Korean golf simulator maker Creatz attracts $21mn pre-IPO funding

[Source: MK DB]

Creatz Inc., South Korean manufacture of golf swing simulators and analyzers, has raised 25 billion won ($21 million) in pre-initial public offering (IPO) funding, riding on global golf boom in the pandemic environment.

According to investment sources on Wednesday, private equity firms including Otium Capital, QUAD Investment Management, and UTC Investment put up a combined 25 billion won into Creatz planning to go public in 2023.

Creatz manufactures various golf simulators, which feature cameras for capturing golf swing motion and detecting speed, as well as a data analysis solution. It has enjoyed brisk growth in Korea and also in North America, where it raked in $20 million in revenue this year, up 120 percent on year.

The company plans to use the latest proceeds to develop an artificial intelligence-based golf analysis system and expanding indoor golf training business.

Next month, the company will be participating in the PGA Show, the world’s largest golf trade show to be held in Florida, the U.S, to showcase its latest golf simulator solutions, including a portable swing analyzer.

With golf gaining popularity as an ideal sport in the Covid-19 environment, interest for playing golf indoors also is growing rapidly, said Creatz CEO Seok Jae-ho.

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