500 Global, Investor in Over 35 Unicorn Companies,
Supports Market Entry and Growth Strategy in Japan
Fintech startup Payhere (CEO Park Jun-gi) announced on the 13th that it has been selected as a target company for the Japan market entry support program operated by 500 Global, a venture capital (VC) based in Silicon Valley, USA. 500 Global is a venture capital firm that has invested in over 2,800 startups across more than 80 countries. It has invested in more than 35 companies valued at over 1 billion dollars.
The '500 Global Landing Pad' program, for which Payhere was selected, is a customized market entry program that helps overseas startups establish strategies for entering and growing in the Japanese market. The program will be held for 8 weeks in Aichi Prefecture, Japan, until November. Payhere will verify the growth potential of the Japanese market alongside 15 startups selected from around the world and seek partnership opportunities with local companies.
Payhere provides store management services for small business owners centered on cloud-based POS (Point of Sale) systems, including table ordering (tablet menus), marketing (customer management), kiosks, and waiting management. Within one year of launching its POS, it surpassed the highest number of franchise stores in the industry. As of October this year, it is used in more than 45,000 stores nationwide, including franchises such as Taegukdang, Robert Chicken, and Noryangjin Brothers Market.
In April, Payhere raised 20 billion KRW in Series B funding from Silicon Valley VCs such as Goodwater Capital, Smilegate Investment, and SoftBank Ventures, bringing the total accumulated investment to over 35 billion KRW. Park Jun-gi, CEO of Payhere, said, "This is a great opportunity to experience the know-how of 500 Global, which has supported innovative startups in entering the global market," and added, "We will review the attractiveness of the Japanese market from a long-term perspective."
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