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

GoPizza Secures $10M Investment from Thailand’s CP Group to Accelerate Expansion

2024-06-10 2 min read


GoPizza Secures $10M Investment from Thailand’s CP Group to Accelerate Expansion

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Korean food tech company GoPizza has secured a $10 million investment (approximately 13.6 billion KRW) from ‘CP ALL,’ a key distribution subsidiary of Thailand’s CP Group. This new funding follows a Series C investment of 25 billion KRW from GS Ventures and CJ Investment in 2022, bringing GoPizza’s total accumulated investment to around 60 billion KRW.

CP Group, with a market capitalization of over 200 trillion KRW, is Thailand’s leading conglomerate and the world’s largest shrimp producer. Starting as a feed business nearly 100 years ago, it has grown into the world’s third-largest poultry producer and expanded into various sectors, including distribution, telecommunications, finance, pharmaceuticals, and real estate. In South Korea, CP Group gained more recognition in 2022 when the great-granddaughter of Korean independence activist Kim Gu married the son of the CP Group chairman. CP ALL Group, a key affiliate, operates various distribution channels such as 7-Eleven convenience stores and Lotus supermarkets, making this investment crucial for accelerating GoPizza’s growth in Thailand.

This investment marks CP ALL’s first-ever investment in an overseas startup, driven by GoPizza’s rapid growth in the Southeast Asian market, bolstered by its products and technology, as well as successful partnerships with major corporations like GS25 and CGV. The investment discussions, which spanned approximately 18 months, saw direct involvement from CP Group’s chairman, Chiravanan Supakit, who expressed keen interest from product demonstrations to the opening of the initial stores in Thailand. GoPizza has already concluded diverse and specific collaboration discussions with CP Group affiliates and is set to intensify its business in Thailand.

Meanwhile, GoPizza’s domestic subsidiary, with over 450 stores in seven countries, has turned profitable. It is on track to open an additional 1,000 stores in GS25 by the end of the year, solidifying its strength ahead of extensive collaboration with CP Group. The company aims to redefine the equation of new dining enterprises through continuous partnerships with global corporations. Indeed, it is highly unusual and encouraging for an early-stage domestic dining company to attract such significant investment from a large overseas conglomerate.

Jaewon Lim, CEO of GoPizza, expressed his aspirations, stating, “Through long-term investment discussions with a global corporation, we have learned many essential virtues needed to be a true global company. We will continue to grow as Korea’s most accessible and proud pizza brand in the world through active collaboration with CP Group, beyond Korea and Thailand.”

In December 2023, GoPizza opened its first store in Thailand, ‘Sukhumvit 50,’ exceeding expectations, and subsequently opened a second store, ‘Cosmo Bazaar,’ in April this year. Based on its unique overseas expansion strategy, including establishing a 100% subsidiary in Thailand, direct operation of local stores, and hiring local expert corporate managers, GoPizza plans to expand to 20 stores in Thailand within the year. Currently operating over 450 stores across seven countries, including Thailand, India, Singapore, and Indonesia, GoPizza aims to surpass 1,200 global stores this year through its partnership with GS25.

[Korean Foodtech Startup News]

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