A service that makes working easier
Toss Lab was founded by four entrepreneurs who joined forces with the aim of becoming the greatest B2B startup in Asia. Kim Dae-hyeon, Toss Lab’s CEO, founded the company after gaining experience at big-name companies like LG and TMON.
Doubling annual growth year through complete and thorough localization
The collaborative tool market is growing rapidly. Sales for JANDI, which occupies a dominant position in Korea’s collaborative tool market, are doubling each year, with its number of users surpassing the two million mark in April 2019. The tool is currently used by many companies from startups such as Ziptoss, Daeri Jubu, and Zipdoc, to mid-sized and large companies such as CJ and LG CNS.
The secret to JANDI’s success in the global market, even amidst intense competition from foreign-made collaborative tools, is Toss Lab’s relentless pursuit of localization.Kim said, “JANDI was designed to best meet the needs of the Korean corporate environment in terms of function, usability, and customer management. JANDI satisfies demands that cannot be met by foreign services, such as 100 percent representation in Hangeul, the use of familiar characters/ icons, and real-time customer support, which especially comes in handy when a problem arises.” JANDI is already showing statistically significant growth in foreign markets.
Currently, 15 percent of the service’s users are based overseas, with 12 percent of total sales occurring in Japan and Taiwan. Together with the solid upward IT trend being seen in the Taiwanese and Japanese markets, the Chinese and Southeast Asian markets (Vietnam, Malaysia, etc.) are expected to grow in the coming years.
Messenger services, the greatest rival of the collaborative tool
In a market that is always full of competitors, Kim stressed that JANDI’s biggest rival is not other collaborative tools but rather messenger services. “It’s not that people aren’t using collaborative tools.The real problem is that they are being used ineffectively because there is no dividing line between the user’s work life and private life. We feel that it’s important to convince users not to use commercial messenger services.”
In JANDI’s early days, Kim’s greatest challenge was convincing companies of the collaborative tool’s effectiveness.
“There are two different ways that can be used to show people JANDI’s effectiveness: they either have to experience it for themselves or see an example of how the tool should be used. The hardest part was giving as many companies as possible the opportunity to try JANDI for themselves so that we could accumulate positive user reviews.” Toss Lab has since gathered such reviews from roughly 200,000 companies.
Toss Lab, which was already doubling annually in size, is currently securing even more users than usual due to COVID-19. Kim hopes that the changes in work methods brought about by COVID-19 will make more companies realize the efficiency that is unique to the collaborative tool.
The company’s next goal: Becoming Asia’s No.1 SaaS
Since its foundation, Toss Lab has regularly received assistance from Born2Global Centre, including introductions to relevant investors and information/support from diverse sectors. Toss Lab’s goal is to continue receiving aid from Born2Global Centre so that it can expand overseas and become the top SaaS in Asia.
Starting with a Series A investment in January 2018, Toss Lab has received a total of KRW 13 billion from investment firms such as SoftBank Ventures, Qualcomm Ventures, and the Korea Development Bank. Toss Lab is scheduled to receive Series B funding in June of this year.
Once it receives these funds, Toss Lab will be able to respond more quickly to changes in corporate clients’ perceptions of the collaborative tool.Kim feels that clients are already becoming more open-minded about using collaborative tools. In Korea, where conglomerates stand at the forefront of work culture trends, over 1,000 companies have started using collaborative tools.
Kim’s short-term goal is to secure more big-name clients so that JANDI is the first collaborative tool that comes to mind among the general public. In the long-term, Kim has the goal of growing Toss Lab into Asia’s number-one SaaS enterprise.