Startup Founded by Former Wemakeprice CEO Park Eunsang Secures 13 Billion KRW Investment

Series A Investment Secured from Altos Ventures and Others
Commerce Service Directly Connecting Producers and Consumers, Scheduled for Launch in September

[Asia Economy Reporter Kim Cheolhyun] Commerce startup Catchers (CEO Park Eunsang) announced on the 25th that it has secured 13 billion KRW in Series A funding. This round was led by Altos Ventures, with participation from Saehan Startup Investment and Baron Capital.

Catchers is a commerce startup founded in February by former Wemakeprice CEO Park Eunsang. It is building a service called 'Catchers' that directly connects producers and consumers to solve structural problems in Korea's e-commerce market. Currently, former Wemakeprice employees and distribution service experts have joined as early members, and the team is working hard on final preparations aiming for a September service launch.

Catchers identified improvements within the current limitations of the commerce market. The company explains that it removes unnecessary intermediaries and hidden costs to offer consumer prices that are reasonable compared to manufacturing costs. The core is to create a new commerce model that satisfies both producers and customers by improving inefficient stages occurring throughout the entire distribution chain.

Park Eunsang, CEO of Catchers, explained, "I was surprised to see on global commerce sites like Alibaba that the manufacturing costs of many products are much lower than the final consumer prices. This pricing is usually only possible for very large manufacturing order companies, but I thought Catchers could serve as a central platform to reduce distribution processes and enable consumers to purchase close to manufacturing costs, which led me to plan Catchers." He added, "With the investment raised this time, we plan to realize the vision we dream of and focus even more on creating excellent services and products."

Park Hee-eun, partner at Altos Ventures who led the investment, said, "We resonated with Catchers' goal to create an e-commerce platform that continuously earns love by offering products at groundbreaking prices for savvy consumers who do not want to compromise on quality or price." She added, "Although it may be a challenging endeavor amid the dominance of e-commerce giants, we trusted CEO Park Eunsang's execution ability and judgment, who grew Wemakeprice's annual transaction volume from about 60 billion KRW to 6 trillion KRW over 10 years, and we are confident that he can overcome this difficult challenge, which led us to decide on this investment."