Korean startup Lemonbase attracts $5.6 mn Series A funding

Lemonbase, a South Korean developer and operator of performance management software as a service (Saas), raised 7 billion won ($5.6 million) in Series A funding, the company said on Monday. 

With this, the company's cumulative capital attraction amounted to 14 billion won.

Venture capital Atinum Investment Co. led the deal with existing investors such as Kakao Ventures and BonAngels Venture Partners also participating.

Lemonbase is a startup that provides services helping companies easily implement continuous performance management through its software.

The company expects its feedback system to work as a corporate growth tool as it can solve individual difficulties and lead to leadership coaching by having leaders listen to various voices of its members.

Its clients have increased sharply with Apr. 2020 as the starting point, exceeding 2,000 companies as of the end of last year, including Com2us Group and Lotte Confectionery Co. 

Last year alone, the number of paid users increased five times compared to the previous year.

Lemonbase CEO and also a RIDI Corp. cofounder Kwon Min-seok set up the company, based on the experiences he received from the process of incubating a startup into a unicorn. 

"We will expand service areas at a faster pace to evolve into an advanced service that combines knowledge, data, and products," said Kwon.

"Lemonbase is a top-notch team of successful leaders and talents, and we expect the company to innovate the way people work in the company, not just providing personnel management tools," said Kim Je-wook, vice president of Atinum Investment.

Write to Lan Heo at why@hankyung.com