HITEJINRO Makes Follow-Up Investment in MR.PAPA, Supporting Global Expansion
HITEJINRO has made a follow-up investment in MR.PAPA, a South Korean agricultural and food distribution startup. MR.PAPA has established a system for directly purchasing and selling agricultural products, eliminating intermediaries and creating a virtuous cycle that benefits both sellers and consumers by simplifying the distribution value chain.
HITEJINRO had previously invested in MR.PAPA in April last year, appreciating its logistics process through regional distribution centers. MR.PAPA’s revenue increased by about 75% in 2023 compared to the previous year, and it has been profitable since 2022 through its network of producers and its online and offline store operations.
HITEJINRO decided to make this follow-up investment, noting MR.PAPA’s potential for business expansion, including into international markets, having recently exported 17 tons of Jeju tangerines to Mongolia.
HITEJINRO also recommended MR.PAPA for the “2024 Private Investment-Based Scale-Up Support Program,” managed by the Ministry of Agriculture, Food, and Rural Affairs and the Korea Agriculture Technology Promotion Agency, leading to its selection. This program offers up to KRW 500 million in support to promising ventures and startups recognized for their technology and business potential through private investment, facilitating their growth into unicorn companies.
MR.PAPA announced plans to use the government funding to automate distribution centers for small-scale farms and to expand its AI-based agricultural product cultivation tracking solution.
Heo Jae-kyun, Director of New Business Development at HITEJINRO, said, “In addition to new investments, we will actively make follow-up investments to support the continued growth of existing investee companies. As a 100-year-old company, we will continue to support startups in expanding their operations.”
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