South Korea’s Miridih Garners $15M in Series B, Eyes Global Markets

On July 12, Miridih Co., Ltd. (Miridih) announced it had successfully secured $15 million in Series B funding. Miridih, a prominent SaaS-based design platform provider based in Seoul, South Korea, is known for its platform, MiriCanvas, which serves 13 million users, making it the largest of its kind in the country.

The Series B funding round, amounting to KRW 20 billion (approximately USD 15 million), values Miridih at a post-money valuation of KRW 280 billion. This new investment is expected to support its future growth initiatives.

The Series B funding round saw participation from prominent investors, including Kiwoom PE, Industrial Bank of Korea (IBK), Shinhan Venture Investment, and G.N. Tech Venture Capital. This latest investment places Miridih’s post-money valuation at KRW 280 billion (approximately USD 215 million). 

G.N. Tech Venture Capital expressed strong confidence in Miridih’s domestic success and global potential, indicating a keen interest in future investments. The funding was raised by issuing Redeemable Convertible Preferred Shares (RCPS). 

Miridih plans to use the funds to enhance talent acquisition and expand its global marketing efforts. These initiatives aim to accelerate the company’s international growth and further establish MiriCanvas as a leading global design platform.

Miridih plans to utilize the newly raised funds for talent acquisition and global marketing to accelerate its international expansion. CEO Kang Changseok expressed excitement about introducing MiriCanvas, Korea‘s largest design platform, to a broader market. He stated, “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 firmly 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, with sales increasing from KRW 14.7 billion in 2020 to KRW 60.7 billion in 2023 and an operating profit of KRW 7.7 billion last year. This investment is expected to further accelerate its growth march towards becoming a global unicorn company.

Additionally, Miridih announced plans to select an IPO underwriter in the second half of 2024 and officially begin preparations for its IPO. The company’s strategic focus is expanding its global footprint and enhancing its design platform. 

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