K Cube Ventures Invests in Outsourcing Platform ‘CastingN’

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On September 27, K Cube Ventures has confirmed the completion of its investment to Dreaming Attic (꿈꾸는 다락방), a startup that services CastingN, an outsourcing platform.

Jointly led by K Cube Ventures, Plantree Partners, and Seoul Business Agency, a total amount of ₩800 million (around $700,000) was invested to the startup, in which ₩600 million (around $530,000) came from K Cube Ventures.

CastingN is an intermediary platform that connects companies and professional subcontractors for outsourcing. The service’s main users are small and medium enterprises as well as startups, which are in dire need of expert subcontractors with specialties such as marketing, employment, and designing. CastingN provides accessibility and bargaining power to small companies which they otherwise would not possess. There are about 1,300 companies registered in CastingN at the moment.

CastingN’s evaluation of the subcontractors is based on their capabilities and not on personal connections, which guarantees secure and transparent service. When a company requests for specific outsourcing, CastingN connects the most suitable subcontractor from its registry. The service further lightens the risk entailed in inexperienced subcontracting by small companies through assisting with intermediary steps and price selection process.

Following the investment, CastingN plans to develop its own job contents, conduct offline job trainings, and present a B2B program useful to corporate practitioners.

Seongnam Yong, Co-Representative of Dreaming Attic, stated: “CastingN is a platform solving the inconvenience and inefficiency caused by connection-driven outsourcings in the ₩100 trillion (around $88.3 billion) outsourcing market. We will continue to provide high-quality, transparent, and trustworthy information critical to connecting companies.”

Ms. Shina Jeong, partner of K Cube Ventures who led the deal, assessed CastingN as “a solution which allows not only the outsourcing companies but also the subcontractors to focus on their capabilities and ease up the process of securing new clients.” She further expressed her expectation that CastingN would lead the outsourcing innovation and become the trailblazer in the market.

Max is an LL.M. Candidate at Georgetown University Law Center. He is interested in the social impacts made by startup companies, and longs to contribute to the betterment of emerging companies. Max can be reached at hankuhm.lee@techforkorea.com.

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