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Foodtech-based sleep solution company Romance has completed its Series A round of 4 billion won.
According to Romance on the 4th, major domestic conglomerates including Dongwon and Lotte participated in this round, bringing the cumulative investment amount to 5.1 billion won.
Romance operates the sleep food brand 'Cozaa' and sells products such as sleep drinks, jellies, and ampoules. This startup received a T4 grade in technology credit rating based on its held patents. Technology Credit Rating (TCR) comprehensively evaluates a company's technological capability, marketability, and business viability, with grades closer to T1 indicating higher assessments of technological competitiveness and commercialization ability.
According to Romance, the T4 grade is the highest grade available to unlisted SMEs (small and medium-sized enterprises) and is awarded to companies recognized for their excellent technological capabilities. The explanation states that the participation of major food industry conglomerates in this round was influenced by the high evaluation of both the growth potential of the sleep market and the certified technological strength. In particular, Cozaa has secured listings at Lotte Hotel, Magok Marriott, and St. Johns Hotel.
Romance is a startup founded by Lee Su-hyeon (CEO) in 2021. Lee (CEO) suffered from severe insomnia and took various products, including synthetic melatonin-containing items and sleep aids purchased through overseas direct shipping, but experienced side effects such as hallucinations and headaches, leading to aversion. Subsequently, while working part-time jobs to earn tuition during his studies in the Department of Business Administration at Seoul National University, he heard from customers that they also drank alcohol to fall asleep due to their aversion to medication. This led him to start a business based on the idea that there was a need for sleep products that could be easily consumed without concerns about side effects or addiction.
The main product, 'Cozaa Original Drink,' contains fermented sour jujube extract. Fermented sour jujube extract is a component found in jujube seeds, and the company confirmed research results showing it helps shorten sleep onset time and improve sleep quality through preclinical and clinical trials with Bundang Seoul National University Hospital. Efficacy was also demonstrated in comparative experiments with melatonin, which is known for its sleep-inducing effects.
The relevant research results were published in an international academic journal (Frontiers in Food Science and Technology). Since then, by directly leading joint research with major medical institutional investors such as Bundang Seoul National University Hospital and Kyung Hee University Oriental Medicine Hospital, the company has secured five patents, including a U.S. patent, and three domestic and international certifications such as FSSC 22000, ISO 22000, and ISO140001.
Romance plans to accelerate the advancement of customized sleep solutions and expansion into global markets with this investment.
Lee Su-hyeon (CEO) stated, "We have endured for five years on a single promise to create a world where people can sleep comfortably without relying on medication," adding, "Cozaa will take responsibility for sleep in South Korea, and ultimately, sleep around the world."
[MoneyToday Startup Media Platform Unicorn Factory]
in FUTURE
