All Foodtech Funding Startup News in Korea (Korean Startup News)

GoodShop Secures Pre-Series A Funding to Advance B2B Liquor DX Platform

2023-11-08 2 min read


GoodShop Secures Pre-Series A Funding to Advance B2B Liquor DX Platform

Reading Time: 2 minutes

GoodShop, a South Korean company specializing in digital transformation platforms for the B2B alcohol distribution process, has successfully secured a pre-Series A investment from Series Ventures. The investment amount has not been disclosed.

The company plans to allocate the acquired investment to bolster its workforce focused on data collection and analysis, as well as to enhance the development of integrated digital transformation (DX) solutions for wholesale liquor operations. Additionally, GoodShop aims to expand its sales and marketing capabilities.

As a startup, GoodShop strives to address the challenges faced by small business owners in the outdated B2B distribution market by providing integrated B2B DX solutions. The goal is to alleviate distribution polarization and to forge new market standards. After three years of groundwork in an offline setting, GoodShop launched ‘World Beer Market’ in 2021, which is the first online B2B liquor distribution platform in the country.

With over two years of MVP testing, the platform has shown impressive growth, now boasting a selection of over 6,000 products and securing more than 5,400 sales outlets — marking an exponential increase in its market presence. Furthermore, the company is breaking new ground by introducing digital innovations such as integrated solutions for outdoor festivals and AI-powered unmanned liquor vending machines.

Selected for this year’s ‘Non-Face-to-Face Startup Nurturing Project,’ a government-backed initiative, GoodShop is now poised to concentrate on enhancing its DX platform with the aim of broadening its distribution services across all channels by 2024.

Kim Hyung-chul of SeriesVentures, who spearheaded this round of funding, remarked, “Despite the considerable hurdles GoodShop encountered in the initial MVP validation stage, the company has emerged with a unique solution capable of addressing the long-standing issues in the liquor distribution sector that had previously been unsolved. We are particularly optimistic about their potential to generate a new market through creating a sustainable ecosystem within the liquor distribution sector.”

CEO Jung Yong-hee of GoodShop shared, “The liquor market is plagued by severe polarization due to restrictions imposed by the Liquor Tax Law and a fragmented and opaque market structure, leading to significant information and distribution disparities. Thanks to this round of funding, we are committed to rapidly deploying a transparent and optimized DX integrated solution that can be effortlessly utilized by previously underserved distribution players, including small-scale suppliers, distributors, and small business retailers.”

[Korean Foodtech Startup News]

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