Woowa Bros, the creators of successful food delivery application “Baedalui Minjok“(Delivery People), is stepping up to help other startups. Yesterday the company announced that it had invested a total of 300 million won in startups “Dingdong” and “Meokgo Shipeoyo“(I Want to Eat). Woowa Bros, only founded two years ago, was previously on the receiving end of two investments from various sources including Stonebridge Capital.
Dingdong is a service which offers delivery services focused in the Gangnam area, while Meokgo Shipeoyo brings delivery to the Haeundae area in Busan. The investments by Woowa Bros are an effort to expand the delivery market to incorporate foods other than chicken and pizza to other foods that come from high quality restaurants. The existing delivery market is worth 10 trillion won, but through partner delivery services a 40 trillion won market of standard restaurants can be targeted.
Small businesses that don’t have separate delivery services set up can increase their revenue with partner delivery services such as Dingdong and Meokgo Shipeoyo. More than anything, the investment is a reflection of a successful venture helping out other startups in the same field. CEO of Woowa Bros Bong-jin Kim commented on the deal, saying,
“Rather than starting up delivery services directly, we thought it would be right to work together with companies who are already doing well. Though it hasn’t been long, we wanted to share our experience gained while operating our venture.”
Woowa Bros is indeed not simply contributing capital support, but also sharing knowledge and marketing channels with the two companies. One of Woowa Bros strong points has been design and they will be helping to change the companies’ branding, receipts, coupon and bike designs. The company has recently recruited a brand designer with previous experience at a conglomerate. Kim said,
“The partner delivery services had a negative and unpopular image, and doing business properly was difficult. Design and branding is important in becoming familiar to the public. The investment by Woowa Bros is different from other standard strategic alliances in that we are sharing our experience and offering actual human resources. We plan to create company growth by helping other startups as a leader in the delivery market.”
Content in this article has been translated and adapted from the original article at ET News, a partner of VentureSquare.