Jeonju Bibimbap Bread Raises 20 Million Won in One Week Through 'Happy Bean' Funding

[Asia Economy Reporter Park So-yeon] Cheonnyeonnuri Jeonju Bread (hereinafter Jeonju Bibimbap Bread), a social enterprise famous for its Jeonju Bibimbap Bread brand, attracted investment funds exceeding 11 times the initially targeted amount of 2 million KRW just one week after starting its crowdfunding campaign on the 7th.

According to related industries on the 7th, Jeonju Bibimbap Bread has been conducting crowdfunding on Naver’s ‘Happy Bean’ from March 31 to May 11 under the recruitment announcement titled ‘Jeonju Bibimbap Bread and Choco Pie made with domestic wheat,’ raising 22.58 million KRW so far.

Jeonju Bibimbap Bread is a social enterprise leading the creation of jobs for vulnerable groups such as the elderly and women with career interruptions. It takes the lead in creating social value by making and selling bread using eco-friendly domestic wheat.

The reason this crowdfunding is gaining popularity is that Jeonju Bibimbap Bread recently delivered snacks to medical staff in the Daegu and Gyeongbuk regions who have been struggling due to COVID-19, despite the difficult business environment. Additionally, its ongoing efforts to create social value, such as generating jobs for the elderly, have been communicated to social networks and online users.

Due to the impact of COVID-19, Jeonju Bibimbap Bread experienced a 90% drop in sales as tourists stopped visiting Jeonju, Iksan, and other areas in Jeollabuk-do where its main stores are located. In particular, it is facing a severe business crisis to the extent that it temporarily closed its Jeonju Hanok Village branch, which used to attract many tourists.

Jeonju Bibimbap Bread plans to use the funds raised through this crowdfunding to create jobs for vulnerable groups and purchase agricultural products such as domestic wheat and red beans from farms in Jeollabuk-do, which are going through difficult times due to COVID-19, thereby creating social value.

Participants in this crowdfunding will receive products such as Jeonju Bibimbap Bread and Jeonju Choco Pie, made directly by employees including the elderly and women with career interruptions, according to their donation amounts. These products are made using 100% eco-friendly domestic wheat certified as pesticide-free.

Jang Yoon-young, CEO of Jeonju Bibimbap Bread, said, "The reason this funding is progressing successfully is that many people show great interest in creating social value such as jobs for vulnerable groups," adding, "We will use this funding as an opportunity to overcome the difficult business environment, protect the jobs of employees working at Jeonju Bibimbap Bread, and fulfill our responsibilities as a social enterprise by helping local farms producing eco-friendly domestic wheat secure stable income and creating greater social value."

Meanwhile, SK Innovation recognizes the value of Jeonju Bibimbap Bread in creating jobs for vulnerable groups in the region and supports it through promotion, marketing, and various pro bono activities. Additionally, Jeonju Bibimbap Bread was selected last year as a ‘Jeollabuk-do Leap Enterprise,’ a Jeollabuk-do small and medium enterprise fostering project, as the first social enterprise to be evaluated for innovation in technology such as the patent for Jeonju Bibimbap Bread baking technology by the Jeollabuk-do provincial government.