Pinkfong Baby Shark is the most-watched YouTube video with over 8 billion views.
SmartStudy, a South Korean edtech firm behind global YouTube hits Pinkfong and Baby Shark Dance, has become the country’s 13th unicorn startup after receiving an enterprise value of over 1 trillion won ($890 million) in the latest funding round.
The company is currently wrapping up around a 30 billion won fundraising from investors, including Korea Development Bank and Pureun Partners, according to investment banking sources on Apr. 5. This will make SmartStudy the first domestic content platform to join the ranks of unicorn startups in Korea, thanks to the characters Pinkfong and Baby Shark becoming global hits.
Yeouido, the main financial street in South Korea
South Korean companies, having raised 30 trillion won ($27 billion) in both equity and bond issues in the first quarter of this year, are on course to set a new record for capital raising for the entire year, according to the country s top financial regulator.
Driven by year-long stock market rallies, their rush to secure cash garnered a warm response from investors who let down their guard on the survivors of the global pandemic.
Amid expectations of a global economic recovery, the surging valuations of companies in the growth industries of bio, rechargeable battery, internet, gaming and renewable energy prodded Korean companies to step up their advance into new businesses with investor money.