Zigbang Secures New Investment of 100 Billion KRW... Company Valued at 2.5 Trillion KRW

[Asia Economy Reporter Ryu Tae-min] Proptech company Zigbang announced that it has successfully raised a total investment of 100 billion KRW from KDB Industrial Bank, IMM Investment, and Hana Financial Investment.

This is the first large-scale investment raised by Zigbang in three years since 2019, and in this round, Zigbang's corporate valuation was assessed at approximately 2.5 trillion KRW.

Zigbang stated that investors highly valued Zigbang's growth potential and prospects, which led to the investment. In particular, they highly appreciated Zigbang's proactive efforts in pioneering new business areas, such as the globally launched virtual office platform 'Soma' developed in-house, and the smart home vision through the acquisition of Samsung SDS's Home IoT division.

Additionally, KDB Industrial Bank and Shin Young Securities announced that they empathize with Zigbang's new business vision and are currently promoting a joint loan underwriting of up to 60 billion KRW to support the acquisition of Samsung SDS's Home IoT business division.

Zigbang said it will actively invest the secured funds and loans into service advancement and new business areas to take a step forward as a comprehensive proptech (real estate technology) company covering the entire residential sector from house hunting to home management.

Seongwoo Ahn, CEO of Zigbang, explained, "Amid the investment freeze caused by the global economic downturn and interest rate hikes, we have gained valuable momentum for innovation in the real estate industry and residential environment. In the second half of this year, when the acquisition of Samsung SDS's Home IoT division is completed, we will focus on creating synergy for the smart home vision based on competitive hardware."