B2C distribute portal service Mesh Korea announced a total of 4 billion won (roughly US$4 million) of investment from multiple investors including EG Partners (Daumkakao Young Adult Startup Investment Union).
In addition to EG Partners, Shinhan Capital, Seoul Investment Partners, and Solborn Investment, also participated in the investment due to Mesh Korea’s growth potential.
Since its establishment in January 2013, Mesh Korea has provided distribution services called Bootake and one day premium service Mesh Prime. Bootake is a professional delivery app that delivers foods from well-known restaurants and daily necessities from local stores. Mesh Prime, on the other hand, is a service for restaurants that doesn’t offer delivery and connects delivery service and the markets.
Mesh Korea has removed the old fashioned call-centre based analog method to decrease other unnecessary commission fee and patented its computerised order management program/device last May.
This new funding leaves Mesh Korea in a financially stable position. Its goal for 2015 is to strengthen its competitiveness by securing more delivery men, registered stores, and users. The investment will mostly go into marketing, design, management, and development.
“Mesh Korea provides the most efficient and technologically advanced distribution service and the apps as we computerise everything from the order to the last step of delivery. With this new investment, we will not only expand the existing scale of our business, but also broaden our business network by upgrading the unmanned auto vehicle algorithm and provide this solution to foreign companies,” said Jeung-bum Yu, CEO, Mesh Korea.
Sang-young Seo of EG Partners noted, “Korea’s delivery market is showing infinite amount of potential as it already reached the value of 30 trillion won. Mesh Korea’s IT-based distribution hub network showed us their potential in the general distribution market which helped us to make this decision.”
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