TLDR:
– Tridge, a SoftBank-backed startup in South Korea, is facing financial trouble as local startups struggle with funding issues.
– 68 startups closed down in the first half of the year, compared to 54 in the same period last year.
Tridge, valued at 3.6 trillion won, reported impaired capital at the end of 2023 after three years of operating losses. Other startups like Yellow Mobile and Poolus also closed down due to funding problems.
With venture capitalists facing hardships and fewer startups succeeding in listings, the industry is turning to the private-equity secondary market as a way to exit investments with profits.
These challenges in the startup and venture capital sector indicate a broader issue in South Korea’s entrepreneurial ecosystem.
