Stonebridge and Murex Invest 5 Billion KRW in Series A Funding for HireDiversity

Expansion of Services Targeting Foreign Residents in Korea Amid Population Decline

Stonebridge Ventures and Murex Partners announced on the 1st that they have completed a Series A investment worth a total of 5 billion KRW in Higher Diversity, the operator of the foreign resident administrative and convenience service platform "Higher Visa."

This investment was made 10 months after the seed investment raised last year, with participation from Stonebridge Ventures and Murex Partners. As a result, Higher Diversity's cumulative investment amount reached 6 billion KRW. This is interpreted as recognition of Higher Diversity's differentiated service operation capabilities in the rapidly growing foreigner service market.

In particular, universities that have introduced Higher Diversity's international student management service recently received a 100% pass rate based on the standards in the announcement of the results of the Internationalization Competency Certification for Universities and the Survey on the Status of International Student Attraction and Management. Additionally, 87% were recognized as certified universities or higher.

Higher Diversity's flagship service, Higher Visa, has established itself as an essential app used by more than 81% of foreign international students residing in Seoul through agreements with over 105 university departments nationwide. Higher Visa provides services targeting foreign residents in Korea through an intuitive interface. The app allows users to access essential residency administrative services without visiting administrative offices or using a joint certificate, maximizing convenience for foreign users.

Jonghyun Lee, Managing Director at Stonebridge Ventures, said, "Our country is expected to experience a sharp decline in productivity and consumption due to the rapid decrease in the working-age population. Higher Diversity is positioning itself as a platform that foreigners encounter even before setting foot in Korea. We judged it to be a very favorable business model as it provides or intermediates various daily convenience services necessary for foreigners to settle in Korea."

Heejung Baek, Managing Director at Murex Partners, stated, "Until now, the service sector for foreigners residing in Korea has struggled to provide satisfactory services amid the rapidly increasing demand from foreign international students and workers. Higher Diversity, as a company with outstanding technological capabilities, plans to provide essential daily convenience services supporting foreigners' settlement in Korea."

A representative of Higher Diversity said after the investment, "We will do our best to solve the problems of the foreign resident market in Korea and to attract outstanding talent."