11st Street (CEO Lee Sang-ho) invests 25 billion won in Barogo (CEO Lee Tae-kwon), a short-distance logistics IT platform startup.
11st announced that it will acquire approximately 25 billion won worth of new stocks (RCPS) of Barogo through a public announcement on the 22nd. 11st will acquire a 7.2% stake in Barogo through the acquisition of new shares, the third largest shareholder after Barogo CEO Taekwon Lee and Delivery Hero Korea (DHK).
Barogo is a company leading the domestic two-wheeled delivery agency market, with over 1,000 hubs (branches) nationwide, 54,000 registered riders, and 100,000 registered shop owners. Barogo’s transaction value last year was 2,916 trillion won, an increase of 166% from the previous year (1.96 trillion won). The transaction amount is the sum of the prices of goods delivered by Barogo.
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Through this equity investment, 11st will promote strategic cooperation to create synergy between the two companies so that 11st can provide a differentiated delivery experience to customers based on the competitiveness of new businesses such as Barogo’s strong local logistics network and downtown logistics. Plan.
11st announced that it will achieve both transaction growth and profitability expansion this year. To this end, it has emphasized ▲Expanding partnerships with domestic and overseas operators ▲improving delivery service quality such as same-day delivery.