A tech startup in South Korea, previously funded twice, was in the process of securing Series A funding with 5 institutional investors in a club deal.
The startup faced setbacks when one investor backed out citing a downturn in metrics due to the MERS outbreak, severely impacting the company's performance.
The co-founder, who usually oversaw business expansion in various cities, was called back to Seoul urgently as issues arose with investors and funding discussions.
The co-founder expressed challenges in hiring due to strict labor laws in South Korea and emphasized the importance of making informed hiring decisions for early-stage startups.