Sweet-bio Secures Series B Bridge Investment to Accelerate Expansion into Japanese Market
Reading Time: 2 minutesSweet-bio, a Korean biotech company specializing in food-based products, has secured a Series B bridge investment of 200 million yen (approximately 1.74 billion KRW) from LOTTE Ventures Japan. This investment follows a Series A funding round in December 2020 that raised 3 billion KRW and a Series B round in December 2022 that brought in 10.5 billion KRW. The latest funds will help accelerate Sweet-bio’s expansion into the Japanese market and facilitate the completion of its production plant in Sejong City.
Greekday, Sweet-bio’s pioneering Greek yogurt brand in Korea, was launched in a small shop near Ewha Womans University in 2016. Greekday is renowned for its traditional thick Greek yogurt topped with a variety of fruits, nuts, and honey, quickly becoming a favorite among university students and earning a reputation as the “Ewha Yogurt Success Story.”
In 2020, in response to the COVID-19 pandemic, Sweet-bio expanded its distribution channels online, partnering with platforms like Coupang Fresh and Market Kurly. This strategic move, combined with Greekday’s strong product quality and unique marketing approach, helped it secure the leading position in the Greek yogurt market last year.
Sweet-bio has demonstrated robust sales growth, with revenues increasing from 2.8 billion KRW in 2020 to 18 billion KRW in 2021, and reaching 26.1 billion KRW in 2023. Over the past three years, the company has achieved an impressive average annual growth rate of 74%.
The brand has also been well-received in Japan, where it is popularized as “Korean-style Greek yogurt.” In March, Sweet-bio participated in Foodex Japan 2024 at Tokyo Big Sight to explore local market responses. The company is now preparing to open a flagship Greekday store on Omotesando Street in Tokyo this August.
Shin Sung-wook, a senior executive at LOTTE Ventures Japan, shared his thoughts on the investment: “Sweet-bio has been instrumental in initiating the Greek yogurt trend in Korea and has maintained significant growth since its founding. As Sweet-bio prepares to enter the Japanese market in August, we anticipate its evolution into a global F&B powerhouse. LOTTE Group will provide full support for Sweet-bio’s expansion efforts.”
Oh Jongmin, CEO of Sweet-bio, remarked, “As the first Korean Greek yogurt brand to launch a store in Japan, Greekday is thoroughly prepared, from conducting detailed market research to understanding current trends, to introduce the allure of Korean-style Greek yogurt. We are committed to continuing our efforts to launch diverse brands that resonate with both domestic and international customers, anchored by our dedication to healthy food options.”
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