Soomgo

About Soomgo

Soomgo, short for "Soomeun Gosoo" or "hidden master" in Korean, operates an online and mobile marketplace that connects consumers with local service professionals across a wide array of categories. The platform, founded in 2014 and officially launched in September 2015 by Brave Mobile Ltd., is headquartered in Seoul, South Korea. The founding team includes CEO Robin Kim, a Korean-American entrepreneur who previously co-founded the popular food delivery app Yogiyo, alongside CTO Hwan Kim and CPO Jiho Kang. The founders identified a dual-sided market inefficiency: consumers struggled to find reliable information for local services, while freelancers and small businesses lacked effective marketing channels in a conglomerate-driven economy.

Soomgo's platform allows customers to submit a request for a service by answering a series of questions. The platform then sends this request to relevant professionals, who can respond with a price quote. This allows customers to compare multiple quotes, review provider profiles with ratings and reviews, and select the best fit for their needs. The platform hosts over 1,000 service categories, ranging from lessons (music, languages, sports), home services (cleaning, moving, interior design), and event planning to business consulting and wellness. Initially focused on lessons to target a younger demographic, the company has horizontally expanded to cover a comprehensive range of life services.

The company's primary business model is lead generation, not commission-based. Service providers, or "masters," purchase virtual credits to send quotes to potential customers. This model charges professionals for the opportunity to bid on a job, and Soomgo does not take a percentage of the final transaction value. In 2021, the company also introduced "Soomgo Pay," a secure payment system that charges a 3.5% fee for its use. The platform has seen significant growth, achieving profitability in 2023. In October 2024, Soomgo was acquired by the Korean private equity firm Ark & Partners.

Soomgo has attracted significant investment throughout its history, raising approximately $56.9 million over several funding rounds. Key milestones include acceptance into the Silicon Valley accelerator Y Combinator's Winter 2017 batch, a Series A funding of $3.4 million in 2018, a Series B of $12.5 million in 2019, and a Series C of about $28.6 million in June 2021. The platform has also expanded its offerings to include 'Soomgo Market' for direct service purchases and a community feature for user interaction.