Samsung C-Lab Prospect Goose Labs Ultimately Faces Bankruptcy as Metaverse Bubble Bursts

The edutech and fitness startup 'Goose Labs', which had garnered high expectations as an alumnus of Samsung Electronics' in-house venture nurturing program 'C-Lab', ultimately could not overcome its financial difficulties and was declared bankrupt by the court in May 2026. Once compared to the famous American home fitness company 'Peloton' and considered a rising star in the metaverse market, it met a bitter end, unable to escape the chilled market environment following the endemic and the swamp of unmanageable deficits.

Sought Innovation with 'Vision AI'… But Timing Was Off

Goose Labs was established in November 2021, when major domestic companies were entering the metaverse market in earnest. The company's core service, 'FIVA', was a novel home training app that utilized the vision AI technology of a smartphone's front camera to recognize a user's movements and reflect them in real-time on an avatar within the metaverse. The ability to exercise while engaging in real-time voice chats with others using just a single smartphone, without expensive equipment or sensors, was evaluated as a major innovation, and it showcased its technological prowess by participating consecutively in major global exhibitions such as CES 2024, WSCE, and IFA.

Through B2B partnerships, they also sought expansion into an exercise therapy platform for diabetic patients and those in need of rehabilitation. However, by the time the service formally began to mature, the metaverse craze had already waned.

Major Corporations Withdraw One After Another… The Completely Frozen Metaverse Investment Market

The biggest factor that dragged down Goose Labs was the rapidly collapsing metaverse ecosystem along with the transition to the COVID-19 endemic. As outdoor activities resumed, the metaverse utilization rate hit rock bottom in 2024, and the industry's attention shifted completely to generative AI.

In fact, Netmarble dissolved its dedicated metaverse subsidiary, and Com2uS also temporarily suspended the operation of 'Com2uSverse'. Even SK Telecom's 'ifland', which had been leading the domestic metaverse, took steps to terminate its service in March 2025 following a sharp drop in users. Amid a situation where companies across the market were successively withdrawing from their metaverse businesses or pivoting their strategies, the venture investment market also froze over, making it highly likely that Goose Labs experienced extreme difficulties in attracting the follow-up investments essential for survival.

Financial Difficulties Stemming from Changes in the Industry Atmosphere

With investment attraction blocked, Goose Labs' own revenue model was vastly insufficient to sustain the company. Looking at its financial flows, for the two years of 2021 and 2022 following its establishment, it failed to record a single penny of sales (0 won).

It was not until 2023, when the service officially launched, that its first sales of approximately 11.68 million won were generated, and although its 2024 sales increased to about 58.38 million won, it was far from enough to cover the selling and administrative expenses (SG&A), which amounted to a staggering 552.59 million won in that year alone. With massive fixed expenditures such as salaries and commission costs, the sales volume could not keep pace, causing the company's operating losses to snowball every year: approximately 200 million won in 2022, 350 million won in 2023, and 494.21 million won in 2024.

The decisive blow was depleted liquidity and the pressure to repay debt. As of the end of 2024, the 'cash and cash equivalents' held by Goose Labs amounted to merely 392.34 million won. Considering the cash burn rate at the time, the 390 million won in cash held meant the company was on borrowed time, with its bank balance set to completely bottom out in about 10 to 11 months. In other words, if it failed to receive investment or turn a profit by the second half of 2025, it was highly likely that the company would have to close its doors.

Furthermore, based on the statement of financial position, the maturity of short-term borrowings amounting to approximately 500 million won had arrived, but the company was in a state of complete capital impairment (-118.85 million won) with absolutely no ability to repay it. Ultimately, unable to endure the depletion of funds, Goose Labs Co., Ltd. received a bankruptcy declaration from the Seoul Bankruptcy Court on May 21, 2026, and entered into summary bankruptcy proceedings. This marks the moment it was recorded as yet another casualty in the cruel history of the metaverse trend that once shook the world.