Startup NBT Partners succeeded in securing 4 billion won in funds from CJ Venture Investment, MVP Venture Investment and Daum Communications early last week. The company is the developer of reward-style app “Cash Slide” which has 6.5 million users to date.
Investments were made following NBT Partners’ quick growth and success, including a reported 2 billion won a month in revenue and having recently entered the Japanese market. Cash Slide was only released at the end of last year and such a large investment this early is unprecedented.
The company has also entered into a strategic partnership with Daum Communications for services and advertising. With both Daum’s investment and links to its services, it is hoped that the alliance will be able to widen NBT Partners’ scope for other partnerships.
NBT Partners’ CEO Soo-geun Park commented on the deal, saying, “The competitive fight for the lock screen of users’ smartphones has already begun. Cash Slide plans on competing with Naver’s ‘Dodol Cover’ and Kakao’s ‘Kakao Home’ with quality content.”
Read more about Cash Slide in our previous post about the app here.
This post was translated from the original article by Jong-min Lee at ET News, a media partner of VentureSquare.