Lucentblock, operator of ‘SoU’, S. Korea’s first and leading security token platform, raises KRW 15 billion in Series B
Investors of this round includes Korea Development Bank (state owned development bank in Korea), Seoul Techno Holdings (investment arm of Seoul National University), Hana Ventures, Hana Securities, Kyobo Securities, ETRI Holdings (investment arm of ETRI, largest government research institution in Korea), Rowe Partners, Joshua Partners, Philosophia Ventures, etc.
“As Lucentblock is the first to structuralize token securities in Korea, we believe it has tremendous potential. Since it has a strong background in technology, finance, and real estate, we are certain that it can give a strong impact to this fractional investment market,” said Seonjong Ahn, CEO of Hana Ventures.
Seunghwan Mok, CEO of Seoul Techno Holdings, a returning investor who participated in both pre-A and series A rounds, said “We see great potential in fractional investment. We are behind Lucentblock’s vision, Until anyone can access any asset. While it is an investment platform, it is also creating cultures and giving unique experiences to users.”
‘SoU’ is a service that securitizes commercial real estates so that users can trade securities of those in the platform. The Financial Services Commission (S. Korean government’s financial regulator) designated Lucentblock as an Innovative Financial Services (known as ‘Financial Regulatory Sandbox’), which means Lucentblock can operate this business freely with the regulator’s permission.
Lucentblock launched the service in April 2022, and issued the first security token (‘ST’). Since then, it listed six properties that are available to be traded.
Lucentblock plans to list more properties with current investment and increase user transactions. It plans on continuing to open unique spaces creating new ‘special and cultural experiences’. It aims to play the leading role in creating a new paradigm for investment culture.
Phillip Huh, CEO and co-founder of Lucentblock, said “Since the launch of ‘SoU’, we are excited and grateful by the stories we’ve heard from our customers about what it means to have ownership of properties both from an investment perspective and an experience perspective. With current capital injection, we will improve technological innovation and help our customers access more varieties of assets. We will continue to enhance the fun and safe investment experience for our users until anyone can access any asset.”
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