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Startups

Delivery service provider Barogo wraps up $72 mn Series C round

The company forays into the fulfillment sector by setting up urban logistics centers across Seoul

By Jun 10, 2021 (Gmt+09:00)

Delivery service provider Barogo wraps up  mn Series C round

Logistics IT platform service Barogo has successfully wrapped up an 80 billion won ($72 million) Series C round, far above the company's initial target of 50 billion won, according to the company on June 10.

South Korea's retail giant CJ Group and 11Street Co., the e-commerce arm under major mobile carrier SKT, participated as strategic investors -- injecting 5 billion won and 25 billion won, respectively. CJ Group has invested a total of 10.5 billion won in Barogo to date.

The lineup of financial investors included LB Investment, STIC Ventures, Premier Partners, Korea Investment Partners, YG Investment and Shinhan Venture Investment.

Barogo will use the proceeds to increase its footing in the fulfillment market. The company plans to set up 25 urban logistics centers across Seoul and hire around 100 employees.

Barogo is one of the country's major delivery service providers. Last year, it logged around 2.9 trillion won in transaction volume, up 166% compared to the previous year, as demand for delivery services surged during the COVID-19 crisis. Thanks to its rapid growth, Barogo was named as a future unicorn in 2019.

Earlier in February, the company's enterprise value was estimated to be around 350 billion won when it first announced plans for the 50 billion won Series C round -- thrice the valuation it received during the Series B round in 2019. 


Write to Jun-ho Cha at chacha@hankyung.com

Danbee Lee edited this article.

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