Lotte announced on the 11th that it will invest 80 billion won in Wadiz, the No. 1 crowdfunding platform in Korea. Through business partnerships, we will also participate in building a comprehensive funding platform for start-ups and small and medium-sized enterprises (SMEs).
Wadiz, launched in 2013, is a D2C (Direct to Customer) platform for start-ups and small and medium-sized businesses, from the offline experience shop ‘Space Wadiz’ where you can directly meet the products being funded to the ‘Wadiz Store’, an online regular sales channel of products that have been successfully funded. holds the
The investment is used for scale-up of startups started through Wadiz. It will also be used for investment and marketing support for nurturing big brands as well as expansion of Wadiz’s financial sector, such as corporate loans and direct investment.
Through a business partnership with Wadiz, Lotte will also strengthen its business competitiveness, such as enhancing product sourcing capabilities and developing offline specialized stores. In order to introduce products verified through Wadiz to Lotte’s distribution channels, and to verify the marketability of new products produced or sold exclusively by Lotte, we will first introduce them to Wadiz.
Lotte is also planning to operate an offline pop-up store where customers can see and experience in order to develop sales channels such as excellent products funded by Wadiz. It is also considering ways to enhance the logistics, advertising, and payment capabilities of startups through partnerships with affiliates such as Lotte Global Logistics, Lotte Members, and Daehong Communications.
In the future, Lotte plans to conduct fund investment through Lotte Ventures for startups with promising technologies in conjunction with Wadiz to foster excellent brands and develop the startup ecosystem.
A Lotte official said, “From the perspective of environment, society and governance (ESG), we plan to invest and collaborate for mutual growth between large companies and SMEs and to develop a comprehensive startup ecosystem. This will create tangible results,” he said.
Meanwhile, Lotte established Lotte Ventures in 2016 to support startups. Starting with Lotte Startup Fund No. 1, worth 27.2 billion won, created with group affiliates in 2018, 12 funds worth 245.1 billion won are being operated so far. Lotte Ventures has discovered and invested in 180 places over the past five years.