Kurly secures W50b from Sequoia Capital, DST Global
[THE INVESTOR] Kurly, operator of popular grocery delivery service Market Kurly, will receive funds worth around 50 billion won (US$44.46 million) from a consortium led by Sequoia Capital and DST Global, according to industry sources on Aug. 6.
According to sources, the Market Kurly operator has signed a share purchase agreement with the consortium to sell convertible preferred stocks and is set to receive the money before the month-end.
Established in 1972, Sequoia Capital is famous for successfully investing in companies like Apple, Google, Youtube and Instagram, at an early stage. The company also has some experience investing in Korean startups, including Coupang and Toss. On the other hand, it is DST Global’s first investment in a Korean firm. The company was founded by Israeli-Russian entrepreneur Yuri Milner in 2009 and is known for funding Facebook and earning more than 20 times profit from it.
Since global investors have decided to fund Kurly, industry watchers expect that it will become easier for the Korean company to expand into global markets.
Established in 2014, Market Kurly offers a wide range of groceries for delivery by 7 a.m., as long as the orders are placed before 11 p.m. the previous day. It currently has over 600,000 users and its sales reached more than 46.5 billion won last year.
By Song Seung-hyun (firstname.lastname@example.org)