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CyberAgent Ventures backs Korea’s Woowa Brothers

11 Mar 2014

korea dragon stoneCyberAgent Ventures has made an investment in Korean startup Woowa Brothers Corp, the developer of the Baedal Minjok food delivery application for smartphone.

The Japanese venture capital firm led a $12m round for the company, which was also backed by Altos Ventures and IMM Investment.

CyberAgent Ventures said it will enhance the company’s value by contributing its resources including its existing operations, business experiences and know-how.

Woowa posted total sales of $9.4m in the past three years and currently holds 60 per cent of the Korean food delivery market, according to Platum.

CyberAgent’s portfolio companies also include mobile game designer KLab, which was backed by the firm in September 2012.

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