South Korean foodtech company EGNIS, raising 34.8 Billion KRW in Series B funding
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South Korean foodtech company EGNIS has announced the successful completion of its Series B funding round, raising 34.8 billion KRW.
Esteemed investors who participated in this round include Mirae Asset Capital, Bilanx Investment, MAGNA Investment, SEMA Investment, INNOPOLIS PARTNERS, Kolon Investment, Hanwha Securities, and Nice Investment.
Founded in 2014 by co-founders CEO Park Chan-ho and Director Yoon Se-young, EGNIS is a startup that introduced South Korea’s first functional protein convenience food, Labnosh. Other key products they offer include HanKiTongSal chicken breast, the konjac brand GROCERY SEOUL, and CLOOP.
HanKiTongSal holds the top sales spot among chicken breast products available on Naver and Coupang. Labnosh ranks first in the protein drink category in GS25 and CU, expanding its distribution channels both online and offline, reaching a sales figure of 50.2 billion KRW last year. Since its inception, the company has surpassed accumulated sales of 100 billion KRW and aims to go public by 2025.
EGNIS plans to focus on global expansion with this new investment. Through a strategic partnership with Japan’s largest drugstore, ‘Plaza’, they have placed Labnosh and GROCERY SEOUL in the ‘K-Food Healthy Convenience Food’ section. Labnosh and CLOOP have also started sales in the US.
Furthermore, in August of last year, they acquired Xolution, based in Munich, Germany, which possesses resealable lid technology. They are currently collaborating with numerous global beverage companies. The resealable lid developed by Xolution allows canned beverages to be resealed, maintaining carbonation for over six months, demonstrating its high technological capability.
EGNIS has utilized this resealable lid technology in its product, CLOOP, enhancing user convenience. With contracts with global top wine producer E&J Gallo and Anheuser-Busch, products featuring the resealable lid will start selling in Walmart this year, with high sales anticipated in the US.
Lee Young-sang, the team leader from participating investor Kolon Investment, shared, “We highly value the robust growth potential of EGNIS. The acquisition of Germany’s Xolution amplifies our expectations for the company’s global expansion.”
CEO Park Chan-ho of EGNIS commented, “This investment signifies recognition of EGNIS’s brand capability and global growth potential. With the supply of Xolution’s resealable lids, we will collaborate with various global beverage brands and introduce new brands in beer, energy drinks, coffee, etc. We aim to become Asia’s top ‘Food Brand Developer’.”
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