April 20, 2024

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South Korea‘s crowdfunding platform Wadiz said on April 22 it has launched an offline space to help fund-raising efforts by showcasing their products to visitors and funders.

Located in eastern Seoul, Gonggan Wadiz features a display room for “makers,” or those with an ongoing fundraising project on Wadiz platform, as well as a workstation and a networking space, officials said. Visitors and funders will be able to try the products before they invest in a project, they added. 

Ganggan Wadiz (Wadiz)

The two-story building has a 1,133 square meter floor space and comprises a rooftop space and a basement floor.

Makers will be able to put their product up for display while they raise funds, in exchange for an undisclosed commission fee to Wadiz.

Wadiz Founder and Chief Executive Shin Hye-sung said the space is meant to amplify the makers’ influence on the customers.

“From the early stage of Wadiz, makers have hoped to have an offline space for themselves,” Shin said. “That‘s how we wanted to create a space where funders and makers can mingle and communicate with each other.”

Wadiz platform allows funders to invest in either rewards-based crowdfunding or equity crowdfunding projects. The fintech startup is owned by Shin and venture capital Neoplux, among others.

Wadiz recorded a 29.22 billion won ($23.63 million) net loss and 9.89 billion won operating loss for 2019. Shin said the startup has postponed its plan to go public to next year due to market uncertainties across the globe.

By Son Ji-hyoung (consnow@heraldcorp.com)