Curly Raises 225.4 Billion KRW in Series F Funding... Plans to List on Korean Stock Market

Completed Series F Investment of 225.4 Billion KRW…Curly Breaks Its Previous Largest Investment Record
Recognized Corporate Value of 2.5 Trillion KRW…Investment in Technology Advancement·Talent Recruitment·Expansion of Saetbyeol Delivery Areas
"IPO Decision Made to Pursue Listing on Korean Stock Market"

[Asia Economy Reporter Yuri Kim] Market Kurly operator Curly announced on the 9th that it has completed a Series F investment of 225.4 billion KRW. The company plans to pursue an initial public offering (IPO) on the Korean stock market.

Curly stated, "We have completed a Series F investment of 225.4 billion KRW," adding, "This Series F investment involved many existing investors such as Aspex Management, DST Global, Sequoia Capital China, and Hillhouse Capital." New investors include Millennium Management, which manages assets of approximately 52 billion USD (about 59 trillion KRW), and CJ Logistics, which signed a business agreement in April to expand Saetbyeol Delivery nationwide.

In this Series F investment, Curly's corporate value was evaluated at 2.5 trillion KRW, a 2.6-fold increase in about a year since the Series E investment last year. The company explained that this reflects investors' confidence in Curly's growth potential and future profitability.

Curly said, "Since its founding, the company has achieved double-digit growth every year," and "Last year, it recorded sales of 953 billion KRW, more than doubling compared to the previous year." Last year, 2.8 million new members joined, and as of the end of May, the cumulative number of subscribers exceeded 8 million. The repurchase rate of new customers who joined this year also reached 71.3%. The proportion of exclusive products is also high. Curly PB products and Curly Only products currently account for about 30% of total transaction volume.

The company said, "Although we are currently operating at an operating loss due to aggressive upfront investments for future growth, the contribution margin?sales minus variable costs?has been in the black for over three years and continues to improve." It added, "Marketing and logistics costs are also being continuously optimized, and based on the trust that economies of scale will enable definite profitability at a certain point, investments have been made."

Meanwhile, Curly, which had been considering listing on the New York Stock Exchange, recently decided to pursue listing on the Korean stock market after reviewing various conditions such as its business model and domestic and international stock market situations. The company explained that this decision was influenced by the Korea Exchange's introduction of a future growth-oriented review system to attract K-unicorns to list domestically and active communication along with institutional improvements this year.

Curly plans to use the Series F investment funds secured this time for technology development and recruitment of developers and specialized personnel. The technology development team’s workforce increased by about 50% as of June this year compared to the end of last year. The company plans to more than double its technology personnel in the second half of this year. Investment will also increase in expanding the Saetbyeol Delivery service area. Curly expanded Saetbyeol Delivery, which was previously available in Seoul and other metropolitan areas, to the Chungcheong region in May this year. The company plans to expand the Saetbyeol Delivery service to the southern region in the second half of the year.

Kim Seul-ah, CEO of Curly, said, "This investment round recognizes Curly’s efforts over the past decades to shift consumers’ offline grocery shopping habits online, and to introduce data and technology into the production and distribution methods of producers so that customers can purchase good products reasonably." She added, "Based on this investment, we will strive for win-win cooperation with producers, enhance customer value through technology investment and excellent talent acquisition, and lead innovation in the grocery shopping market."

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