Wishket announced a total of $1M in investments raised by Smilegate Investment and Mega Investments, venture capital funds located in Seoul. Wishket provides an online platform where corporate IT projects can be matched to external consultants and technicians for outsourcing.
Companies can list their IT projects on Wishket, which then go through an anonymous bidding process. Through the bid, the client can easily compare quotes from multiple bidders, and also get a better sense of each bidder’s capabilities by browsing through its past projects and portfolios–this system has been successful in finding the most accredited and fitting consultant for listed jobs.
Following the bidding process, it is Wishket that takes care of all administrative tasks related to signing the deal, and holds the payment in an escrow-type “payment protection system” until the completion of the project. As a result, the client and IT consultants can minimize the transaction costs arising from trust issues during the deal—a common problem in existing forms of IT project outsourcing.
And recently, growth has been rapid for Wishket, with the number of deals having tripled year-to-date. As of this month, approximately 10,000 companies and 15,000 IT experts are active on Wishket, and companies ranging from large corporations to early stage start-ups have commissioned a cumulative total of 2,500 projects through the platform.
“Wishket wishes to be at the forefront of the IT outsourcing market, which we found sick with general trust issues caused by the imbalance of information between participants,” said Chief executive Woobeom Park. “Our focus is to create an accountable market ecosystem based on trust,” he added.
Insu Baek, associate at Smilegate Investment, noted that “Wishket has many years of successful operations, and its team derives its deep understanding and expertise about the service from that experience.” As an investor, he is “expecting an expansion of the platform itself as well as diversification of the business by utilizing the existing user pool of this market leader.”
Wishket commented that following this newest round of investment, it will be improving upon its platform by utilizing its customer pool and project data archives to create a service that can promise an even more reliable service to its customers.