Market Kurly Invests 10 Billion KRW in Agrifood Startup Rokya

[Asia Economy Reporter Lim Chun-han] Market Kurly announced on the 29th that it has made a 10 billion KRW equity investment in the agri-food startup 'Lokya.'

Through this investment, Market Kurly plans to establish an integrated agricultural product value chain from seeds to fresh food, enabling faster procurement of fresh and high-quality agricultural products. By utilizing advanced agricultural technologies such as smart farms to enhance the quality management of fresh food, and combining Lokya's AI-based agricultural product price prediction technology with Market Kurly's sales data, it is expected to secure price competitiveness for agricultural products.

Founded in 2011, Lokya is the first venture company in the agricultural distribution sector. In addition to its main business of agricultural product distribution, it is engaged in various agtech (a combination of agriculture and technology) businesses such as seed development and sales, agricultural product price prediction data platforms, and green bio business. It contracts the production and distribution of about 60 types of agricultural products and boasts a solid production area network and abundant agricultural product distribution data. Since 2018, Lokya has been supplying about 100 products to Market Kurly.

Kwon Min-su, Co-CEO of Lokya, stated, "Market Kurly has opened a new chapter in fresh food distribution by providing customers with a satisfying purchasing experience they had never experienced before," adding, "Companies with deep understanding of agriculture, clear vision, and innovative solutions will become the center of future distribution business."

Kim Seul-ah, CEO of Market Kurly, said, "Lokya is a representative agtech company that has demonstrated that agricultural products can achieve uniform quality and stable prices and can be trusted for purchase," adding, "Through mutual growth with rural areas and producers, we will achieve co-prosperity and contribute to the development of the national economy."

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