Sequoia, Hillhouse, DST return to invest in Korean grocery startup Kurly’s $200m round

South Korea’s Kurly netted US$200 million in a new funding round that saw the return of its top series E investors. The online grocery firm, which operates the Market Kurly brand, now has a post-money valuation of US$2.2 billion.

More funding details

• Lead investors: Aspex Management, DST Global, Sequoia Capital China, and Hillhouse Capital
• New investors: Millennium Management and CJ Logistics Corporation
• Returning investors: Aspex Management, DST Global, Sequoia Capital China, and Hillhouse Capital
• Stage: Series F

More company updates

• The fresh funds will go towards improving Kurly’s technology and boosting its talent pool while reaching new customers by fine-tuning order fulfillment.
• The startup doubled its order procurement by establishing logistics facilities at the Gimpo fulfillment center, which is the largest temperature-controlled logistics hub in South Korea.
• Kurly is looking to widen its app’s reach to cover the country’s southern provinces.
• Online grocery players in Southeast Asia, including Grab and Lazada, have also been focusing on expanding into new regions after the industry received an unexpected boost in demand during the Covid-19 crisis. (Read: Online grocery wars: Grab challenges Lazada for dominance)

For more coverage about the company, click here. You can also click on the link below to view the company’s key details and funding history.