One-Stop Funeral Service Goi Secures Pre-A Investment of 2.5 Billion KRW

Funeral service provider Goi Funeral Research Institute announced on the 18th that it has secured Pre-A investment worth 2.5 billion KRW. This investment involved Fast Ventures, Kakao Ventures, and the Korea Credit Guarantee Fund.

Goi has digitalized information on funeral halls and burial sites nationwide through the digital transformation of funeral services, adding personalization to funeral services. Although the domestic funeral market has grown about 10% annually, reaching a market size approaching 10 trillion KRW in advance payments, issues such as ▲upselling ▲information asymmetry ▲service transparency have remained unresolved.

As of last year, Goi achieved 180,000 customized funeral estimates and 10,000 pre-consultations, resulting in a sixfold increase in sales compared to the previous year. This growth is attributed to the expanding subscription rate among the millennial generation and the company’s contribution to reinterpreting and popularizing funeral services, which were traditionally perceived as exclusive to older generations.

Previously, shortly after its incorporation in September 2021, Goi Funeral Research Institute secured seed investment from Kakao Ventures. In October last year, it was recognized for its growth potential by being selected as the first funeral sector company to join TIPS (Tech Incubator Program for Startup).

Kang Ki-hyun, partner at Fast Ventures who led this investment, stated, "Despite the large market size exceeding 10 trillion KRW, almost no companies have viewed the funeral market as a target for innovation or attempted new approaches. Goi Funeral Research Institute is a team that starts by designing a reasonable pricing structure through customer acquisition efficiency and distribution structure improvement, and possesses various ideas and execution capabilities to innovate the entire market."

Goi CEO Song Seul-ong said, "I am pleased that another stepping stone has been established to innovate the funeral market. We will continue to grow relentlessly by focusing on improving the quality of funeral services based on customer-centered management principles."