11st Invests 25 Billion KRW in Street Logistics Startup Barogo

11st will invest 25 billion KRW in Barogo Co., Ltd., a near-distance logistics IT platform startup.

[Asia Economy Reporter Lim Chun-han] 11st announced on the 22nd that it will invest 25 billion KRW in Barogo Co., Ltd., a near-distance logistics IT platform startup.

Through a public disclosure on the same day, 11st stated that it will acquire approximately 25 billion KRW worth of Barogo's third-party allotment redeemable convertible preferred shares (RCPS). By acquiring the new shares, 11st will obtain about 7.2% of Barogo's equity.

Barogo is a leading company driving the domestic two-wheeled delivery service market, operating with over 1,000 hubs (branches) nationwide, more than 54,000 registered riders, and around 100,000 registered store owners. Barogo's transaction amount last year was 2.9165 trillion KRW, a 166% increase compared to the previous year (1.096 trillion KRW).

11st plans to promote strategic cooperation to create synergy between the two companies based on Barogo's solid near-distance logistics network and new business competitiveness such as urban hub logistics through this equity investment.