Delivery services startup Barogo (Barogo)
Delivery platform operator Barogo has secured 80 billion won ($71.7 million) through its series C funding round, the company said Thursday.
The amount of the newly raised funds surpassed the firm’s initial target of 50 billion won, showing the increasing interest of investors in the booming delivery businesses.
E-commerce firm 11st and retail conglomerate CJ Group have joined the funding round as strategic investors. 11st invested 25 billion won in the latest scheme, while CJ Group’s accumulative investment in the logistics firm reached 10.5 billion won, according to Barago.
Among the financial investors are LB Investment, STIC Ventures, Korea Investment Partners, YG Investment and Shinhan Venture Investment.
With the new fund, Barogo will establish microfulfillment centers -- storage facilities to deliver products ordered online -- across Seoul and its surrounding cities. In addition it will hire 100 new employees, including developers and those in nontechnical sectors, to advance the company’s delivery services.
By Kim Young-won (firstname.lastname@example.org