Wholesum, a Seoul-based e-commerce brand aggregator, raised $35 million in debt and $15 million in equity in a Series A round a few months after the startup raised $4.75 million in seed funding and $18 million in debt. Wholesum, which presently owns five Korean local brands, plans to acquire an additional 15-20 this year in the categories of lifestyle, health, children, and pets. Wholesum’s go-to-market strategy is to find ‘made-in-Korea’ brands that predominantly sell in local e-commerce marketplaces. This latest funding round was led by Kingsway Capital, Antler, and Widus Partners, with assistance from previous participants Nordstar and BASS Investment. KSV GLOBAL and BOLD Capital Partners, which are new investors, also participated.
Wholesum Raises $50M Series A to Roll-up Third-party Korean E-commerce Brands