WeBudding, the Korean startup that has got success as leading digital stationery service for tablet users in Asia, is set to strengthen its market position as it gets $1.9 Million funding from Goodnotes recently. Goodnotes, a prominent note-taking company, and WeBudding had entered into a strategic partnership earlier this year. The partnership with latest funding seeks to propel the growth of a global ecosystem for universally accessible digital paper.
Goodnotes’ recent app update introduced AI-powered handwriting and a digital marketplace. WeBudding has already positioned itself as a hub for Goodnotes-compatible assets, and with the note-taking company‘s recent launch of a digital store within its app, the two firms aim to collaborate in creating globally relevant content for Goodnotes’ user base.
CEO Donghwan Shin revealed that WeBudding’s future plans involve improving its mobile app, localizing content for different regions, and exploring partnerships with famous IPs, such as entertainers and musicians, to create branded digital stationery. The recent $1.9 million investment by Goodnotes, along with a $200,000 injection from Strong Ventures, marks a pre-Series A round totaling $2.1 million for WeBudding. To date, WeBudding has secured $4.7 million in funding, with its latest round reportedly resulting in a 52% valuation increase.
“WeBudding is spearheading the newly emerging digital stationery market and has proven that it can attract thousands of talented content creators from around the world,” said Steven Chan, Founder and CEO of Goodnotes. “We see great synergy with WeBudding and trust that our investment and knowledge of the global tablet market will help WeBudding expand their footprint abroad.”
WeBudding boasts an impressive roster of 2,500 creators, contributing more than 16,000 items to its platform. While the details of creator compensation and revenue-sharing remain undisclosed, the company has experienced remarkable year-on-year sales growth of 220% from January to August 2023, owing to the increasing popularity of Goodnotes and the widespread adoption of digital tablets.
Donghwan Shin, Co-founder and CEO of WeBudding and a 2023 Forbes 30 under 30 winner, expressed optimism about the partnership’s potential for international expansion. “We will continue our efforts to strengthen our partnership with Goodnotes, aiming to establish ourselves as an essential global digital stationery app for tablet users worldwide,” he stated.
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