이 기사는 2021년 10월 28일 08:05 thebell 에 표출된 기사입니다.

South Korea’s golf service platform company Smart Score is seeking to raise money in a deal which valued the company at 800 billion won ($683 million).

Smart Score is in talks with investors at home and abroad, mainly with foreign venture capital firms, to raise a large amount of money, industry sources said on Tuesday.

The company is valued at 800 billion won in the latest funding round. The valuation has more than tripled in six months after it raised funds from NH Investment & Securities’ Private Equity division, Korea Development Bank, and Hyundai Motor at a valuation of 250 billion won in April.

The deal is expected to close as late as the end of this year. “We are currently in talks with multiple investors,” said an official at Smart Score. “The proceeds will be used to improve the golf-related business.”

The rapid increase in Smart Score’s valuation is attributable to its growth potential and strong golf platform. Smart Score is attracting 1000~1500 new users every day, with the number of online users currently standing at 2.6 million, up 400,000 compared to 6 months ago. The number of daily active users more than doubled to 150,000 this year from 70,000 at the end of 2020.

The company has diversified its business through its platform. It owns four subsidiaries including golf wear brand Mckayson, Golf Magazine Korea, and insurance service provider Withrich. Smart Score recorded revenue of 22.9 billion won and an operating profit of 1.1 billion won last year. Its revenue is estimated to have doubled this year.

Its revenue is expected to sharply increase next year. Smart Score and its financial investor acquired King’s Rock Country Club, formerly Hildesheim Country Club, a 27-hole golf course in Choongcheong Province, and golf brand Majesty Golf Korea earlier this year.

Smart Score may also benefit from its rival Kakao VX’s possible downsizing of some of its businesses.

Smart Score will likely become a unicorn company with a valuation of over 1 trillion won next year. The company’s valuation has increased from 41 billion won in 2019, 100 billion won in 2020, and 250 billion won in April. (Reporting by Se-hun Jo)