470 startups log revenue of 100 bln won or more last year

SEOUL, July 21 (Yonhap) -- The number of South Korean startups with annual revenues of 100 billion won (US$87.9 million) or more surpassed 470 last year, data showed Thursday.

A total of 474 startups saw their annual revenues exceed 100 billion won last year, up 14 from the previous year, according to the data jointly released by the Small and Medium Business Administration and the Korea Venture Business Association.

Whisky brand Golden Blue, toymaker Sonokong and LIS, a maker of laser equipment for semiconductors and displays, were among the new startups that achieved the revenue target last year, the data showed.

The combined revenue of the 474 startups stood at 101 trillion won last year.

But their average revenue slightly fell to 212.9 billion won, from 215.1 billion won in the previous year.

Their average operating profit rose 10.3 percent on year to 16 billion won last year, according to the data.

On average, it took 17.4 years for a startup to achieve 100 billion won in revenue.

There were seven startups, which achieved the revenue mark after seven years of operations, including DoubleU Games, a developer of online and mobile games, and L&P Cosmetic, a manufacturer of cosmetics.

"We target overseas markets by developing games for foreign users," said Won Yong-joon, a chief financial officer of DoubleU Games, attributing the company's success to its global strategy.
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