Kurly Inc.-operated Market Kurly, the online premium grocery service provider, has reportedly secured up to $88 million (100 billion won) in its Series D financing round. The latest funding round was led by the existing investors including Sequoia Capital China, and was also joined by the international investor, Global Venture Partners.
Market Kurly, which was started in May 2015, is recognized for disrupting the online grocery industry with its logistics innovation. The brand’s ‘Morning Star Delivery’ is the freshest as well as fastest delivery system that is widely available to all Korean consumers and it has grown quite popular, given that all orders (including fresh produce) placed around 11 am are delivered the next morning by 7 am.
Tiantian He, the Vice President at Sequoia China, was quoted saying that Market Kurly has reflected its strong presence in the exponentially growing online grocery market as a leading player. He further commented that the company is deeply enthralled by the amazing passion, vision and drive that Sophie Kim (the CEO at Kurly Inc.) carries along and that led the organization to participate in the Series D funding all over again.
According to Sophie Kim, Kurly Inc. can continue to secure internal processes and eventually develop a talent pool to be able to continue increasing its grocery market share, while simultaneously keeping up the quality.
As per a report, Market Kurly looks to consolidate its position in the grocery delivery market and it is likely to use the latest funds to retain service quality and scale its business. It further plans to build closer relations with suppliers for advanced supply chain management, besides substantial recruitment in IT to attain sustainable growth.
The Managing Partner at Global Venture Partners, Sypro Korsanos, said that its investment in Kurly is likely to offer high-quality food paired with leading-edge logistics and brilliant customer service to Korean consumers, given the outstanding track record owned by Market Kurly.