CyberAgent leads $12m round for Korean food delivery app
Japan's CyberAgent Ventures has been joined by previous investors Altos Ventures, IMM Investment and Stonebridge Capital for a $12 million investment in Woowa Bros, the start-up behind Korean food delivery app Baedalui Minjok.
The Seoul-based business - whose name means 'delivery people' - was founded in 2010 by two brothers: designer Kim Bongjin and engineer Kim Kwangsoo. Its flagship app claims to be first smart phone service that allows people to search, order, and review their food.
The app - which leverages partnerships with food delivery businesses across the country - claims to have around 10 million downloads, more than 20% of Korea's smart phone user base.
Altos, IMM and Stonebridge invested $1.8 million in Woowa in 2012, AVCJ Research shows. Prior to that, the start-up received a seed stage investment of $260,000 from BonAngels Venture Partners in 2011.
In a statement, CyberAgent said that it will support Woowa by leveraging its existing resources, including its own business operations and know-how, to enhance value of the company's flagship app.
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