[Exclusive] Same-Day Seafood Delivery 'Oneulhoe' Faces Wave of C-Level Resignations

COO and CFO of Today Table, Operator of Oneulhoe, Depart Amid Financial Struggles; Additional Investment Raising Underway

[Asia Economy Reporter Kwangho Lee] The fresh food delivery platform ‘Oneulhoe,’ which provides same-day delivery service for seafood, is facing a crisis. Key ‘C-level (Chief Officer)’ personnel of the company have been resigning one after another. Attention is focused on whether this will affect additional investment attraction.

Chief Operating Officer of Logistics Department Resigns

According to the investment banking (IB) industry on the 30th, the Chief Operating Officer (COO) of Oneulsiktak, the operator of Oneulhoe, recently left the company. He was a logistics expert responsible for logistics businesses such as CJ Logistics. Oneulsiktak had recruited a Chief Logistics Officer to expand its business area from simple seafood delivery to the logistics sector, but their relationship did not last long. Following the COO, the Chief Financial Officer (CFO) also left the company.

C-level refers to multiple professional executives. Startups, which have the advantage of relative flexibility, actively utilize this type of organizational structure. It is a measure to establish a fast decision-making process and maximize productivity by increasing work speed and efficiency. Their role is significant in startups that change rapidly day by day. Therefore, startups strive to secure C-level executives.

Like other startups, Oneulsiktak had also built various C-level positions. However, as C-level executives have recently left one after another, the burden on CEO Jaehyun Kim of Oneulsiktak has grown heavier. Currently, Oneulsiktak is facing a double hardship. Core personnel are leaving while the company is also experiencing financial difficulties.

Oneulhoe gathered 750,000 members under the banner of delivering ‘Jeju Island Sweet Shrimp Sashimi’ and ‘Tongyeong Abalone Sashimi’ ordered before 3 p.m. to the dinner table on the same day. However, the company has failed to pay suppliers for seafood and delivery services. The company explained that the delay in payment settlement was a temporary issue caused by changes in the company’s settlement system.

Interest in Follow-up Investment from Existing Financial Investors (FI)

It is also observed that this is negatively affecting the ongoing efforts to attract additional investment. A venture capital official said, “Oneulsiktak is currently in the process of attracting additional investment,” adding, “The valuation is being discussed at around 120 billion KRW, up from the previous valuation of about 50 billion KRW.” However, the official conveyed the atmosphere that “some existing shareholders are strongly willing to invest, but other shareholders are hesitant about follow-up investment.”

Oneulsiktak had been thriving by securing major financial investors (FI) so far. Early last year, it received a Series B investment worth 12 billion KRW. At that time, prominent investors such as Hana Ventures, KT Investment, Gaia Ventures, Korea Growth Finance, Mirae Asset Venture Investment, and Mirae Asset Capital participated. Existing investors including Korea Investment Partners, KTB Network, and Daesung Startup Investment also made follow-up investments.

In particular, follow-up investments from Korea Investment Partners, KTB Network, and Daesung Startup Investment attracted market attention. The company continued to grow through major venture capital funds. This year as well, it plans to attract additional investment, but only a very small number of shareholders have shown willingness to invest further, making the fundraising uncertain. It is known that some shareholders are currently persuading the remaining FIs.

Meanwhile, Oneulsiktak is a seasonal seafood startup launched in 2017. CEO Jaehyun Kim, who worked as a marketer in a domestic company, modeled the company after the famous American grocery delivery service ‘Instacart.’ The company operates Oneulhoe, which plans, purchases, and sells seasonal seafood products. Oneulsiktak discovers and provides various private brand (PB) seafood products.