Korean startup Yanadoo which has diverse businesses in education and metaverse-centered exercise solution, has raised its corporate value to 600 billion won ($365 million) with the latest investment from Q Capital of 30 billion won ($18 million).
The Kakao Corp.-supported company has been planning for an IPO. With the latest investment, Yanadoo wants to complete its pre-IPO fundraising and promote listing in the latter half of next year by attracting an additional investment of 20 billion ($12 million) from new investors.
Yanadoo Co-CEO Kim Jeong-soo said, “Despite a difficult period when the investment market has entered a cooling period, we have managed to get sufficient funds to prepare for listing due to our high corporate value. We plan to rise to the top of the metaverse platform centered on exercise and education.”
CEO Kim Jeong-soo said, “In the first half of this year, we have already started to see results in all of Yanadoo’s business areas, such as Yafit Cycle, Yafit Rider, Yanadoo English, Yanadoo Class, Yanadoo School, and Yanadou Kids. We achieved sales of 60 billion won ($36 million).”
Yanadoo to expand home training market
Yanadoo entered the home training market by launching the ‘Yafit Cycle’ based on the motivational know-how accumulated in the education market. Yafit Cycle app has been in the spotlight as a new concept metaverse home training service that allows users to exercise as if playing a game in a virtual world and save money.
The startup plans to launch a premium service with Garmin’s high-end indoor cycle trainer, Tacx, and Yanadoo’s metaverse home training service, the Yafit app.
Yanadoo plans to accelerate its transformation into a metaverse company centered on exercise and education in the future based on the establishment of the Yafit Cycle. Through this, it aims to achieve sales of 140 billion won ($85 million) this year and will invest 50 billion won ($30 million) in building the metaverse platform and developing services.
- Twitch co-founder Kevin Lin invests in Korean metaverse startup AFun interactive
- Naver Z-Softbank launch shop on metaverse platform ZEPETO that has over 300 million subscribers
- DoubleMe that runs real-world metaverse platform ‘TwinWorld’ raises $25 million in funding
- Metaverse fashion tech startup Aiva gets investment from CNT Tech