A Seoul-based startup called Indent has raised $8.1 million (10.5 billion won) in a Series A led by SV Investment.
The round also welcomed participation from strategic investor LG Uplus (a telco unit of LG), Korea Investment Partners and Crit Ventures, among others bringing the outfit’s total funding to date to $13.7 million.
Founded in 2018, Indent developed a video review platform V-Review that helps
sellers increase their sales by easily and quickly producing purchase reviews from actual buyers with a 6x higher order conversion rate. It is also set to launch a TikTok-like video review service called "Spray" that allows individual consumers to upload their customer-generated video reviews and share feedback.
According to Indent CEO Morgan Yoon, Indent has about 40 clients and 3,800 online merchants in the U.S., China and Japan and intends to enter the U.S. market in the second quarter of this year to attract more users overseas. Within those geographies, it works with
The startup also claims it has more than 12 million registered users, accounting for about 60% of total online shoppers in South Korea. Some South Korean corporations that use Indent’s video review services, including LG Uplus, Korean cosmetics brands maker AmorePacific and MLB Korea.
The startup says the new investment will be used to continue developing its video review platform.