GFFG Secures 30 Billion KRW Series A Funding

Alto Ventures Leads, Quad Asset Management Participates

[Asia Economy Reporter Kim Cheol-hyun] GFFG (CEO Lee Jun-beom) announced on the 5th that it has completed a Series A investment worth 30 billion KRW. This investment was led by Altos Ventures, with Quad Asset Management and others participating.

Founded in 2015, GFFG operates a total of nine dining brands, centered around 'Noted,' which sparked the domestic donut craze, including 'Downtowner' and 'Little Neck.' This year, they introduced 'Anniocation' and 'Kima Sushi,' and recently expanded into the alcoholic beverage market by opening the whiskey bar 'Open End' in Cheongdam.

Additionally, GFFG established American subsidiaries for Noted and Hojokban this year to accelerate global expansion, and is preparing to launch a new bakery specialty brand in December. The company has achieved approximately double sales growth annually, recording about 70 billion KRW in sales last year.

With this investment as a turning point, GFFG plans to focus on ▲opening complex cultural stores ▲developing new brands ▲expanding online commerce ▲and customer experience marketing strategies. Lee Jun-beom, CEO of GFFG, said, "As Korea's cultural industry has successfully entered overseas markets, I believe the offline-based F&B industry also holds limitless potential." He added, "We will use this first investment, which recognizes our growth potential, as a stepping stone to accelerate the expansion into new business areas and strengthen our business growth."