MIRIDIH Raises $15M in Series B

July 12, 2024 04:44 PM AEST | By Cision

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MIRIDIH Raises $15M in Series B — Image source: Kalkine Media

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*Accelerating Global Expansion and Growth*

SEOUL, South Korea, July 12, 2024 /PRNewswire/ -- On July 12, Miridih Co., Ltd. (hereinafter referred to as Miridih) announced that it has successfully secured new funding through a Series B investment. Miridih is well-known for its SaaS-based design platform, MiriCanvas, which boasts 13 million users, making it the largest of its kind in South Korea.

Logo of MIRIDIH

The total investment amounting to KRW 20 billion (approximately USD 15 million) included participation from Kiwoom PE, Industrial Bank of Korea(IBK), Shinhan Venture Investment, and G.N. Tech Venture Capital. With this investment, Miridih's post-money valuation has been recognized at KRW 280 billion (approximately USD 215 million), raising expectations for its growth and innovation. G.N. Tech Venture Capital, in particular, highly evaluated Miridih's domestic success and global potential, actively considering a follow-on investment. The investment was made through the issuance of Redeemable Convertible Preferred Shares(RCPS).

Miridih plans to utilize the newly raised funds for talent acquisition and global marketing to further accelerate its global expansion. CEO Kang Changseok of Miridih stated, "We are delighted to introduce MiriCanvas, the largest design platform in Korea, to the global market. With this investment, we aim to lead the innovation of the global design ecosystem and create a convenient design culture, both domestically and internationally."

Founded in 2008, Miridih has successfully established itself in the domestic market with its SaaS-based design platform 'MiriCanvas' and POD printing service 'BizHows.' The company has shown remarkable growth each year, attracting significant attention. Miridih recorded sales 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) last year in 2023, continuing its explosive upward trend. This investment is expected to further accelerate its growth, marking a crucial milestone in its journey to becoming a global unicorn company.

Meanwhile, Miridih announced plans to select an IPO underwriter in the second half of 2024 and officially begin preparations for its IPO.

CONTACT: Yeongmin Heo, COO, Josh Inseung Yoon, CFO, [email protected]

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