WhiteCube, runs a self-development investment app called Challengers, which attracted 1 billion won (US$ 8.7 million) from Altos Ventures. Some 170 projects are registered with the Target Achievement app Challengers, including walking 10,000 steps, reading paper format newspapers and watching TED, and participants can take a part in the project at the expense of a small sum of money to achieve the goal.
For two weeks participating in the Challenge, users compete with other participants, authenticate through the app camera at a set time every day and receive their participation fees back according to the final target attainment rate. If the achievement rate is 85% or higher, the entire cost of participation will be refunded and additional compensation will be provided upon completion of 100%. Challengers also provide motivation to invest in self-improvement costs in four months of service, recording a return rate of over 96 percent.
“Challengers have been created based on our seven years of experience in co-operating the offline goal fulfillment community,” said Park Hee-eun, senior director of Altos Ventures. “We look forward to continuing to grow into a service that encourages others to achieve their goals and provides the joy of achieving them together,” Hee-eun added.
“We will focus on expanding our organization to all areas, including development, as well as enhancing app quality in preparing better services within the investment,” said CEO Choi Hyuck-joon of WhiteCube. “We want to create a great journey with our colleagues who will create services that can change people’s lives,” the CEO said.