Go Pizza, a leading Korean food tech startup, has attracted an investment of $ 10 million ( approximately KRW 13.6 billion ) from CP ALL, a key distribution affiliate of Thailand’s CP Group.
Go Pizza has been on an impressive growth trajectory. In 2022, the company attracted 25 billion won in Series C investments from prominent companies such as GS Ventures and CJ Investment. This recent investment brings Go Pizza’s cumulative investment total to over 60 billion won.
CP Group, Thailand’s most significant conglomerate with a market capitalization exceeding 200 trillion won, is renowned for its vast business operations, which range from feed and livestock to distribution, communications, finance, pharmaceuticals, and real estate. The group’s CP ALL affiliate operates major distribution channels, including 7-Eleven convenience stores and Lotus supermarkets. This strategic investment is expected to significantly accelerate Go Pizza’s growth in the Thai market.
Strategic Collaboration & Global Expansion
The decision to invest in Go Pizza stemmed from the rapid growth of the Southeast Asian market and the company’s technological advancements. Go Pizza’s successful partnerships with major brands like GS25 and CGV have showcased its potential for expansive growth. CP Group Chairman Chirawanon Supakit played a pivotal role in the investment discussions over 18 months, demonstrating a keen interest in Go Pizza’s product demonstrations and initial store openings in Thailand.
Go Pizza has completed extensive collaboration discussions with CP Group affiliates and is set to commence its business operations in Thailand earnestly. The company plans to open approximately 20 stores by the end of the year. Go Pizza’s first Thai store, ‘Sukhumvit 50 Stores’,’ opened in December 2023 and exceeded expectations, followed by the ‘Cosmo Bazaar Store’ in April 2024.
Global Growth and Domestic Success
With over 450 stores in seven countries, Go Pizza has turned its domestic corporation into a profitable entity, laying a strong foundation for collaborating with CP Group. Through this collaboration, the company plans to open 1,000 additional stores in GS25 by the end of the year and reach its 1,200th global store milestone.
Jaewon Lim, CEO of Go Pizza, expressed his enthusiasm for the partnership, stating, “Through long-term investment discussions with large overseas companies, I was able to learn many of the virtues necessary for becoming a truly global company. Through active collaboration with CP Group, we aim to make Go Pizza the most accessible pizza brand worldwide, beyond Korea and Thailand.”
Go Pizza’s unique overseas expansion strategy includes:
• Establishing 100% subsidiaries in new markets.
• Directly operating local stores.
• Recruiting local expert corporate heads.
This strategy has proven effective, with Go Pizza operating in Thailand, India, Singapore, and Indonesia. The company plans to continue its aggressive expansion, aiming for significant growth and market penetration in the coming years.
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