Operating a Platform Connecting Verified Sales Personnel
‘Beokada’, ‘Multipleyer’, and ‘Ro’ Among Client Companies
Dunamu's investment specialist subsidiary, Dunamu & Partners, announced on the 24th that it has invested approximately 2 billion KRW in Glencoco (CEO Chain Kwon Chae), a sales marketplace in the United States.
Glencoco is a platform that connects companies in need of sales personnel with verified sales professionals, operating on a model where a success fee is paid upon successful meetings for client acquisition. Through this, companies can continuously acquire customers without directly hiring sales staff, achieving about 40% cost savings compared to direct hiring.
The average fee Glencoco receives per meeting from companies is $600 (approximately 800,000 KRW), which has doubled since the platform's launch in June 2023. Major clients include cloud-based physical security solution provider Verkada, Multiplier, and digital banking service Rho. Notably, Rho facilitated about 40 meetings with companies interested in corporate card issuance over two months through Glencoco, paying $800 (approximately 1.1 million KRW) per meeting. Of the successful meetings, 25% converted into clients, representing new customers generating a total card transaction volume of $19.2 million (approximately 260 billion KRW).
Glencoco was founded in 2022 by CEO Chain Kwon Chae, who previously worked as an options trader at Morgan Stanley's U.S. headquarters and has sales leadership experience at cloud security solution startups Verkada and Wiz. CEO Chae stated, “According to research firm Gartner, the average tenure of sales personnel in the U.S. is only 14 months, and it is even shorter in high-growth companies. Just as Uber connected passengers and drivers, Glencoco aims to become a global marketplace creating new opportunities and value in the B2B sales sector.”
Dunamu & Partners is an investment subsidiary established by Dunamu in 2018 to revitalize the startup ecosystem. It has received 241 billion KRW in capital from Dunamu and invested 179.9 billion KRW in 67 startups to date. The company has focused investments on startups challenging digital innovation in the domestic financial industry, developing technology competitiveness recognized on the global stage, and creating social impact. Its major portfolio includes Korea Credit Data, Travelwallet, BankSalad, Kraft Technologies, Rebellion, InnoCrass (formerly Genome Insight), and AirsMedical.
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