Gwabba aims to be the go to site for all your Korean fashion searches.
• With the proceeds: 70% scale engineering team to further enhance the search accuracy as well as implement our ads platform / 20% build up marketing and contents team as well.
• We aim to reach 100,000 monthly users by end 1Q18.
Pre-money Valuation15% Equity
Founding StoryGwabba was one of 6 ideas Charlie Rhee had come up, all based on real life pain points he wanted to solve. He wanted to buy a bathrobe he saw on TV but was having trouble to even find a store that sold bathrobes that were similar. He wished there was an easier way to find the clothes he want with just a picture. He convinced Hong Kwon Ahn whom he was friends with since elementary school when they lived in Hong Kong, as they had experience running a small venture in the summer of their senior year in high school. They took advantage of the demand and supply discrepancies of Nike Air Force 1s and had made $5000 over the summer. Gwabba had many challenges at the beginning. Despite constantly hearing that people were the most important thing, we thought we were picking the best people, but we looked too much on their work experience rather than the people themselves, and were constantly plagued with delays by months. At our peak we had over 11 people, but now streamlined to 4 and are much more efficient and faster. We realized the best people means best people that fit us and have the right attitude. Since then we have started to see the product take off. Through user feedback and our data we have made several iterations and have now found our direction of least resistance and are lucky to have a core community of users that love us. We will continue to build a product our users want and need.
Company DescriptionEveryday people see clothes on TV, Social Media, or even in their daily lives that they want, but to find it is extremely time consuming and requires a lot of patience. Its even more harder on mobile.
Retailers face intense competition against bigger players with deeper pockets, and are always trying to forecast sales and manage inventory. They want a place where they can just search for customers directly and see demand.
Gwabba is a Quora for K-Fashion with a Pinterest interface. Users can simply upload the picture of the clothes they want, and for now, the community helps find it.
Gwabba is developing technology to find the scattered information, manage the data, so ultimately we can provide instant suggestions of the clothes they are looking for.
But mean time as well as the community, retailers for the first time can directly search for customers of the brands or styles they are selling, and can provide the answers as well.
With the Korean wave, K-content has grown globally, therefore the need for information has grown. It is much harder for someone in South East Asia to find and buy K-Fashion due to language barriers and Korea's complex online payment limitations.
Charlie Rhee - Co-Founder & CEO
NYU Stern Finance & Accounting Double Major
Liz Claiborne - Inventory Accounting & Internal Audit 1 year
Hyundai Securities, UBS, Korea Investment Securities, Merrill Lynch - Equities Sales & Trading 11years
Hong Kwon Ahn - Co-Founder & COO
Sungkyunkwan University Physics Major
NCSoft - Operations 2.5 years
Riot Games Korea (#6 employee) - Business Development 2.5 years
Smilegate - Business Development 3years
MinYoung Jo - Android Developer
Hanshin University, IT major
Lycle (Unni's Pouch popular cosmetic app) - Android Developer 3 years
SangKyu Kim - Full Stack Developer (Web, server, machine learning, big data)
Yonsei University - Physics major
Cluedit - Co-Founder & CTO - 1 year
Jamjaco - Co-Founder & CTO - 1 year
A picture is worth a thousand words, we want to make it worth thousands of dollars.
Products & Services
Through our research we found 30% of people give up buying something they are interested because they can't find it. A huge missed revenue opportunity no one is really solving.the data collected as more matches are done will help algorithms offer better matches, but for now it is done by the community.we will be able to offer advertising services to sellers as well with better conversion ratios as we are utilizing buyers indication of interest.with other users also following the posts, sellers can gauge demand and improve inventory management, thus improving margins.We are currently starting in Seoul, but the pain point is bigger for cross border commerce.
|Charlie Rhee||Charlie Rhee is the co-founder and CEO of Gwabba. He couldn't find a bathrobe he saw on a TV show which started the journey to create a solution. He received his BS degree from NYU Stern School of Business as a Finance and Accounting double major. He worked at Liz Claiborne for a year then moved to Korea where he worked at Hyundai Securities, UBS, KIS and Merrill Lynch in Equities Sales and trading for 12 years. Ever since college he founded a party & event hosting company as a side venture and at its peak was averaging 2000 people and over $150k revenue per event, but then moved on to the startup world where he was BoD of Pixelammo, a mobile game startup. He is an avid gamer and a fashion terrorist.|
|Hong Kwon Ahn||Hong Kwon Ahn is the co-founder and COO of Gwabba. He received his BS degree from SungKyunKwan University as a Physics major. He spent his professional career in the gaming industry starting in NCSoft and then becoming the #6 employee of Riot Games Korea helping League of Legends obtain market dominance. He then worked at Smilegate in their international business development team helping them secure footing in Vietnam. His interest is in gaming and loves Pizza|