12 Aug '11, 4am

South Korea Digest: LivingSocial acquired Ticket Monster, I-um & Cocoabook dominate social-dating~

Two startups founded by university students are currently dominating the domestic social-dating market. I-um ranks first with Cocoabook in second place. I-um is growing fast, reaching its break-even point in just one month after its launch last year,and it has currently recorded a monthly profit of 150 million Korean won (US$ 138.7K) last month. I-um matches users once a day, and currently consists of more than 1.3 million members. It has received a total of 2 billion Korean won (US$ 1.85 millions) from Altos Venture and Suprema . Cocoabook distinguishes from I-um in that people may only become a member through an invitation. Users may select from three candidates or meet someone of their dreams from a self-developed algorithm. Being only three months old, it is already nearing 20,000 users.

Full article: http://sgentrepreneurs.com/news-stop/2011/08/12/south-kor...

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