Korean SaaS firm secures $1.2m strategic investment

Toss Lab Inc, a South Korean software-as-a-service firm, has received a US$1.2 million strategic investment from Taiwan-based peer Kdan Mobile Software. The two B2B firms plan to integrate their solutions to expand internationally and scale their user bases.

Toss Lab co-founder and CEO Daehyun Kim (left) and Kdan Mobile founder and CEO Kenny Su. / Photo credit: Kdan Mobile

Kdan Mobile’s software solutions, which include creative productivity tools and e-signature services, have been downloaded over 200 million times by over 10 million members globally. Founded by Kenny Su in 2009, the startup had pledged it would become the SaaS industry’s next unicorn.

Meanwhile, through its collaboration flagship platform Jandi, Toss Lab’s services are used by 350,000 corporate teams. It offers users topic-based chatrooms, video conferencing, task management, and file previews. The firm was founded by Daehyun Kim and Daniel Chan in 2014.

Kdan will be working with Toss Lab to improve the latter’s workflow tools through its PDF software development kit library tech.

The global SaaS market is set to be worth 720.4 billion by 2028 at a compound annual growth rate of 25.9%.

See also: Decoding a Jungle Ventures-backed SaaS firm’s profitability