Wefun Acquires Nextcnc to Expand B2B Services and Strengthen Market Leadership
Wefun, a South Korean B2B platform company, has completed its acquisition of Nextcnc, a leading provider of corporate coffee machine rentals and cafeteria operations, as announced on April 17. This strategic move is aimed at diversifying Wefun’s offerings beyond its ‘Coffee24’ brand, which previously focused on coffee machine rentals and coffee bean subscription services, to include corporate cafe consulting, operations, and coffee roasting. The acquisition is poised to bolster Wefun’s position in the B2B coffee market, aiming to become the undisputed industry leader by enhancing its workforce, including baristas, product offerings, and technological capabilities.
Wefun operates more than 100 B2B services related to corporate wellness, operations, and management. Known as a ‘B2B service integration platform,’ the company has been on a growth trajectory, recently hitting monthly revenues of KRW 10 billion. ‘Coffee24’ is Wefun’s office coffee subscription service, launched in 2021, which has seen significant growth due to its meticulous management, tailored consulting, and compatibility with other services.
Nextcnc, a veteran in the field with 13 years of operation, continues to lead in the corporate cafe market. It serves a diverse clientele, including major companies such as Yanolja, SM Entertainment, and Descente, as well as startups. Nextcnc is renowned for its long-term client relationships, a roasting factory, superior barista training, and robust logistics, installation, and maintenance capabilities.
The acquisition aims to secure a stable foothold for Wefun in the B2B market. The company is intensifying its focus on data-driven R&D to ensure the stable rollout of its platform by 2024. It is developing smart systems to effectively manage corporate operations and welfare, with features ranging from kiosk payments using employee badges to analytics-driven welfare usage and individual employee curation.
The synergy expected from integrating Wefun’s innovative solutions and services with Nextcnc’s decade of expertise could be transformative. The merger is set to enhance digital transformation efforts, leveraging award-winning internal barista skills and coffee bean logistics and roasting technologies.
Heon Kim, CEO of Wefun, remarked, “Acquiring Nextcnc marks a significant step in enhancing our business model and pursuing strategic expansion. Having focused on diversifying our portfolio, we are now poised to lead the B2B platform market by advancing service quality and undergoing a digital transformation.”
Furthermore, Wefun has secured approximately 7,000 client companies through more than 100 services, including ‘Snack24.’ In 2023, the company reported a revenue of KRW 76 billion and achieved profitability. With recent acquisitions including Nextcnc and Woolin, a leading logistics provider for personal convenience stores, Wefun anticipates a revenue of around KRW 180 billion in 2024. The company has also finalized the selection of an IPO underwriter and is actively preparing for a KOSDAQ listing targeted for the second half of 2025.
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