BeMyFriends Raises $14.7M from Goodwater Capital

Seoul, South Korea - BeMyFriends announced on Wednesday that it has received KRW 21 billion (approximately US$14.7 million) from Goodwater Capital.

The transaction followed a September funding round from BRICKS FUND TOKYO, a Mitsubishi-affiliated fund. BeMyFriends operates in South Korea, Japan, and the United States.

Goodwater Capital has invested in Korean companies Toss, Karrot, Coupang, and Kakao.

BeMyFriends stated this is Goodwater Capital's first investment in a Korean entertainment technology company.

BeMyFriends operates b.stage, a platform that provides intellectual property holders with full ownership rights while offering customizable platform configurations.

Goodwater Capital identified this structure as a factor in its investment decision, according to BeMyFriends.

A Goodwater Capital representative stated the firm views the platform's business model as having application across multiple industries.

The representative described b.stage as "defining a new standard in the global fandom business market."

The representative stated that the business approach is comparable to that of the e-commerce platform Shopify and noted that the model has market potential beyond consumer-facing fandom platforms.

The b.stage platform incorporates six operational functions: advertising and marketing, fan club management, e-commerce, fan communication, concert and event administration, and intellectual property-based business operations.

BeMyFriends stated that 300 platforms operate on b.stage infrastructure, serving 900 artists with audiences in 230 countries.

Platform implementations include a fan community for the Netflix series "K-Pop Demon Hunters" and operational support for a Seoul retail location of the Japanese group Snow Man.

Chief Executive Woo Seok (Steve) Seo stated that the funding will support expansion activities.

Seo said BeMyFriends aims to become a primary infrastructure provider for intellectual property holders starting fandom businesses globally.

BeMyFriends reported b.stage recorded annual performance exceeding three times the prior year for two consecutive years since launching international operations in 2022.

The cumulative transaction volume reached KRW 50 billion by the end of August. 

Monthly page views totaled 300 million.

BeMyFriends stated it will allocate the capital toward international market expansion and operational development.

(US$1 = KRW 1,430)