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,â 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. Â
“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.