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

Marketboro Innovates Food materials Distribution, Eyes 2027 IPO

2024-07-09 2 min read

Marketboro Innovates Food materials Distribution, Eyes 2027 IPO

Reading Time: 2 minutes

Korean-based enterprise food tech company Marketboro has selected Samsung Securities as its lead underwriter and has begun preparations for an IPO on KOSDAQ, targeting the first half of 2027.

Marketboro is leading the digital transformation (DX) of the B2B food materials market by expanding its ‘Marketbom‘ platform and the rapidly growing open market ‘Foodspring‘.

Through these two services, Marketboro surpassed a cumulative transaction value of 3 trillion KRW ($2.4B) at the end of 2022, reached 6 trillion KRW ($4.8B) in January of this year, and exceeded 7 trillion KRW ($5.6B) by June, maintaining a steep growth trajectory. Last year, the company recorded sales of 14.8 billion KRW ($11.8M), a ninefold increase from the previous year.

Marketboro plans to exceed its breakeven point (BEP) next year, with ‘Foodspring’ serving as a cash cow and maintaining high growth. By 2027, the company aims to achieve an annual transaction volume of 11 trillion KRW ($8.8B) and sales of 200 billion KRW ($160M).

Additionally, Marketboro plans to strengthen its collaboration with major investor CJ Freshway to build a fulfillment system for B2B food materials distribution. The company aims to establish an online-offline integrated trading platform enabling both wholesale and retail transactions for distribution, manufacturing, and import companies.

Lim Sa-seong, CEO of Marketboro, said, “The food materials distribution market is worth about 55 trillion KRW ($44B), and online transaction volume will surpass offline volume within the next three years. The competition in the DX platform space is fierce, but Marketboro, which holds the most food material purchase data for the foodservice industry, prides itself on being the leader in this market.”

Marketboro has raised a total of 59.7 billion KRW ($47.76M) from leading food materials distribution company CJ Freshway, Anchor Equity Partners, Bass Investment, and other investors.

[Korean Foodtech Startup News]

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