Foreigner Support Platform ‘KStart’ Secures $552k USD Seed Investment

KAIST Youth Venture Investment Holdings has made a seed investment of 800 million won in K-Work Partners, which operates the comprehensive living support platform for foreigners, 'KStart.'

KStart is a platform targeting foreign workers and international students residing in Korea. This platform provides integrated services necessary from pre-arrival preparation to daily life after settling in. It helps foreigners adapt to Korean society through various functions such as nationality-based communities, a life support call center, commerce, and financial services.

Ahn Jun-hyun, Director of KAIST Venture Investment, explained the background of the investment, saying, "Korea is facing a major threat that our society has not experienced before, namely a decline in the working-age population due to low birth rates and an aging population." He added, "As the government revises the 4th Foreigner Policy, foreign labor has become an indispensable element in the changing economic and social structure of our country." He also expressed his expectations, saying, "KStart has been considering ways to increase the domestic settlement rate from the perspective of foreigners for several years, and based on the unique competitiveness accumulated in this process, it will establish itself as a representative platform for foreigners in Korea."

K-Work Partners officially launched the KStart service in December of last year after about two years of preparation. Currently, it provides various services to long-term foreign residents, including foreign workers and international students. This year, it plans to expand financial services such as prepaid cards and insurance, and additionally launch employment support and Korean language education services.

Jo Seong-gon, CEO of K-Work Partners, emphasized, "KStart will establish itself as an indispensable app for foreigners." He expressed his ambition to "help foreigners enjoy a safe and convenient life in Korea and ultimately contribute to their integration into the local community."

Source: Platum

Image Credit: KworkPartners