WegoFair raises KRW 1 billion pre-Series A from Albatross
The anti-counterfeiting platform said it will use the funding to push into Japan and three European markets and to advance its AI technology.
WegoFair, a South Korean brand protection platform company, has raised a KRW 1 billion pre-Series A investment from Albatross Investment, the company announced on November 3. The company said it will use the funding to strengthen its overseas market expansion and advance its AI technology.
In Japan, WegoFair plans to target fashion and beauty brands through a local IP service company and a patent-law-firm network. In Europe, it will base operations in France, Germany and Italy and work with patent attorneys, law firms and local marketing and sales partners.
WegoFair was founded in 2020. It already counts more than 100 brands as clients, mainly in fashion and beauty.
The company recently upgraded a test-purchase feature for countering counterfeit beauty products, along with a counterfeit-seller database that tracks sellers who reappear under new names, according to aitimes.com.
Quick answers
How much did WegoFair raise?
WegoFair raised a KRW 1 billion pre-Series A investment from Albatross Investment, announced on November 3.
What will WegoFair use the funding for?
The company plans to strengthen overseas market expansion and advance its AI technology.
Which markets is WegoFair targeting?
Japan, where it will work with a local IP service company and a patent-law-firm network, and France, Germany and Italy in Europe.