Press

Underdogs announced on the 22nd that it has established NewBlack, a company builder holding company that supports the entire growth process of social innovators. Since its establishment in 2015, Underdogs has planned and operated youth programs aimed at profitably solving social problems and creating sustainable social value. NewBlack was established to materialize Underdogs' original identity as a social innovation company builder. The strategy is to separate startup education and startup support companies to drive mutual growth. According to NewBlack, this marks the first time impact startups have been structured as a holding company in the social innovation sector. NewBlack operates as a separate legal entity independent from Underdogs, consisting of four social innovation startups as subsidiaries: existing startup education (Underdogs), donation solutions (BigWork), pet care (EarnestMeal), and housing solutions (Napster). NewBlack plans to adopt both the traditional company builder approach of establishing companies and discovering items annually for early-stage and prospective startup teams discovered and nurtured through internal startup education, as well as an accelerating method with equity investment. Additionally, based on accumulated educational content, it plans to provide consulting and advisory services to various companies, institutions, and startups in the social innovation startup sector. Kim Jung-heon, CEO of NewBlack, stated, 'We established this company to create business models together with talented individuals who can generate social value,' and added, 'We ask for your support so that NewBlack, dedicated to company building, can lead social innovation in the future.'