Fresh food delivery Korean startup Kurly raises $88 million in new funding

Kurly, which runs Market Kurly, the fast-rising, online, door-to-door grocery service, has raised 100 billion won ($88 million) in Series D funding from existing investors, quenching market rumours about a potential sale or initial public offering (IPO). 

Kurly was refuelled with 100 billion won from major investors at home and abroad including Sequoia Capital China, Global Venture Partners based in London and Berlin and Mirae Asset Venture Investment in Korea through its fourth fund-raising scheme, the company said on Thursday. 

Kurly is planning to use the fund to enhance its supply chain and staff to keep the lead in the mushrooming fresh food delivery sector. 

“Market Kurly has shown its strong presence as a leading player in the fast-growing online grocery market,” said Tiantian He, Vice President of Sequoia China. “We are deeply impressed with Sophie Kim bearing vision, passion, and drive, which leads us to participate in Series D again. We will continue to support Kurly.” 

Market Kurly, founded in 2015, is an online grocery service that delivers fresh foods ordered before 11 pm to a customer’s door by the next morning before 7 am. It has grown sharply amid a rise in health-conscious, single-living households in Korea. 

Its revenue jumped to 157.1 billion won (about US$157.1 million) last year, but it remained in the red with a loss amounting to 26.6 billion won (about US$26.6 million) as of 2017.

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KOREATECH TODAY, A NEWS PLATFORM FOR KOREAN TECH WITH A FOCUS ON INDUSTRY NEWS AND PROMISING PROJECTS.

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