K Visa, a comprehensive visa platform for foreigners led by CEO Lee Sang-wook got a successful investment from Strong Ventures in January 2024. Strong Ventures, an American venture capital (VC) company founded in Los Angeles (LA) boasts investments in prominent startups such as Carrot Market, Tapas Media, Corbit, Class 101, Sumgo, Finda, etc.
Currently serving 2.5 million foreigners in the country, K Visa offers tailored visa services and has processed over 2,000 foreign visas in Korea to date. Since its service renewal a year ago, K Visa has achieved a remarkable 95% visa approval rate and a 90% intention to reuse rate, highlighting its commitment to exceptional customer experience. Sales in 2023 skyrocketed by over 1,000% compared to the previous year.
Employing IT-based consultation and agency services, K Visa aims to streamline the complex foreign visa administrative process for foreigners and interested Koreans. The company plans to utilize the investment to recruit new developers and address the issue of illegal brokerage.
Additionally, K Visa intends to launch a brokerage platform connecting over 2,000 administrative agency offices with 2 million foreign visa transactions occurring annually in Korea. Lee Sang-wook, CEO of K-Visa, who was also the youngest person to obtain an administrator’s license, said, “There is no proper professional visa administration service in Korea for the foreign population, which is increasing by more than 200,000 people every year. We plan to quickly launch a new K-Visa service that is easy to use and provides multilingual services within the third quarter of 2024.”
Jo Ji-yoon, director of Strong Ventures, who was in charge of this investment, said, “Korea’s demographic structure will change rapidly in the next 20 to 30 years. This will result in a national approach to solving the low birth rate problem and the natural increase of foreigners who see Korea as a land of opportunity. The number of foreigners staying in Korea in 2023 is approximately 2.5 million. Still, the number of foreigners staying in Korea in 2050 is expected to be more than 7 million. We believe that various market opportunities will arise for them, and among these, the most basic of these are visas, etc. There is an urgent need to improve management services, and we decided that K Visa was the team that could quickly do this and create a convenient service, so we invested in it.”
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