South Korean online book club platform operator Trevari has secured a total investment of 5 billion won ($4.44 million) from SoftBank Ventures Asia and Fast Investment, according to a report by The Investor.
The funding round, which saw SoftBank contributing as much as 4.5 billion won ($4 million), is the first raised by the South Korean startup, the report said.
Founded in 2015, Trevari runs a subscription-based platform through which subscribers can join book clubs and meet in person. The company works by facilitating the meetings and coming up with detailed plans and intriguing topics to set for each reading groups, ranging from psychology and culture to technology and marketing.
SoftBank Ventures Asia is the early-stage investment vehicle of Japanese internet conglomerate SoftBank Group.
Formerly known as SoftBank Ventures Korea, the VC firm boasts over $1.1 billion of capital under management. It has invested in over 250 companies across 10 countries with a focus on AI, IoT, and robotics.
Its most recent South Korean deal was an investment in the $44-million funding round for car-sharing company SoCar last month. It recently also led a $30-million Series B round for Israel-based cloud storage solutions provider Pliops.