Jeongyookgak, a D2C food-tech startup, has successfully secured KRW 40 billion in funding. The investment of KRW 10 billion was completed, and the KRW 30 billion in short-term loan, incurred during the acquisition of the eco-friendly food e-commerce platform Choroc, were converted into long-term acquisition financing.
This refinancing and investment have alleviated Jeongyookgak’s pressure from short-term repayments. The company now plans to concentrate on enhancing the profitability of Choroc, which it acquired two years ago, with the goal of transforming it into a profitable entity.
Jeongyookgak was established in 2016 as an online D2C startup specializing in the delivery of freshly slaughtered pork, guaranteeing delivery within one to four days.
