Paul Bischoff · · 1 min readFood delivery startup in Korea devours $36 million funding from Goldman Sachs
Seoul-based restaurant delivery app Baedal Minjeok has just raised a US$36 million series D funding round from US investment bank Goldman Sachs, according to BeSUCCESS.
Baedal Minjeok, made by Korean startup Woowa Brothers, is similar to GrubHub in the US (which Goldman Sachs also owns a stake in) and FoodPanda in Singapore. Almost all of its transactions take place via mobile device. Users simply browse a list of local restaurant menus and pick out what they want on the app, then the Baedal Minjeok team will order, pick it up, and deliver it to their doorstep.
The startup has 145,000 registered restaurants in its database, for which it received about four million orders last month. It is the most popular food delivery app in Korea right now, followed closely by Delivery Hero subsidiary Yogiyo. The two have been engaged in a fierce marketing battle for most of the year, with the main ammunition being TV commercials.
Even though it’s the market leader, Baedal Minjeok is far from dominant. It currently commands around 10 percent of the available market, says BeSUCCESS.
See: Bilingual foodie app from Korea snags funding from Softbank
(Source: BeSUCCESS)
Editing by Mary-Anne Lee
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