Kurly, the Korean grocery startup, raises $200M on a $2.2B valuation after shifting IPO plans away from the NYSE
Online grocery startups around the world continue to pull in major investment, underscoring how much they have all grown especially in the last year of pandemic living. In the latest development, Kurly — a startup in South Korea that provides next-day grocery delivery services across the country — has closed $200 million in funding, a Series F valuing the company at $2.2 billion, the company confirmed.
This means the company’s valuation has more than doubled in the last year. Last April, Kurly closed a Series E of $150 million at a $780 million valuation.
This latest round is being co-led by Aspex Management, DST Global, Sequoia Capital China and Hillhouse Capital — all previous backers of the company — with new investors Millennium Management and CJ Logistics Corporation also participating. CJ Logistics is a strategic backer: it has a deal in place with Kurly to help expand its overnight delivery service to more regions across South Korea.
This latest funding comes right on the heels of a significant u-turn for the business in recent days.
Kurly had been planning an IPO in the U.S. later this year; instead it announced this week that it would instead seek to …read more
Source: Tech Crunch