Barogo, with 25 billion investment... Transaction volume up 166%, nearing 3 trillion won

Corporate Value Rises to Mid-300 Billion KRW Range
Cosmetics and Daily Necessities Delivery Planned
11st Partners Strategically with Barogo

[Asia Economy Reporter Kim Bo-kyung] Barogo, a last-mile logistics startup, is receiving an investment of 25 billion KRW from 11st. Due to the increase in contactless transactions caused by COVID-19, Barogo's transaction volume nearly reached 3 trillion KRW last year, and its corporate value soared to the mid-300 billion KRW range.

Barogo announced on the 22nd that it has signed an investment agreement worth 25 billion KRW with 11st, a subsidiary of SK Telecom.

Barogo is currently pursuing a Series C round totaling 50 billion KRW. Previously, CJ Group participated as a strategic investor (SI), and Korea Investment Partners, YG Investment, and others participated as financial investors (FI) in the Series C round.

Barogo's corporate value has tripled with each investment round. In this Series C round, Barogo's corporate value was set in the mid-300 billion KRW range, more than tripling compared to the corporate value at the time of the Series B investment in June 2019.

Due to the increase in contactless consumption, Barogo's transaction volume last year recorded 2.9165 trillion KRW, a 166% increase compared to the previous year. This is about three times the transaction volume of 1 trillion KRW achieved in 2019 within just one year.

Barogo plans to accelerate hiring R&D talent, expanding direct operations, and strengthening new businesses with the funds secured this time.

In particular, it will focus on improving delivery quality by securing competitiveness in new businesses such as urban hub logistics.

Through this, Barogo plans to expand its business scope beyond existing food and beverage (F&B) delivery to include cosmetics and daily necessities delivery. It is expected that fast delivery within 2 to 3 hours will be possible once the related infrastructure is established.

11st also expects to provide differentiated delivery experiences to its customers through strategic cooperation with Barogo.

Lee Taekwon, CEO of Barogo, said, "I hope Barogo will gain growth opportunities and competitiveness through 11st, a leading company in the e-commerce market essential in the contactless era."

He added, "As a leader in the logistics industry, Barogo will realize what we do best to present direction."

This content was produced with the assistance of AI translation services.