# MGRV

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mgrv

- Industry: Internet
- Headquarters: Seoul, South Korea
- Website: www.mangrove.city
- Total disclosed funding: $18M
- Latest round: Series B (Jan 28, 2021)
- Investors on record: 10

## About

Based in Seoul, South Korea, and founded in 2018, MGRV Inc., doing business as Mangrove provides an online accommodation platform that offers secure and comfortable co-living spaces for students, working professionals, and others. In February 2023, MGRV Inc. raised KRW 12.5 billion in venture funding, led by returning investor T.S. Investment, with participation from Seoju Ventures, Simone Asset Management, Shinhan Asset Management, HB Investment, and ES Investor. The round is part of a larger KRW 27.5 billion equity funding. The company has multiple locations in South Korea; Sinchon, Dongdaemun, Sinseol, Soongin, and Goseong. As of March 2023, the CEO of the company is Cho Kang-tae.

The company offers multiple co-living spaces, such as Mangrove New Village, Mangrove Dongdaemun, The New Mangrove, and Mangrove Sungin. Mangrove New Village is a 16-story building consisting of 279 independent private spaces and various common spaces, including workstations, dinner and storerooms, a social kitchen, a library, and more. Mangrove Dongdaemun is a 15-story building, that consists of 177 independent private spaces and stays rooms for short-term stays that include a welcome lounge, community desk and cafe, cinema room, and more.

The company generates money by charging rent for co-living space independently for each site, such as Mangrove New Village; SINGLE KWR 96,5 per month, SINGLE STANDARD KWR 98,5 per month, SINGLE DELUXE KWR 12,15 per month, and Mangrove Dongdaemun; SINGLE KWR 85,3 per month, BUNK KWR 49,1 per month, and DORMITORY KWR 35,1 per month.

## Funding rounds

- Series B, Jan 28, 2021, $14M — KB Investment, Seoul Investment Partners, HB Investment, Daesung Private Equity, JB Investment, T.S. Investment, We Venture Partners, UbiQuoss Investment
- Series A, Mar 23, 2020, $4M — Seoul Investment Partners, JB Investment, ES Investor, The Wells Investment, UbiQuoss Investment

## Investors

- Seoul Investment Partners (https://capitalatlas.ai/funds/seoul-investment-partners) — Series A, Series B
- JB Investment (https://capitalatlas.ai/funds/jb-investment) — Series A, Series B
- ES Investor (https://capitalatlas.ai/funds/es-investor) — Series A
- The Wells Investment (https://capitalatlas.ai/funds/the-wells-investment) — Series A
- UbiQuoss Investment (https://capitalatlas.ai/funds/ubiquoss-investment) — Series A, Series B
- KB Investment (https://capitalatlas.ai/funds/kb-investment) — Series B
- HB Investment (https://capitalatlas.ai/funds/hb-investment) — Series B
- Daesung Private Equity (https://capitalatlas.ai/funds/daesung-private-equity) — Series B
- T.S. Investment (https://capitalatlas.ai/funds/t-s-investment) — Series B
- We Venture Partners (https://capitalatlas.ai/funds/we-venture-partners) — Series B