South Korea-based crowdfunding platform Tumblbug has attracted investors including internet company Naver, the parent company of messaging app developer Line, for a KRW 17bn ($15.5m) series A round, according to BeSuccess.
Venture capital firms DCM Ventures and Strong Ventures also participated in the round.
Founded in 2011, Tumblbug operates a crowdfunding platform aimed at creative arts such as design, music, filmmaking and visual effects. To date, the platform has listed 1,800 projects, of which 65% were funded, raising a total of about $40m.
Naver is set to partner with Tumblbug to identify promising musicians on the platform, though the companies have not disclosed further details of the collaboration.
There are currently more than 30 crowdfunding platforms operating in South Korea. Tumblbug’s immediate competitor is Fundu, though the latter also accepts charitable welfare fundraising campaigns.