Why He Pledged Half of His 5 Trillion Won Fortune After a Massive Exit (feat. Bongjin Kim's Business)

"Money is not something to be owned, but an energy to be channeled into creating a better world. What is far greater than earning it, is leaving behind a unique legacy in the world through sharing."

In February 2021, a single piece of news shook the entirety of South Korea. Bongjin Kim, the founder and chairman of Baedal Minjok (Woowa Brothers), officially declared that he would donate more than half of his wealth (over 500 billion won at the time) back to society.

It was the moment he became the 219th pledger of the global philanthropic club, 'The Giving Pledge.'

Unlike many founders in a capitalist society who desperately cling to their massive wealth to pass it down, he decided to let his fortune flow back into society with zero strings attached.

Many people asked him: "How can you so readily give away the massive fortune you earned with your own blood, sweat, and tears?"

Today, we trace the profound spaces where a designer who started drowning in hundreds of thousands of dollars in debt eventually grasped the true essence of wealth—and how he elevated 'sharing' into the ultimate philosophical pinnacle of his business.

By the end of this piece, you will realize that giving isn't just about charity or volunteering. It is the most powerful business legacy that evolves the world and breathes a soul into a brand.

Space 1. Warm Solidarity Learned in the Corner Room of a Furniture Store Diner (Suyudong, 1980s)

The roots of Bongjin Kim's philosophy of giving stretch back to the poorest days of his childhood. It was a time when his entire family, having moved up from Wando in South Jeolla Province, squeezed into a tiny corner room attached to a furniture store diner in Suyudong, Seoul.

Even amidst their own poverty, his parents never hesitated to serve a bowl of rice to hungry neighbors who wandered into their diner. Growing up, Kim himself received countless small gestures of help from his neighbors and society.

Looking back at those days, he remarks, "I didn't grow up purely on my own strength. I grew up thanks to the warm opportunities given to me by nameless neighbors and society."

This is what he learned in that space: Giving isn't 'charity' bestowed upon others because you have extra to spare. It is an 'honest responsibility' and solidarity—a natural returning of the social debt you've received back to society.

Space 2. The Font Design Studio That Gave Away Months of Work for Free (2012, The First Test of Giving)

In 2012, as Baedal Minjok was just starting to find its footing after being founded, Kim made an unconventional decision despite fierce opposition from his executive team. He decided to release their custom brand fonts, such as 'Hanna' and 'Jua'—which had cost hundreds of thousands of dollars and months to develop—completely free of charge to anyone in the world.

An average company would have capitalized on these fonts to generate licensing revenue. But he pushed forward with an unrestricted free release that even allowed full commercial use, declaring, "Let's bring joy to the world through the design we do best."

The results were astonishing. From broadcasting stations and school presentations to street signs, Baemin's fonts began appearing absolutely everywhere. Baedal Minjok ended up dominating the visual everyday life of the entire nation—something money simply couldn't buy.

The 'business science of giving' he proved on this ground was this: When a company boldly shares its brand assets with society instead of hoarding them, that sharing returns as something far greater than any exclusive marketing budget could buy—a brand's soul and massive public fandom.

Space 3. The Moment He Signed the 5 Trillion Won Acquisition Deal (2019, Delivery Hero Merger)

In December 2019, a contract was signed to sell Baedal Minjok to Germany's Delivery Hero (DH) for 5 trillion won. It was the moment a poor designer who once trembled at debt collection calls in a small studio apartment in Yeongdeungpo wrote the greatest exit myth in the history of South Korean venture startups.

Yet, the moment that staggering number of 5 trillion won hit his bank account, instead of feeling a massive sense of emptiness, Kim threw an intense question at himself.

"Is this massive wealth entirely mine? Or is it the result of the incredible opportunities Korean society gave to a guy who used to pick up trashy flyers from the streets?"

Standing before this contract, he deeply realized that he wasn't the master of this money. The moment capital gained through success is left merely as personal accumulation, it is buried. It is only when it is funneled back into social value that it achieves monumental meaning.

Space 4. The Study Where He Wrote the First Giving Pledge by a Korean (February 2021)

In February 2021, Chairman Kim and his wife, Bomi Sul, sat in their study and personally drafted their pledge for the global philanthropic club, 'The Giving Pledge.'

In his pledge letter, he clearly outlined his specific reasons and methods for giving.

First, solving the educational inequality that strips away the dreams of those in poverty.

Second, providing scholarships and medical expense support for the children of self-employed restaurant owners.

Third, systematically supporting creators in the arts and culture sector.

He didn't stop at passive donations where money is just handed over. Drawing on his experience as a founder, he directly distributed over 100 billion won worth of his personal stock to Woowa Brothers' riders (delivery workers) and employees, and executed his giving through concrete systems (Systematic Philanthropy) like a scholarship foundation for restaurant owners' children and donations to the Sejong Center for the Performing Arts.

The method of giving he proved in this study was this: Giving isn't just passively handing out cash. Much like a founder building a business, it is another grand venture of defining the core of a problem and deploying resources through sustainable systems exactly where they are needed most.

Space 5. The Independent Lab 'grandeclip' and the Asian Startup Ecosystem (2020s to Present)

Today, Chairman Kim has stepped down from his position at Woowa Brothers and established 'grandeclip,' an independent space dedicated to helping new creators and startups, where he continues his next challenge.

He still constantly asks, "How can we change the world to be slightly more joyful through design and ideas?" as he shares his capital and experience with younger founders and creators.

His giving has deeply inspired the entire Korean business ecosystem. He presented a brand new role model: not just a 'rich person who only makes money,' but a 'leader who leaves a positive mark on the world with their own unique philosophy.'

What we can learn from this ground is clear. The true completion of a business is not marked by market domination or the size of an exit deal, but by the legacy of what values and courage you pass down to the next generation through sharing.

Epilogue

It has been over 15 years since Chairman Kim rose from the absolute hell of being hundreds of thousands of dollars in debt following a failed handmade furniture business.

Over those years, he picked up street flyers, released free fonts, monopolized a market with B-list culture, and finally, drew an unprecedented trajectory of throwing half his fortune back to society after a 5 trillion won exit.

The giving he demonstrated was never sentimental charity. It was the most highly evolved philosophical completion achievable only by someone who truly understands the essence of design and business.

"The wealth I hold is the fruit of opportunities given by society, so I let it flow back to society."

He completely replaced the desires of capitalism with a joyful and warm legacy called sharing. Refusing to follow others' formulas for success, he steered his business with his own unique tone and manner. His footsteps of sharing the fruits he harvested with society now pose a heavy, echoing question to all builders today about what the true purpose of a business really is.

※ The factual context of this newsletter is based on public donation pledges, official corporate announcements, and press interviews, including the completely free release of custom fonts like Hanna and Jua in 2012, the 5 trillion won Delivery Hero merger in 2019, becoming the first Korean to sign The Giving Pledge in 2021, providing 100 billion won in stock and bonuses to employees and riders, supporting scholarships and medical expenses for the children of restaurant owners, and establishing the independent space 'grandeclip'.