Barogo Completes 80 Billion KRW Series C Investment with 11st, CJ, and Others

Logistics Synergy with SI Investors
Opening 25 MFCs Centered in the Seoul Metropolitan Area
Hiring 100 Employees Within the Year... Business Diversification

[Asia Economy Reporter Kim Bo-kyung] Barogo, a startup operating a last-mile logistics IT platform, announced on the 10th that it has raised capital worth 80 billion KRW by completing its Series C investment round.

In this Series C round, 11st and CJ Group participated as strategic investors (SI), while LB Investment, Stick Ventures, Premier Partners, Korea Investment Partners, YG Investment, and Shinhan Venture Investment participated as financial investors (FI).

11st, the SI investor, invested 25 billion KRW in this round, and existing shareholder CJ Group made a follow-up investment. CJ Group's cumulative investment amount is 10.5 billion KRW. The investment amount from the FIs was not disclosed.

Barogo plans to promote a micro-fulfillment center (MFC) business to create logistics synergy together with the SI investors. Each company will leverage its accumulated logistics know-how to rapidly expand the MFC business.

They plan to open a total of 25 MFCs mainly in the Seoul metropolitan area, focusing on regions with concentrated delivery demand such as Gangnam, Seocho, and Songpa districts. The specific establishment schedule will be decided through internal review. They are also considering the possibility of providing delivery services linked with four-wheel logistics centered around these MFCs.

Through this capital raising, Barogo will also recruit talent to expand new business and delivery service areas.

Currently, Barogo is hiring a large-scale workforce of 100 people. They plan to hire 50 developers and 50 non-developers within the year to accelerate the advancement of new businesses and delivery services.

In addition to the MFC business, Barogo plans to grow new businesses for future growth, including ▲kitchen platform business 'Dosijubang' ▲brand delivery consulting ▲delivery package distribution business 'Barogopack' ▲and online food ingredient distribution.

A Barogo representative said, "With the promotion of the MFC business, Barogo's business portfolio will become more diversified," adding, "We will expand our service areas beyond existing food delivery to include fresh food and non-food product delivery."

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