Korean restaurant startup GFFG raises $23 million in Series A round 

South Korean lifestyle hospitality startup Good Food For Good (GFFG) announced Monday that it raised 30 billion won ($23.2 million) in Series A round funding. 

GFFG operates several restaurant brands popular among millennials and Gen Zers, namely Downtowner, Littleneck and Cafe Knotted.

Altos Ventures led the latest round as the startup's first institutional investor, with QUAD Investment Management's participation. 

GFFG began its operations in 2015 and currently has nine brands that focus on a number of different food categories, such as burgers, brunch and sushi.

The company recently expanded into the liquor industry with the OpenEnd Whisky Bar in the swanky Cheongdam district of Seoul.

Cafe Knotted, which sells Instagram-worthy donuts in pastel packaging, is GFFG's strongest brand. Mainly thanks to the donut shop’s popularity, the startup’s revenue last year exceeded 70 billion won. 

Investors are keen on GFFG's expansion potential. 

Instead of merely operating different food brands, investors are bullish that the foodstuffs could be utilized as intellectual property. 

Cafe Knotted is collaborating with conglomerates Kakao Corp., Lotte Confectionery Co., Samsung Electronics Co. and even with clothing companies like Musinsa and SPAO. 

Stuffed toys and cutlery using Cafe Knotted designs have also been available for sale. 

The company plans to use the fresh injection of funds to open up an immersive experience complex for marketing purposes and expand its presence online.

“Judging by GFFG’s track record of setting new trends, I am quite confident that it can ride on K-food's popularity abroad,” Altos Ventures Partner Park Hee-eun said. 

Write to Jong Woo Kim at jongwoo@hankyung.com
Jee Abbey Lee edited this article.