SEOUL, Nov.28 (Korea Bizwire) – Woowa Brothers Corp., the company providing the “Baedal Minjok(Nation of Delivery)” service with its smartphone app of the same name, has won investment of US$36 million from a consortium led by Goldman Sachs.
Lee Jae-hyun, Goldman Sachs’ executive responsible for Korean investment, said that his company wants to be a partner of firms like Woowa Brothers with innovative ideas and management capabilities. The company will use the investment money in raising its technical level while expanding overseas next year.
Since launching the service in 2010, Baedal Minjok has increased its user base at an explosive rate. The cumulative download number to date is 14 million, with its October food delivery order number reaching 4 million. The service has signed on more than 140,000 food establishments as members across the country.
The company has accelerated its pace of overseas expansion by forming a joint venture last October with Naver’s Line Japan to launch “Line Wow” to deliver premium Japanese-style lunchboxes made in a famous restaurant in Tokyo’s Shibuya.
Kim Bong-jin, president of Woowa Brothers, said of the recent investment, “With Goldman Sachs’ equity participation, we will be able to cement our position as the No. 1 operator in the business and accelerate our effort toward global reach. Based on our experience in the O2O [online-to-offline] service business, we will try to change the way people in the whole Asian region place food delivery orders.”
By Sean Chung (email@example.com)