# Woowa Brothers

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/woowa-brothers

- Industry: Logistics & Distribution
- Headquarters: Seoul, South Korea
- Website: www.woowahan.com
- Total disclosed funding: $384M
- Latest round: Series G (Dec 20, 2018)
- Investors on record: 8

## About

Based in South Korea, Woowa Brothers specializes in food delivery and e-commerce solutions, offering a popular platform that connects consumers with local restaurants through its innovative applications.Founded in 2011 in Seoul, South Korea, Woowa Brothers Corp. operates primarily in the food delivery sector. The company has attracted significant investments, including an acquisition by Delivery Hero SE in December 2019 for KRW 4.750 trillion, establishing a dedicated innovation fund worth USD 50 million. JinMan Choi and Kukhwan Lee lead the company as CEOs. Over its history, Woowa Brothers has successfully completed a total of 8 deals, with the latest funding round being an Add-on Trade Sale, which occurred on December 13, 2019, raising a total of KRW 360 billion.Woowa Brothers, known as ??????, provides various digital platforms and services with a strong emphasis on food delivery and e-commerce. Their primary product, '?????' (Baedal Minjok), serves as a widely-used food delivery application in South Korea. Additionally, they operate 'B??,' a grocery service aimed at delivering affordable shopping alternatives. The company is also engaged in developing self-driving delivery robots and offers support through the Baemin Academy to enhance restaurant branding and operational efficiency. While primarily focused on the South Korean market, Woowa Brothers is exploring international opportunities to broaden its market impact.For the fiscal year 2024, Woowa Brothers recorded a revenue of KRW 3,192,299,552.20, with an EBITDA of KRW 530,853,350, showcasing the effectiveness of its transaction-based income model derived from digital platforms like '?????' and 'B??.' Revenue is primarily generated through commissions from partner restaurants and direct grocery sales.Woowa Brothers is strategically positioning itself for future expansion by developing new products and services to enhance user experience. The company plans to expand its operations into international markets, although specific regions and timelines are yet to be disclosed. The recent investment from Delivery Hero SE will support these initiatives, particularly through the establishment of the innovation fund aimed at fostering growth and technological advancements within the company.

## Funding rounds

- Series G, Dec 20, 2018, $320M — Hong Shan, GIC, Hillhouse Investment
- Series E, Apr 8, 2016, $50M — Hillhouse Investment
- Series C, Feb 3, 2014, $11M — Altos Ventures, CyberAgent Capital, Stonebridge Capital, IMM Investment
- Series B, Feb 8, 2012, $1.8M — Altos Ventures, Stonebridge Capital, IMM Investment
- Series A, Jul 13, 2011, $0.3M — BonAngels Venture Partners

## Investors

- BonAngels Venture Partners (https://capitalatlas.ai/funds/bonangels-venture-partners) — Series A
- Altos Ventures (https://capitalatlas.ai/funds/altos-ventures) — Series B, Series C
- Stonebridge Capital (https://capitalatlas.ai/funds/stonebridge-capital) — Series B, Series C
- IMM Investment (https://capitalatlas.ai/funds/imm-investment) — Series B, Series C
- CyberAgent Capital (https://capitalatlas.ai/funds/cyberagent-capital) — Series C
- Hillhouse Investment (https://capitalatlas.ai/funds/hillhouse-investment) — Series E, Series G
- Hong Shan — Series G
- GIC — Series G