MGRV Co., Ltd

Founded by CEO Kangtae Cho, MGRV aims to create social impact and financial returns simultaneously. The company began its operations with its first location, "Mangrove Sungin," in 2020 and has since expanded to several other locations across Seoul, including Sinseol, Dongdaemun, and Sinchon, as well as branches in Goseong and Jeju City for work and stay purposes. This expansion has been supported by significant investment, including a Series B bridge funding of 12.5 billion won ($10.2 million) in early 2023, bringing its total funding to 32.5 billion won ($26.4 million). Investors have cited the shifting residential paradigm, influenced by rising interest rates, an increase in single-person households, and the growth of remote work, as key drivers for MGRV's business.

MGRV's properties offer a mix of private living spaces and shared communal areas such as kitchens, workspaces, and terraces, providing a balance of privacy and social interaction. Residents and guests can participate in the Mangrove Social Club (MSC), a wellness community that organizes monthly events to support healthy living and self-development. The booking process is streamlined through an online system and a dedicated app for residents.