Coversemen has raised 5 billion won in Series A funding from notable investors, bringing its total funding to 10 billion won to enhance its sustainable textile technologies and expand globally.

Target Company Overview

Coversemen, a lifestyle fashion tech company, has successfully secured a Series A investment of 5 billion won from a consortium of investors including Intervest, JS Corporation, Big Move Ventures, and Mark420. This funding round brings the company’s total investment to 10 billion won. Established in 2017, Coversemen focuses on the research and development of sustainable textile technologies. Its core innovations include Air Tech, which utilizes air as a cushioning material; Heating Tech, which provides heat without wires; and UV Color Change technology, which alters color in response to ultraviolet light. Furthermore, the company holds 25 registered and pending patents, along with 215 restructured design and trademark rights.

Industry Overview in South Korea

The South Korean fashion tech industry is rapidly evolving, characterized by a growing demand for sustainable and innovative textile solutions. The country's increased awareness of environmental impact has led both consumers and companies to prioritize sustainability within their sourcing strategies. As a result, there has been a significant investment in R&D initiatives aimed at developing advanced materials and reducing waste in the fashion supply chain.

Moreover, South Korea is home to a vibrant startup ecosystem that fosters creativity and innovation. Various government initiatives, such as the TIPS (Tech Incubator Program for Startup) and Post-TIPS, offer support