South Korea-based e-commerce startup RXC has secured around 20 billion won ($17.5 million) in a seed round -- an impressive and rare amount considering how unusual it is for domestic startups to raise billions of won ahead of their official launch.
The notable investment is owing to the company's founder and Chief Executive Yoo Han-ik who helped pave the way for the country's e-commerce segment during his years at TMON Inc., one of the very first e-commerce platforms in Korea.
CEO Yoo's expertise and proven track record have attracted high-profile investors including beauty giant Amorepacific Corp., major dairy brand Maeil Dairies Co. and apparel manufacturer F&F Co., alongside venture capital firms such as LB Investment and Mirae Asset Venture Investment.
RXC is also attracting attention due to its founding team members. It has become challenging to secure strong talent amid the e-commerce boom, but the startup has hired industry veterans such as Ha Ji-su, the former Chief Product Officer of beauty platform StyleShare, and around 30 developers from leading IT firms Kakao Corp. and Naver Corp.
Yoo officially resigned from TMON in June -- 10 years after joining the company as a founding member in 2012. During his time at TMON, Yoo was credited as the driving force behind the company's successful ventures such as its pioneering livestream commerce channel, TVON. He also helped boost the transaction volume of TMON's fresh produce delivery service.
Industry watchers expect the arrival of RXC to shake up the domestic e-commerce market. The startup will launch as a curated shopping app focusing on live commerce and content marketing. It will also provide a direct-to-consumer (D2C) platform for various brands and influencers. It is set to roll out at the end of this year.
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