Korea-based online food app developer Woowa Bros has raised $12m in seed funding from investors including CyberAgent Ventures, the venture capital subsidiary of internet company CyberAgent, according to Korean startup news source Platum.
CyberAgent invested $500,000 in the round, which also included venture capital firms IMM Investments and Alto Investments, among other investors.
Woowa Bros is the creator of Baedalui Mijok, a food delivery app for Korean mobile phones. Its sales totalled about $9.8m in 2013, and it has a market share of about 60% in the Korean food delivery market.
Hideyuki Ebihara, head of CyberAgent Ventures’ Seoul office, said: “We aim to make an investment in the top players in each of the smartphone business categories – be it at the series A, B, or C funding stages.
“We also intend to invest in pre-series A startups which have possibility to become one of Korea’s top companies in their verticals, helping them expand their business overseas.”