Captainbong Attracts KRW 250M Investment for Growth from Jeonbuk Venture Innovation Fund No.1
Captainbong, a comprehensive fisheries company in South Korea, has secured investment from the Jeonbuk Venture Innovation Fund No. 1, supported by the Jeonbuk Creative Economy Innovation Center (Jeonbuk CCEI). This investment, totaling KRW 250 million, was facilitated through a club deal with accelerator company D.
The Jeonbuk Venture Innovation Fund No. 1 was established at the end of 2022, led by Lee In-ho, the chairman of the Jeonbuk branch of the Venture Business Association, and seven senior venture entrepreneurs in the region. Their goal was to support the growth of junior entrepreneurs.
Established in Buan in 2022, Captainbong is a promising startup in Jeonbuk. The company adds high value by directly catching fresh seafood, processing it in its own facility, and distributing it both online and offline, as well as exporting it overseas.
To address issues such as rising consumer prices due to complex distribution stages and declines in freshness and quality, Captainbong employs a Direct to Customer (D2C) strategy. This approach involves catching seafood directly with its own vessels, processing it in-house, and selling it through its proprietary platform, thereby providing customers with fresh, high-quality products. With higher operating profit margins than its competitors, the company anticipates a significant sales increase in 2024, driven by the expansion of its sales channels and the launch of a dedicated app.
Kang Young-jae, the director of the Jeonbuk CCEI, stated, “Senior venture entrepreneurs have pooled funds for a noble cause, providing junior entrepreneurs with the opportunity to grow. We aim to continuously create a virtuous cycle by establishing subsequent funds through contributions from regional senior entrepreneurs, and to offer intensive support for the invested companies with TIPS, pre-investment linked guarantees, and more for their further growth.”
Lee Dong-guk, CEO of Captainbong, mentioned, “The commercial potential of our seafood has been recognized, leading to our products being stocked in Hyundai Department Stores and Hanaro Mart, and laying the foundation for successful exports to the USA, Canada, Taiwan, etc. We expect this round of investment to significantly aid in improving raw material sourcing and expanding our sales channels.”
Furthermore, the Jeonbuk CCEI has recently received approval to form the ‘Jeonbuk Venture Innovation Fund No. 2’ and is in the process of recruiting limited partners.
[Korean Foodtech Startup News]
- SOPOONG VENTURES Joins Funding for Israel-Based AI Foodtech Company BioRaptor
- [Korean Startup Interview] Mukkebi: A Public-Private Partnership Delivery App Challenging Korea’s Oligopoly Giants
- South Korean Tablet Menu Provider Torder Raises $25M, Valued at $250M
- JAGALCHI OJIMAE Brand Gains Seed Funding for Local Snack Expansion
- ‘Needs’ Secures Bridge Investment for AI-Based Food Supply Management
- Korean FoodTech Startup Jeongyookgak Secures ₩10 Billion Investment
- Doinglab Secures Series A Funding for Global Expansion of Food Recognition Tech
- [Korean Startup Interview] Poolix: Making New Paradigm in the B2B Food Market Through Digital Transformation
- SOPOONG VENTURES Invests in Alternative Coffee Manufacturer ‘Prefer’
- Startups at ‘Youth Cook Business Center of Seoul’ Hit KRW 11 Billion in Sales
