Business
Hanryu Holdings Reports Fiscal Second Quarter 2023 Financial Results
Subsequent to quarter, Company successfully closed IPO, raising total proceeds of $8.8 MillionSEOUL, REPUBLIC OF SOUTH KOREA / ACCESSWIRE / September 18, 2023
About this update from Global Interactive Technologies, Inc.
[{"type":"text","content":"Subsequent to quarter, Company successfully closed IPO, raising total proceeds of $8.8 MillionSEOUL, REPUBLIC OF SOUTH KOREA / ACCESSWIRE / September 18, 2023 / Hanryu Holdings, Inc. (NASDAQ:HRYU) (the \"Company\" or \"Hanryu\"), a media-tech company and creator of FANTOO, an all-in-one social media experience connecting k-culture fans globally, today reported its financial and operating results for the three-month period ending June 30, 2023.\"Hanryu has made significant strides in positioning as a leading k-culture platform through our application FANTOO. Since closing our IPO in early August, we have accelerated the execution of our key strategic priorities to grow the business, leveraging our large userbase and following,\" commented Chief Executive Officer of Hanryu Holdings, Kang Chang Hyeok. \"We immediately invested the additional working capital from our IPO to significantly enhance the user experience and functionality of FANTOO, while also activating multiple initiatives to grow our brand presence, both in Korea and internationally. As a result of launching FANTOO 2.0, we were successful in increasing revenue year-over-year 2,004%. We expect that growth trend year-over-year to continue throughout the remainder of 2023 into 2024. Going forward, our collaboration with SALTLUX and AISUL to integrate AI virtual assistant features into FANTOO are just some of the innovations we are continually releasing for our users.\"\"Through several strategic partnerships, such as our sponsorship of the Asia Model Festival and merchandise partnership with U.S. clothing brand Papaya, we are reaching new audiences and fostering associations with other strong brands that we believe will translate to diversified revenue stream model. We plan to continue to release innovative products and features in the coming quarters on FANTOO to further increase user numbers, engagement, retention, and ultimately translate to future revenue growth,\" Kang Chang Hyeok concluded.Operational Highlights to Date:Closed initial public offering for gross proceeds of approximately $8.8 million.Launched version 2.0 of FANTOO, enhancing the user experience and interface for its over 26 million users by analyzing user activities and their usage environment to deliver personalized, real-time customized content through open communities and interest settings.Partnere...