Kurly wraps major Market Kurly Series D round
Kurly, the South Korean company behind online grocery delivery platform Market Kurly, has completed a KRW 100 billion ($88 million) Series D funding round. Investors included Sequoia Capital China and Global Venture Partners.
It will use the cash for an IT recruitment drive which, it says, will enable it to speed up the development of Market Kurly, including a transition to AWS Cloud Native and the construction of a processing platform for large scale data management. New service solutions will also be developed, based on this data.
Sophie Kim, CEO, says: “Our innovative, ‘cold-chain’ system from producer to consumer, which maintains temperatures optimally suited to each product, means that we can offer customers the freshest products at the fastest speeds, compared to other online grocery services. With this latest investment, we can secure internal processes and build a talent pool so that we can continue to increase our grocery market share, while maintaining quality.”
Spyro Korsanos, Managing Partner, Global Venture Partners, comments: “Market Kurly has an outstanding track record. With KRW 157 billion in sales in 2018, it has grown three times since 2017. We’re investing because Kurly offers Korean consumers something unique - sustainable, high-quality food combined with excellent customer service and leading-edge logistics. Adoption is building quickly, with monthly sales reaching KRW 30 billion in January, breaking all records.”