Korean food e-commerce startup Jeong YookGak has attracted 47 billion won ($35 million) in Series D investment. Existing investors Atinum Investment, Korea Development Bank, Premier Partners, Capstone Partners, and Stone Bridge Ventures participated as follow-up investments, and NH Investment & Securities joined as new investors.
Jeong YookGak is an online grocery store for meat and dairy products. The company vouches for its meat to be high quality and grass-fed. The platform offers pork, chicken, beef, fillet, eggs, non-antibiotic milk, chilled rice, etc. Jeong YookGak has an in-house delivery team for the areas included in its ultra-fresh delivery area and by post office nationwide courier service for distant regions.
Founded in 2016, Jeong Yookgak has earned recognition for its simplified and affordable distribution channel for fresh meat that caters to both farmers and consumers. Jeong Yookgak handles all post-slaughter processes through its processing and packaging factory, skipping costly wholesalers and retailers. The company also applied big data and artificial intelligence technologies to ensure product quality and improve production efficiency. Naver invested 10 billion won in the company in August 2021.
With the new investment, Jeong YookGak plans to push for a quick break-even point conversion rather than expanding business areas as the entire food industry is expected to face more difficulties next year. Jeong YookGak will focus on bettering online commerce services and ending the beta service of its Direct Shop, a new direct transaction service for agricultural and marine products. In addition, the startup has also decided to temporarily suspend the rebranding of food shops and the launch of the Internet of Things (IoT) home appliances. Although, its subsidiary, Green Village, will introduce early-morning delivery next year.
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