Bemyfriends Raises KRW 4.9B in Funding from Cleveland Avenue Investment.

Bemyfriends, a South Korea-based global fandom business startup, announced that it had raised new investments from Cleveland Avenue, LLC, a venture capital firm based in the United States.

The funding in this round was KRW 4.9 billion. The post-money valuation is not disclosed to the public.

Bemyfriends, founded in January 2021 by fandom business experts, aims to catalyze the global fandom business by expanding into the United States market with the help of Cleveland Avenue.

The venture capital firm invests in lifestyle consumer brands and technology companies that positively disrupt large and growing markets.

The investment by Cleveland Avenue is based on its expertise in the fandom business, including a B2B platform, optimal fan engagement in the entertainment, sports, and lifestyle industries, and the unique expertise of the founders and leadership team.

Bemyfriends’ Co-CEOs, Steve Seo and Brice Lee, have years of experience in the fandom business market.

Seo led the global launch of Weverse, a fandom platform used by numerous international K-Pop stars.

At the same time, Lee has extensive experience building platform business infrastructure from his time at SK Telecom and Dreamus Company.

In 2022, Bemyfriends developed b.stage, a customized platform builder and all-in-one SaaS solution, to provide features that help corporate and personal brands, creators, and artists run their fandom businesses and increase fan engagement.

As global usage grows, bemyfriends expects b.stage to become a core engine for international fandom businesses across multiple industries.

“This investment shows that our fandom business and potential is being recognized globally as a next-generation business model,” said Steve Seo, Co-CEO of bemyfriends. “With this investment, we will secure customers across multiple industries in the United States and solidify our position as a global fandom business company.”