Miridih Co., Ltd. (Miridih), a pioneering force in South Korea’s SaaS landscape, announced a significant milestone today with the successful closure of its Series B funding round, raising KRW 20 billion (approximately USD 15 million). The round was led by prominent investors including Kiwoom PE, Industrial Bank of Korea (IBK), Shinhan Venture Investment, and G.N. Tech Venture Capital, solidifying Miridih’s post-money valuation at KRW 280 billion (approximately USD 215 million).
Miridih is renowned for its flagship product, MiriCanvas, a SaaS-based design platform that has garnered a staggering 13 million users, making it the largest of its kind in South Korea. This funding injection underscores investor confidence in Miridih’s innovative capabilities and its potential to dominate the global design ecosystem.
CEO Kang Changseok expressed enthusiasm about the implications of this funding round, stating, “We are thrilled to introduce MiriCanvas to a global audience and lead the charge in revolutionizing the design culture worldwide. This investment will empower us to accelerate our global marketing efforts and attract top talent, further solidifying our position as a leader in the industry.”
Founded in 2008, Miridih has established itself as a trailblazer in South Korea’s tech scene with MiriCanvas and its POD printing service, BizHows. The company has experienced exponential growth, achieving sales milestones of KRW 14.7 billion in 2020, KRW 19.3 billion in 2021, KRW 33.1 billion in 2022, and KRW 60.7 billion with an operating profit of KRW 7.7 billion in 2023. This latest funding round is expected to fuel Miridih’s expansion strategy, positioning it closer to achieving unicorn status.
Looking ahead, Miridih has disclosed plans to select an IPO underwriter in the latter half of 2024, signaling its ambitious trajectory towards a public offering.
Editorial Opinion:
Miridih’s success story exemplifies the potential of innovative tech startups to thrive on a global scale. With MiriCanvas at the forefront of its offerings, Miridih has not only captured a significant market share in South Korea but also poised itself to influence the global design industry profoundly. The company’s commitment to continuous growth and innovation, coupled with strategic investments from industry-leading funds, positions Miridih favorably in navigating the competitive landscape of SaaS platforms.
Investors’ keen interest in Miridih’s Series B round highlights their confidence in the company’s ability to execute its expansion plans effectively. As Miridih prepares for its IPO journey, stakeholders can anticipate further milestones that underscore its role as a frontrunner in the tech-driven transformation of design solutions.
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