The Third Market, a South Korea-based certified refurbished platform company, has secured seed funding.
Investors
The investment was from The Invention Lab and startup consulting platform Ground Up Ventures.
Founded in 2014, The Invention Lab is a corporate venture capital firm based in Seoul, South Korea. The firm Prefers to invest in technology companies based in Southeast Asia and South Korea. The firm seeks to invest in e-commerce, food technology, pet technology, and travel technology sectors.
Ground Up Ventures is an accelerator based in Seoul, South Korea. The firm invests in early-stage companies and startups.
The Third Market Use of Funds
The funding will aid the company in its mission to ensure the quality of refurbished products and contribute to the growth of the industry. The company plans to use the seed funding to advance its return product certification refurbish platform, including the construction of an AI inspection center.
About The Third Market
The Third Market is an operator of a refurbished product platform intended for valuable and practical shopping. The company's platform allows users to sell and purchase refurbished digital and home appliances. The Third Market's platform, 'TTM,' inspects and circulates various refurbished products, including TVs. The AI-based inspection system, using a vision system and AI models, helps lower remanufacturing costs and enhance inspection quality, contributing to the resale of products. The company has gained prominence since its launch in May 2023, attracting over 40,000 members in about nine months.
Funding Details
Company: Third Market Co., Ltd.
Raised: Undisclosed
Round: Seed Round
Funding Month: January 2024
Lead Investors: The Invention Lab and Ground Up Ventures
Additional Investors:
Company Website: https://www.ttm.im/
Software Category: Refurbished Platform
Source: https://wowtale.net/2024/01/29/70777/