Vroong Operator Seeking $200 Million Fresh Funds for Expansion
(Bloomberg) -- Mesh Korea, operator of the Vroong delivery service, is seeking to raise about $200 million to $300 million in fresh capital, according to people with knowledge of the matter.
The Seoul-based logistics startup is working with Credit Suisse Group AG for the planned fundraising, said the people, who asked not to be identified as the information is private. Mesh Korea spokesman Kim Sung-yoon said the company is in discussions with investors and is seeking a valuation of about 1 trillion won ($850 million).
Deliberations are at an early stage and details such as the fundraising size and timing may change, the people said. A representative for Credit Suisse declined to comment, while Kim didn’t elaborate further.
Founded in 2012, Mesh Korea has a fleet of about 500 trucks and as many logistic hubs and centers nationwide serving over 350 clients, according to the company.
The firm runs delivery services for retailers including Shinsegae Inc., E-Mart Inc. and 7-Eleven convenience stores, as well as for restaurant chains such as Burger King, Krispy Kreme and Papa John’s. It counts Hyundai Motor Co., SK Group and Mirae Asset among its backers, Mesh Korea’s website shows.
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