwan) announced on the 1st that it has secured Series B investment worth 12.5 billion KRW, being recognized with a corporate valuation exceeding 220 billion KRW.

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

Since being selected as the pilot operator for the "health functional food portion sales" regulatory sandbox project in April 2020, Monolabs has been providing the customized health functional food portion subscription service ‘IAM____ (I AM)’. Since the service launch, it has recorded a repurchase rate of over 80%, mainly among customers in their 20s and 30s, establishing itself as a leading company in the customized health supplement market.

Additionally, Monolabs launched the smart snack ‘Gongmokjel (Gel to eat while studying)’ in February last year, surpassing cumulative sales of 200,000 units, and is preparing to release smart snacks for golf rounds and collagen products in the second half of the year.

Through this investment, Monolabs plans to grow into a comprehensive digital healthcare company by expanding into various businesses such as personalized health functional foods, pharmaceutical distribution, telemedicine, and senior healthcare. They are actively preparing to launch the senior healthcare business in collaboration with strategic investor Cheongho Nice from this investment round, including related company acquisitions.

Park Sunwoo, CEO of Main Street Investment, said, “We have high expectations for the digital healthcare ecosystem Monolabs is building and the synergy creation across various fields within the industry,” adding, “Based on this investment, the potential for growth into a comprehensive digital healthcare platform will be further enhanced.”

So Taehwan, CEO of Monolabs, stated, “We aim to achieve annual sales of 100 billion KRW in 2023 through expanding the smart snack product line and full-scale entry into global markets such as China, Vietnam, and the United States,” and added, “We also plan to rapidly advance new businesses including pharmaceutical distribution, telemedicine, and senior healthcare.”