Foodtech startups in Korea continue to see growth, with Goodeats being the latest company to receive funding in the form of a 500 million won (USD $434,000) investment from DSC Investment.
Goodeats is a website that specializes in selling and delivering easy-to-make home meals. The service has seen a huge growth in demand since launching in December 2015, with revenue and orders increasing by 30% and 35% respectively in the period from May to December last year.
Unlike other popular delivery services like Yogiyo which provide ready-to-eat food, Goodeats provides fresh and prepared ingredients directly from sellers so you can cook up selected meals yourself. The idea is that anyone can easily put together a meal which tastes top notch, and simple instructions can be found online.
Condiments and desserts can also be ordered, and the company labels itself as a shared economy startup – creating a bridge between food “curators” and customers.
DSC Investment says that they chose Goodeats for its major potential for both expansion in the home-food market and overall growth. Goodeats will use the investment to create new products and and increase its distribution channels.
“The decision to invest in Goodeats – a startup founded by ex-Naver members and e-commerce experts — was a quick one, due to the company’s clear business strategy and experienced team,” said Dong-won Shin from DSC Investment.
The home meal replacement market in Korea is growing fast, and with demand from working couples and people living alone continuing to increase, its expected the industry will be worth over 2 trillion won (USD $1.74 billion) in sales by the end of the year.
