Top 10 SaaS startups in South Korea

The South Korean market of cloud computing experienced strong double-digit growth between the years 2015-2020. 

Cloud computing facilitates on-demand delivery of computing services mainly on a payment basis or over the internet. This service primarily offers three types of cloud services, including Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). 

In South Korea, the expanding upgrades of pre-owned data centres with cloud computing solutions based on low setup cost of infrastructure and on-demand availability of computing services, are mainly driving the market growth. 

South Korea’s public cloud market has exponential growth potential in APAC. With a 15% CAGR, the market is expected to increase twice in size from US$1.5 billion (2018) to US$3 billion (2023).

SaaS (Software as a Service)  is the largest and fastest-growing segment, accounting for 45% of the South Korean market.

In this article, we have gathered the Top 10 SaaS startups in South Korea. All the listed startups are initiated after 2011. They are ranked according to the total funding they have raised so far. (Initial details – Crunchbase)

1. MegazoneCloud – 

• Founded –  September 2018
• Founder –  Joo-Wan Lee
• Headquarters – Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 89 M

As the startup says “We Are Digital Architects” – It empowers customers with cloud-optimized people, technology and processes.

2. Toss Lab – 

• Founded –  June 2014
• Founder –  Daehyun Kim, Daniel Chan
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 24.7 M

Toss Lab is a SaaS enterprise software company that offers enterprise collaboration and messaging tools.

3. Albam – 

• Founded –  2014
• Founder –  Jinyong Kim, Young Cho
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 8.6 M

Albam offers payroll, human capital management(HCM) services for SMBs, and payday loans/hiring/insurance.

4. Posture 360 – 

• Founded –  January 2017
• Founder –  William Choi
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 3 Million

Posture 360 is a SaaS & mobile app platform that tackles spinal problems through artificial intelligence devices integrated into ergonomic products to relieve pain.

5. Common Computer – 

• Founded –  May 2018
• Founder –  Minhyun Kim (CEO)
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 2.9 M

Common Computer is also known as ComCom is building a global back-end infrastructure that changes thousands of open-source projects into live services.

6. LinearHub –

• Founded – June 2015
• Founder –  Sunghyuk Kim
• Headquarters – Seongnam, Gyeonggi-do, South Korea 
• Total Funding amount  – USD 2.1 M

LinearHub was acquired by Sendbird in April 2020. LinearHub is a smart video meeting service with focus on post meeting value.

7. Lablup –

• Founded –  May 2015
• Founder –  Jeong Kyu Shin, Jonghyun Park, Joongi Kim
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 894 K

Lablup is innovating technology for distributed computing for applications and machine learning research.

8. Roborus  –

•  Founded – 2016
• Founder – DH Kim, Jonathan Moore, Jeong Kim
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 130K

Roborus automates the consumer ordering process and utilizes machine learning to know more about your customers. Due to Roborus, customer-centricity is back on the menu!

9. Additor  –

• Founded –  2016
• Founder – Jiwon Jang, Yeonho Nirlo Kim, Sungwoo Cho
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 120 K

Additor is the collaborative knowledge base for distributed teams.

10. SOOHO – 

• Founded –  2018
• Founder – Hak Oh, Hee Lee, Jisu Park
• Headquarters –  Seoul, Seoul-t’ukpyolsi, South Korea
• Total Funding amount  – USD 100 K

SOOHO offers a SaaS platform for both compliance and security for blockchain companies.

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