Town Company, operator of the college student group buying platform TOWNUS, received 1 billion won series A investment from D.CAMP and Idea Bridge according to its latest reports.
This follow-on investment comes more than 1 year after initial investment from Spark Labs, East Gage Partners LLC last year, and former technical management chairman Mr. Kim earlier this year, marking a total investment of 1.5 billion won in the startup.
The goal of TOWNU’s services is to help college students save on living costs. It gathers data on shopping needs from different universities, colleges, and school clubs across the country, and provides necessities such as group clothing, food and beverages, and professional supplies, at the best prices..
Due to the sophisticated structure of the enterprise and the degree of personal choice it affords, as well as the flexibility of its prices and excellent customer service, public response has been overwhelmingly positive. 11 months after being officially released in September last year, the service has attracted over 50,000 users from more than 100 universities throughout the country.
D.CAMP investment leader 金时晚 stated that, “Town Company ranks first in the rapidly developing college student group buying market.” and when mentioning the future, he said, “I think it might develop into a comprehensive platform cover every aspect of college life.”
As a group buying pioneer, Town Company will use this investment as a springboard to enhance its competitive advantage and upgrade its group buying platform to integrate community-based group buying and life information services. The received series A investment funds will mainly be focused on student welfare activities, the improvement of the platform UX/UI, the exploration of additional goods, and so on.
Town Company representative Mr. Yin added, “The current service is concentrated on main universities in Seoul and the metropolitan area, and from the second half of this year will be expanded rapidly in the hubs of Busan, Daejeon, Daegu, Kwangju, and other major cities.” When talking about the company’s future plans he said, “Taking the investment as a starting point, we are ready to accelerate steps into the Chinese market, and the long-term goal is to gain a head start in the global group buying market”.