Seoul, South Korea - KREAM has secured KRW 50 billion investment from Altos Ventures.
KREAM announced that it has decided to raise KRW 50 billion in third-party capital from the Altos Korea Opportunity Fund.
This capital will be used for KREAM's operations in Japan, specifically for managing SODA, Japan's prominent limited-edition trading platform.
KREAM's investment strategy includes acquiring SODA shares and equity valued at KRW 15.7 billion.
This decision follows a plan announced in October to acquire a KRW 97.7 billion stake in SODA.
The current investment will enable KREAM to acquire 49.7% (16,324 shares) of SODA, with the transaction expected to close within 28 days.
KREAM, initially part of NAVER's SNOW subsidiary, operates as a C2C platform trading limited edition sneakers, luxury goods, watches, and collectibles.
In January 2021, KREAM will become an independent company. In March 2023, KREAM completes its Series C financing round, raising KRW 220.6 billion and valuing the company at KRW 970 billion.
SODA, the focus of KREAM's investment, launched the SNKRDUNK service in 2018 and has become a notable company in the Japanese market.
Backed by SoftBank Vision Fund 2, SODA expanded its market presence by acquiring MONOKABU in 2021, consolidating its position as a leading platform in Japan.