South Korea’s Kurly wins funds for expansion
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Kurly, a South Korea-based grocery-delivery startup, has netted Series E funding totaling KRW200 billion (US$160 million).
The funding round for the five-year-old company was led by DST Global, with additional participation from several existing backers – including Hillhouse Capital, Sequoia Capital China, Fuse Venture Partners, SK Networks, and Translink Capital. Newcomer Aspex Management also contributed to the new financing.
Total funding in Kurly has now reached KRW420 billion won ($328 million), confirming unicorn status for the venture. The company expects to use the funding to set up a new fulfillment center in Seoul, more than twice as large as its current facilities.
“Kurly has been showing incomparable growth in the fast-expanding online grocery market,” said DST Global investment partner and head of Asia Pacific John Lindfors, “and as the first to establish morning deliveries, has demonstrated its ability to disrupt the logistics industry and change the grocery shopping habits of Korean consumers”.
The firm recorded annual average revenue growth of 3.5 times since opening, and extended its fulfillment capability area by a factor of 4.9 last year, with a 2.9 times increase in total deliveries.
Questions & Answers
Q.How much total funding has Kurly received to date, including this latest round?
How much total funding has Kurly received to date, including this latest round?
Kurly has now secured total funding of KRW420 billion ($328 million), which confirms the venture's unicorn status.
Q.What are Kurly's plans for the newly acquired Series E funding?
What are Kurly's plans for the newly acquired Series E funding?
The company intends to use the funding to establish a new fulfillment centre in Seoul, which will be over twice the size of its current facilities.
Q.Which existing investors contributed to Kurly's recent Series E funding round?
Which existing investors contributed to Kurly's recent Series E funding round?
Existing backers participating included Hillhouse Capital, Sequoia Capital China, Fuse Venture Partners, SK Networks, and Translink Capital.
Q.How has Kurly's revenue grown since its launch five years ago?
How has Kurly's revenue grown since its launch five years ago?
Since opening, the firm has recorded an annual average revenue growth of 3.5 times, demonstrating strong performance in the market.
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