Fresh food logistics startup Team Fresh secures 30 bn won in Series C

South Korea-based fresh food logistics startup Team Fresh has concluded its 30 billion won ($26.7 million) Series C round, attracting high-profile investors such as KT Investment and Kakao Investment alongside existing investors NH Capital-DTN Investment, STIC Ventures and Shinhan Capital.

So far, Team Fresh has netted 53 billion won in fundraising. The company is expected to have received an enterprise value of around 140 billion won in the latest funding, a sharp rise compared to the 85 billion won valuation from the Series B round, according to venture capital industry sources.

The company plans to use the proceeds for its operations and to expand its logistics centers.

The cold-chain platform startup was established in 2018 by Lee Sung-il, a former Market Kurly employee who was in charge of running early morning delivery services at the premium grocery delivery business.

Lee decided to launch Team Fresh after seeing early morning delivery service become a rising trend in the retail industry. It was a smart move given that just a year after its inception, Team Fresh became a dominant player in the early morning delivery market with 90% market share. 

Team Fresh runs a comprehensive cold-chain platform, including third-party logistics for firms that sell fresh goods and fulfillment services. The company currently offers its services to over 130 clients, such as eBay Korea.

In 2018, the startup posted 2.7 billion won in revenue – just six months after its launch. In the following year, the company logged 14.7 billion won in revenue, more than fivefold the amount from the year-earlier period. This year, the company aims to post 100 billion won in revenue.


Danbee Lee edited this article.