Woowa Brothers Corp., the operator of food delivery service app Baedal Minjok, secured a US$320 million investment that values the South Korean startup at about US$2.6 billion, Reuters reported Dec. 20.
The investment round was led by Hillhouse Capital Management Ltd., which also invested 57 billion South Korean won in the company in 2016. Other participants included U.S.-based Sequoia Capital Advisors LLC and Singaporean sovereign wealth fund GIC.
Woowa Brothers will use the money raised to drive expansion into overseas markets and develop its autonomous robots, according to the report.
Based in Seoul, South Korea, Woowa Brothers develops and publishes mobile platform applications.
As of Dec. 20, US$1 was equivalent to 1,123.44 South Korean won.