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In terms of yearly investment, Musinsa was the leading e-commerce startup in South Korea in 2023, having attracted approximately *** billion South Korean won. Following closely, Beyond Music Company also gathered an investment of the same amount. 

Startups in South Korea

The startup scene in South Korea has seen rapid growth in recent years, with the number of new businesses doubling over the past two decades. In addition, the number of technology-intensive small and medium-sized enterprises (SMEs), known as venture companies (or high-potential ventures), more than tripled between 2005 and 2020. Many startups valued at more than *** billion U.S. dollars – the so-called unicorn companies – have also gained significant traction in the past five years. As of December 2023, one of the highest-valued unicorn companies in South Korea was fintech company Toss.

Startup founders in South Korea

Startup founders were predominantly men, with most of them holding bachelor’s degrees or having completed high school. Moreover, most founders were in their thirties. According to a survey conducted in 2022, more than ** percent of startup employees stated that they were satisfied with their current lifestyle.