Jung Sung-hoon, Chairman of SmartScore, "Will Grow into a Global Golf Specialist Company"

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"Let's enhance understanding and interest in golf to contribute to the golf culture industry."

This is the aspiration of Jeong Seong-hoon, Chairman of SmartScore. Leading the largest golf platform startup in Korea, Chairman Jeong said in an interview with Asia Economy on the 24th, "I started working in this field because I love golf so much," adding, "I lead the company with integrity and work without shame." He continued, "I hope SmartScore grows into a socially connected company," and expressed his ambition, "I want to develop it not only domestically but also as a global golf specialized company that promotes national prestige."

Jung Seong-hoon, chairman of SmartScore, the largest golf platform startup in Korea, expressed his ambition to "grow it into the biggest company in the golf industry."
[Photo by SmartScore]

Chairman Jeong began playing golf in his late 20s. He first held a club at a military golf course while serving as an Air Force officer. He is a skilled player with a best score of 73. When he has no schedule, he enjoys rounds on weekends as a 'golf maniac.' He plays golf seriously, adhering to the principle of 'finishing the hole out.' Jeong explained, "In neighborhood amateur baseball, once you're out, you don't bat again. In soccer, you don't kick again just because you didn't score a goal," adding, "I approach golf as a sport. Playing golf seriously means playing carefully."

Jeong is a former certified public accountant. After working at Samil Accounting Corporation, he challenged himself with the SmartScore business. He revealed, "Even when I was an accountant, I planned to start a business once I gained enough experience," and said, "Before my 40s, I had the mindset to do whatever it takes." After considering several business ideas, he chose what he liked most?golf. Jeong said, "When playing golf, I saw so many things I wanted to change," explaining, "That was the reason I started a golf-related platform company."

SmartScore has grown rapidly. In 2015, it launched Korea's first round management solution that inputs golf scores on tablets using Wi-Fi. The following year, it introduced a self-round solution enabling game control, food and beverage ordering, message sending and receiving, and score transmission within golf course premises. It also developed a mobile application integrating golf course booking. Ambitiously, it is preparing golf bag delivery and caddie platform services.

SmartScore has 3.5 million users and 2.2 million registered members. The number of affiliated golf courses in Korea has increased to 372. Last year, SmartScore received a 160 billion KRW investment from the private equity fund VIG Partners. The company’s valuation reached 860 billion KRW, approaching unicorn status (a startup valued over 1 trillion KRW) for the first time among golf-related startups in Korea. For its contribution to fostering and popularizing the golf industry, it received the Presidential Citation at the '2022 Venture Startup Promotion Merit Awards' for outstanding venture companies. Jeong emphasized, "There are an enormous number of golf-related services," and added, "We will focus more on developing programs that are convenient for customers."

Jeong is expanding various businesses leveraging SmartScore as a foundation. Recently, he acquired Jestarim, a golf fitting club brand. Jestarim is a fitting-specialized club manufacturer born in Himeji, Japan, with over 50 years of forging club manufacturing expertise. Synergy effects are expected with Majestic Golf, which manufactures and distributes luxury clubs, and Golf Magazine, a golf specialty publication. Jeong also owns WithRich, an insurance company subsidiary handling general insurance and hole-in-one insurance. He said, "WithRich was acquired to expand business related to golf life."

Jung Sung-hoon, chairman of SmartScore, is also focusing on expanding into Japan and Southeast Asia, which are considered "golf living zones."
[Photo by SmartScore]

With ample funds, Jeong also purchased the golf fashion brand McKayson and Kings Rock CC, a 27-hole golf course in Jecheon, Chungbuk. He stated, "The golf industry itself is not a market made up only of online business. Offline is also important," and explained, "To transform into a golf specialized company, it was necessary to expand offline influence. We approached it as an auto business in line with social changes, and harmony and synergy between online and offline are emerging."

Jeong is turning his attention overseas. He is focusing on Japan and Southeast Asia, known as 'golf living zones.' He emphasized, "Japan and Southeast Asia are just 3 to 4 hours away," adding, "If you join as a member, you can receive score management and related services even when abroad." Last year, Jeong entered Vietnam, signing contracts with 15 golf courses. He plans to complete the establishment of corporations in six Southeast Asian countries next month. Jeong confidently stated, "We have completed verbal contracts to supply solutions to some Southeast Asian golf courses," and added, "Our goal is to sign service contracts with 100 golf courses in Southeast Asia within this year."

Jeong expects the golf market to continue growing. He diagnoses that the market is moving from an abnormal boom caused by COVID-19 to a normal boom. He said, "Some say golf might decline, but that is not the case," and predicted, "Golf will definitely continue and grow." He expects growth due to Korea’s social, cultural, and geographical characteristics. He analyzed, "Golf allows you to relieve stress while enjoying the natural environment," and added, "We seem to fit well with golf, which values competition." Jeong is paying close attention to the global golf market. He is watching not only domestic but also overseas golf courses and golf-related companies with interest. He emphasized, "I want to grow it into the largest company in the golf industry."