Online home training platform “QUAT” and social discovery service “WIPPY” operator Enrise announced on the 1st that they have attracted investment in Series B Bridge Round worth 12.5 billion won. Despite the recent sentiment of shrinking investment, it has succeeded in attracting investment in recognition of expectations for future value.
The bridge round was led by existing shareholders Korea Investment Partners and Daekyo Investment, and additional new investors such as LB Investment and Bogwang Investment participated to successfully attract investment. As a result, the cumulative investment amounted to 19.2 billion won.
Enrise sales rose steadily even during the severe COVID-19 season, recording 27.2 billion won in 2020 and 34.5 billion won in 2021. This is due to the fact that online meetings have already become a culture in everyday life as communication methods have shifted to non-face-to-face channels such as online and SNS. As industry analysts say that online consumption, which has become habitual even after the end of COVID-19, seems to have appreciated Enrise’s continued growth.
Park Sang-ho, executive director of Korea Investment Partners, who participated as a lead investor, explained the background of the investment, saying, “Enrise is showing excellent performance in terms of sales and profits by accurately grasping the needs of users in their 20s and 30s.” Korea Investment Partners has been investing in Enrise since Series A in 2015.
Enrise, an IT startup launched in 2011, provides a healthy and diverse lifestyle based on ‘connection’. Representative services include “Quart,” an exercise app for beginners of exercise, and “Wippi,” a social app that finds local friends. Quart, Korea’s first subscription home training platform, is driving sales rise as a new key revenue source following Whip, accounting for 60% of all sales of Enrise in just one year after its official launch. Enrise plans to focus on the rapidly growing exercise health market and intensively foster quarts.