Startup ‘Global Networks’ has brought home the bacon in the form of an additional 8 billion won (USD $7 milllion) investment for its B2B e-commerce platform ‘Meatbox‘. Softbank Ventures lead the joint funding which also included Altos Ventures, Stonebridge Capital and Devsisters Ventures.
As you might have guessed, Meatbox sells meat products, but at wholesale prices. The service is focused on providing data about the true price of meat, and lets buyers and sellers keep track of live market information.
Butchers and other food retailers can save up to 20% by buying direct from sellers using Meatbox. It also acts as a supporting platform for producers and importers by offering marketing, sales and delivery services.
Meatbox delivers its products anywhere in the country, and buyers can use the platform’s app to keep an eye on market prices while on the go. More than 20,000 retailers currently use Meatbox, with 85% of customers making regular purchases each month. At the end of last year Global Networks posted revenue of 6 billion won, with more than 20% growth each month.
“Up until now, we’ve focused on creating a direct-purchase environment that’s based on true market prices, and eliminating overpriced products due to complicated distribution systems, ” said Gibong Kim, Global Networks CEO. Kim says that the latest investment will be used to upgrade the company’s service and delivery.
Jay Choi, Senior Associate at Softbank Ventures, said that Global Networks had proven the viability of the business following initial funding through its growth and revenue. “We look forward to the company growing as a leading platform in meat distribution through its optimized transaction system for both buyers and sellers,” said Choi.
