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COVID-19 Boosts South Korean Startups' Adoption of Wadiz's 'Search Startup' Service

Photo by Alexandre Trouvé / Unsplash

The COVID-19 pandemic has led to a significant shift in how South Korean startups and investors interact, with Wadiz's "Search Startup" becoming a prominent tool for connecting the two groups.

The service, which allows startups and investors to connect and access IR reports, has seen a 12-fold increase in usage since its launch in May this year.

Online events have become increasingly popular due to the need for social distance and reduced face-to-face contact.

Wadiz's "Search Startup" benefits from this trend, facilitating remote interactions between startups and investors.

From May 2020 to June 2020, requests for IR reports increased by 9.94 times.

Shin, founder and CEO of Wadiz, explained that startups often need help to deliver their IR reports effectively.

In addition, with the pandemic, the traditional practice of cold-calling investors has become less feasible. This shift has led more stakeholders to rely on Wadiz's platform.

Yoonhee Bae, Head of Investor Relations at Wadiz, noted that as startup demo days have moved online, interest in their "Search Startup" service has grown.

The company expects this trend to continue and contribute to the market's growth.

In the South Korean startup ecosystem, users have shown particular interest in the following business verticals: Lifestyle, Content, Manufacturing, Bio & Healthcare, and Logistics & Retail.

From a technology perspective, the most researched areas include platforms, big data, e-commerce, artificial intelligence, and data-related solutions.

Wadiz's "Search Startup" feature will also be available during "IF 2020 - Startups' street festival", organized by leading accelerator D.Camp.

In addition, the Ministry of Agriculture, Food and Rural Affairs plan to use the "Search Startup" feature during its startup festival, further highlighting the importance of this platform in South Korea's startup ecosystem.