Goldman Sachs Invests $36M In Korean Meals Supply App Baedal Minjok
Seoul’s startup business has been awash with main funding information over the previous few weeks. Earlier this month, Yello Cellular and recreation developer four:33 Artistic Lab Recreation Studio every disclosed that that they had raised $one hundred million or extra.
Now Seoul-based mostly startup Woowa Brothers, which operates meals supply app Baedal Minjok, has introduced that it has raised a forty billion gained (about $36 million) spherical led by Goldman Sachs. The capital shall be used to enhance Baedal Minjok’s know-how and gasoline its worldwide enlargement.
The quantity is spectacular as a result of till final month, Baedal Minjok was targeted solely on the home market. The app, which launched in June 2010, presently claims to be South Korea’s largest on-line and cellular meals supply service, with greater than one hundred forty,000 eating places registered on the platform and 4 million orders processed per thirty days. Almost all of Baedal Minjok’s orders, or greater than ninety nine %, are positioned by means of its iOS or Android apps.
Baedal Minjok, which suggests “Supply Nation,” is focusing the primary stage of its abroad enlargement on Japan. Final month, Woowa Brothers shaped a three way partnership referred to as Line Bros. Corp with messaging app Line.
Line Bros. Corp presently operates a meals supply service referred to as Line Wow in Japan. Line Wow’s app is separate from Line messenger, however faucets into its base of fifty four million registered customers in Japan.
For extra details about Baedal Minjok, take a look at Danny Crichton’s March article for TechCrunch, which is about controversy over its charge construction because the app turned more and more ubiquitous in Seoul.
Goldman Sachs can also be an investor in GrubHub, a publicly listed meals supply service that operates in seven hundred U.S. cities and London.
In a press release, Stephanie Hui, head of personal fairness investments at Goldman Sachs in Asia (excluding Japan) stated that the agency’s funding in Baedal Minjok provides it the chance to faucet into Korea’s rising e-commerce business.
“Korea is among the most engaging e-commerce markets on the planet. This funding in Baedal Minjok’s innovation and gifted administration workforce exemplifies Goldman Sachs’ purpose to companion with Korean company leaders who’re capable of increase globally,” she stated.
(h/t The Korea Herald)