Woowa Brothers, a South Korea-based food delivery app owner backed by internet company CyberAgent and financial services firm Goldman Sachs, has raised $320m at a $2.6bn valuation, Reuters has reported.
Hedge fund manager Hillhouse Capital led the round, which included venture capital firm Sequoia Capital and Singapore government-owned sovereign wealth fund GIC.
Woowa Bros is the operator of Baedalui Mijok, an app that allows users to order food to be delivered from local restaurants. The platform, which fulfilled more than 20 million orders per month as of July this year, also provides food and supplies for participating restaurants.
The company will use the funding to expand into other markets and to develop autonomous delivery robots. It had received $31m in funding from internet group Naver in October 2017, according to the Korea Herald.
Hillhouse Capital invested approximately $50m in Woowa in April 2016, a month before Altos Ventures, GreenSpring Ventures and Duke Management Company supplied an additional $20m.
Woowa had previously received a $36m investment from Goldman Sachs in November 2014 that followed $12m in seed funding from investors including CyberAgent Ventures, the venture capital subsidiary of internet company CyberAgent, IMM Investments and Alto Investments four months earlier.