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Title The Business of Innovation, SurplusGLOBAL
Source Date
Introduction of SURPLUSGLOBAL
Seoul, South Korea; offices in China, Vietnam, and Bangladesh
ROUND: 2nd
CATEGORY: Asset recovery
DESCRIPTION: Online portal for brokering surplus inventory
LEAD INVESTOR: Asia B2B Ventures, a consortium of 16 of the largest chaebol (conglomerates) in Korea
OTHER INVESTORS: IPacific Partners; 22 private investors
THE HERRING TAKE: It doesn't hurt to have help from friends (clients) once in a while. SurplusGlobal, which brokers surplus inventory over the Internet, owes several of Korea's corporate heavyweights (including Hyundai Motors) for its recent funding. That will give it a boost toward expanding into Japan and supplementing offices in China, Vietnam, and Bangladesh. "We want to be a global company," says CEO Brian Kim. SurplusGlobal's online portal counts more than 140,000 customers for its database system, which matches asset sellers with buyers. On the service side, SurplusGlobal inspects and valuates a broad range of assets, from used industrial machinery to idle production lines. Last year, the company brokered some $2.5 million's worth of asset sales; for the first quarter the amount topped $1 million. --J.V.