Notetaking app Goodnotes has announced a significant investment of $1.9 million in South Korea-based digital stationary company WeBudding. This move comes shortly after Goodnotes launched its digital stationary store within the app, showcasing its commitment to providing a comprehensive notetaking experience for its users.
Key Takeaway
Goodnotes, a popular notetaking app, has invested
.9 million in South Korean digital stationary company WeBudding. WeBudding, known for its array of digital stationary items, plans to develop content specifically for the Goodnotes store and expand its offerings. With this strategic investment, both companies aim to enhance the notetaking experience for users and capitalize on the growing demand for digital stationary products.
A Digital Pivot for WeBudding
Founded in 2018 by Donghwan Shin, Donggyun Ko, and Chaeyoung Lee, WeBudding initially focused on selling physical paper notebooks tailored for university students. However, the company made a successful digital pivot and now offers an array of digital stationary items, including planners, journals, stickers, and notebooks. With 80% of its sales coming from mobile platforms and the remaining 20% from its websites, WeBudding has established a strong presence in the digital stationary market.
Strategic Investments and Ambitious Plans
The investment from Goodnotes is part of a $2.1 million Series A funding round, which also includes a $200,000 investment from Strong Ventures. WeBudding has now secured a total of $4.7 million in funding. Although the company has not disclosed its exact valuation, it has reported a significant 52% increase in valuation following this investment.
WeBudding is already a host for Goodnotes-compatible assets on its platforms. With the recent launch of the Goodnotes store and the strategic investment, WeBudding aims to develop globally relevant content specifically for the notetaking app’s store. CEO Donghwan Shin expressed the company’s plans to enhance its mobile app, localize content for different countries, and expand its offerings to include themes for South Korea-based chat app KakaoTalk. Additionally, WeBudding is exploring collaborations with renowned entertainers and musicians to create branded digital stationary.
Creators and Marketplace Growth
WeBudding boasts an impressive lineup of 2,500 creators who have contributed to a selection of over 16,000 items available in the store. While the compensation and percentage cut for these creators have not been disclosed, WeBudding continues to attract talent and expand its marketplace.
Continued Innovation from Goodnotes
Goodnotes, recently awarded the iPad App of the Year by Apple, remains at the forefront of notetaking technology. The app was updated in August to feature AI-powered handwriting and introduced a digital marketplace. With 21 million monthly active users, Goodnotes continues to evolve its platform to meet the needs of its dedicated user base.
