A Korean mobile music streaming app company, The Beatpacking Company received a Series B investment. The big news was announced through Su-man Park’s social network.
Park elaborated about the investment on his blog, saying “Beatpacking is on the verge of the going on another adventure with Altos Ventures, Capstone Partners that invested $11 million USD; taking risk of Beatpacking’s Odyssey.”
Meanwhile, The Bell reported “Beatpacking is in the final phase of finalizing Series B funding, and major Korean venture capitals acquired a $10 million USD worth of redeemable convertible preference shares from the venture.”
According to this coverage, Beatpacking will use the fund mostly on music sourcing and marketing. Also, the report analyzes why this Series B investment was possible, despite the fact that their revenues and records are yet insignificant. Investors saw a huge growth potential in Beatpacking, as the first mover of Korea’s mobile streaming radio market.
CEO of Beatpacking, Su-man Park, said through his blog that “Beatpacking will make a service that more people can enjoy music through their smartphones, and in turn, contribute to build up the market size that music producers can focus on their music.” He also added “We are going to leap over the current 6 million users and encroach all 40 million smartphone users, and eventually become a beloved service globally,” showing great enthusiasm.