Seoul and South Korea may well be the secret startup hub that (still) no one talks about. While often dwarfed by the scale and scope of the Chinese startup market next door, South Korea has proven over the last few years that it can — and will — enter the top-tier of startup hubs. Case in point: Baedal Minjok (typically shortened to Baemin), one of the country’s leading food delivery apps, announced an acquisition offer by Berlin-based Delivery Hero in a blockbuster $4 billion transaction late this week, representing potentially one of the largest exits yet for the Korean startup world. The transaction faces antitrust review before closing, since Delivery Hero owns Baemin’s largest competitor Yogiyo, and therefore is conditional on regulatory approval.
With $4b Food Delivery Acquisition, Korea Poised To Enter Upper Tier Of Startup Hubs
Danny Crichton, TechCrunch
Sun, 12/15/2019 - 5:57am
Topics: chinese case berlin-based delivery hero delivery hero takes majority stake in its big rival in korea baedaltong what s techcrunch s samsung flare-up over food-delivery fees has south koreans debating the marketplace model last baedal minjok order u.s goldman sachs the crunchbase unicorn leaderboard backs coupang south korea s answer to amazon million china north new york city valley baemin south korea i baedal minjok baemin delivery hero korean baemin s yogiyo korea korea seoul baemin the sequoia korea enter years country startups locally week venture world ecosystem scale restaurant huge announced company largest offer economy growth funds entrepreneurs target coverage number
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