Urbanbase, a South Korean proptech startup backed by Hanwha Group (Hanwha Hotels & Resorts) and Shinsegae Group (Shinsegae I&C), is currently undergoing a sale process. The company sought corporate rehabilitation after struggling to secure additional investment amid a stagnant venture capital market and its inability to achieve a special tech listing.
As of Mar. 28, venture capital (VC) industry insiders revealed that Urbanbase has chosen E-JUNG Accounting Corporation as the lead entity to facilitate its mergers and acquisitions (M&A) process, which occurs before rehabilitation plan approval. The company is poised to make a public announcement soon and will invite letters of intent (LOIs) from potential buyers. Founded in 2014, Urbanbase has made a name for itself in 3D spatial data, boasting significant advancements in the metaverse, particularly in virtual reality (VR) and augmented reality (AR). One of its standout innovations is a modeling technology that can automatically transform 2D drawings into 3D models. This technology has enabled Urbanbase to create over 98,000 3D models, covering approximately 96.5% of local apartments in Korea. The startup has attracted interest from major Korean corporations. In 2020, Shinsegae I&C became a strategic investor, followed by a $9.68 million (1.3 billion won) investment from Hanwha Hotels & Resorts in 2021, which valued Urbanbase at $298 million (40 billion won). Other financial backers include CKD Venture Capital, Samsung Venture Investment, Breeze Investment, and SL Investment, bringing the total investment to $18.6 million (2.5 billion won). Source: Chosun
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