An interior view of Gonggan Wadiz in eastern Seoul. (Wadiz)
South Korean crowdfunding platform Wadiz said Wednesday it has launched an offline space to help fundraising efforts by showcasing products to visitors and funders.
Located in eastern Seoul, Gonggan Wadiz features a display room for “makers,” or those with an ongoing fundraising project on the Wadiz platform, as well as a workstation and networking space, officials said. Visitors and funders will be able to try the products before they invest in a project, they added.
The two-story building has 1,133 square meters in floor space and includes a rooftop area and basement floor.
Makers will be able to put their products up for display while they raise funds, in exchange for an undisclosed commission fee to Wadiz.
Wadiz founder and Chief Executive Shin Hye-sung said the space is meant to amplify the makers’ influence on customers.
“From the early stage of Wadiz, makers have hoped to have an offline space for themselves,” Shin said. “That‘s how we wanted to create a space where funders and makers can mingle and communicate with each other.”
The Wadiz platform allows funders to invest in either rewards-based crowdfunding or equity crowdfunding projects. The fintech startup is owned by Shin and venture capital Neoplux, among others.
Headquartered in Pangyo, Gyeonggi Province, Wadiz recorded a net loss of 29.22 billion won ($23.63 million) and 9.89 billion won in operating loss for 2019. Shin said the startup has postponed its plan to go public to next year due to market uncertainties across the globe.
By Son Ji-hyoung (firstname.lastname@example.org