Upstairs Partners with FutureDial for Enhanced Smartphone Recommerce in Korea
Deal News | Apr 14, 2025 | Aim Group
Seoul-based company Upstairs has secured a strategic partnership with Silicon Valley's FutureDial to become the official reseller of FutureDial's software in South Korea. This alliance will integrate FutureDial's Lean One Touch (LOT) software into Upstairs' Joongabi inventory management system to streamline and automate the data cleaning, diagnostics, and reporting process for secondhand smartphones. Upstairs, founded in 2018, operates a business-to-business marketplace and consumer platform, Fongabi, for trading used phones. The integration is part of a broader effort by Upstairs to enhance its operational efficacy in the secondhand phone market. So far, Upstairs has attracted an investment of approximately $5.7 million with major backing from firms like Yen Venture Partners and Mashup Angels. FutureDial's LOT was initially deployed by Upstairs in 2024 to support its Fongabi platform, and the partnership aims to further deepen the companies' collaboration, thereby enhancing the automation and efficiency of Upstairs’ operations.
Sectors
- Recommerce
- Software
- Venture Capital
Geography
- South Korea – South Korea is the primary geographic focus, serving as the operational base for Upstairs as they enhance their market position in the recommerce industry.
- United States – The United States is relevant as it is home to FutureDial, the partner company providing the software for the enhanced operational capabilities Upstairs seeks.
Industry
- Recommerce – The recommerce industry involves the buying, selling, and refurbishment of secondhand goods, particularly focusing on electronics such as smartphones. Upstairs and FutureDial are actively engaged in enhancing operational efficiencies within this sector.
- Software – Software industry relevance comes from FutureDial's offering of diagnostic and data clearing software solutions integrated by Upstairs to manage second-hand smartphone transactions efficiently.
- Venture Capital – The funding and investment aspect of the news highlights the role of venture capital in supporting business models centered around inventory management and data processing software in the recommerce space.
Financials
- $5.7 million – The total amount of investment raised by Upstairs, supporting its recommerce activities and operational expansion.
- KRW4.3 billion – Investment raised in 2022 by Upstairs, as part of its funding efforts.
- KRW8.1 billion – Cumulative investment raised by Upstairs since its inception.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Upstairs | Target Company | Company | Seoul-based company specializing in the recommerce market for secondhand smartphones, operating platforms like Joongabi and Fongabi. |
| FutureDial | Partner Company | Company | A U.S.-based company offering software solutions for the diagnostics, data cleaning, and compliance reporting of used smartphones. |
| Yen Venture Partners | Investor | Company | One of the primary investors in Upstairs, a venture capital firm supporting technology-driven companies. |
| Partners Investor, CKD-BS Startup Venture Investment Association, Mashup Angels | Investors | Companies | Firms that have invested in Upstairs, contributing to its funding and growth in the recommerce market. |