SoftBank Ventures invests W3b in food startup Intake
[THE INVESTOR] SoftBank Ventures, venture capital arm of the Japanese tech giant, said on Feb. 2 that it has invested 3 billion won (US$2.79 million) in local food startup Intake.
Intake has secured 3.8 billion won in the latest round, including 800 million won from its strategic partner Dong-A Socio Group.
“Intake is a food manufacturing startup that understands the lifestyle of the young generation, with 70 percent of customer base made up of people in their 20s to 30s,” said Jay Choi, senior associate at SoftBank Ventures. “We expect Intake to lead the trend in the convenience food market and expand, based on its strengths, including new product development, practical packaging and distribution network.”
Porridge sachet "Morning Jook"
“Through the latest investment, we will grow into an innovative food company through developing products that satisfy tastes, nutrition and convenience,” said Intake CEO Han Nok-yeob. “We are planning to introduce various products this year that focus on convenience food, healthy product and snacks category.”
Established in 2013, Intake sells various products at convenience store chains across the country as well as e-commerce channels. Its popular items include multigrain shakes “Meals,” porridge sachet “Morning Jook” and mixed nuts snack bag “Dr. Nuts.” Intake plans to reach 20 billion won in sales this year.
By Ahn Sung-mi (firstname.lastname@example.org)