Post courtesy of our media partners at privateequitykorea.com
Bon Angels Partners has just made its 10th investment, investing 300 million won into 9 Flava, developer of a mobile group coupon application. The app, called WePass, replaces the familiar “mileage cards” that stores use to reward repeat customers while also allowing users and their friends to jointly collect coupons and share the benefits. While WePass is currently used by domestic coffee chain Angel-in-us Coffee, 9 Flava plans to expand their service to theater chains, fast food restaurants, cosmetics stores, concerts, and sporting events within the year.
Bon Angels has seen several successful exits recently with the sale of video search company Enswers to KT, and the acquisition of Madsmart, the developer of TicToc smartphone messenger, by SK Planet. Bon Angels’ Seok-heun Kang said of the investment, “9 Flava can be successful in the social commerce market because they have the insight and ability to bring the offline and online markets together.”