Barogo to Establish 25 MFCs in Gangnam 3 Districts with 80 Billion Won Investment

[Asia Economy Reporter Kim Bo-kyung] Startup Barogo, which operates a last-mile logistics IT platform, secured 80 billion KRW in capital through a Series C investment on the 10th. Based on this, it plans to promote the 'Micro Fulfillment Center (MFC)' business, a small-scale logistics center within urban areas.

Barogo plans to sequentially open a total of 25 MFCs, focusing on the Seoul metropolitan areas where delivery demand is concentrated, such as Gangnam, Seocho, and Songpa districts. They are also considering the possibility of providing delivery services linked with four-wheel logistics centered around these MFCs. Additionally, to expand new business and delivery service areas, they will hire 100 people, including 50 developers, within this year.

Barogo's aggressive investment is due to the successful completion of the 80 billion KRW Series C funding 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 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.

A Barogo representative stated, "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.