Barogo Valuation, Funding & Investors

Barogo is valued at $294M as of January 2022.

Last Barogo valuation

$294M

Series C · Jan 2022

Last Barogo funding round

$42M

Series C · Jan 2022

Cumulative funding Barogo raised

$150M

across 5 funding rounds

Key investors in Barogo

  • Korea Investment Partners
  • Shinhan Capital
  • LB Investment
  • Shinhan Venture Investment
  • Premier Partners
  • STIC Ventures

Barogo Overview

About Barogo

Barogo is a Seoul-based last-mile delivery platform connecting businesses and customers in South Korea. Launched in 2014, it integrates riders, merchants, and e-commerce sites for same-day fulfillment of groceries, meals, and parcels. Barogo operates in major cities with a fleet of 20,000 couriers handling millions of orders monthly.


Founded

2014

HQ

South KoreaSeoul

Website

barogo.com

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Valuation

$294M (Jan 2022)

Barogo Valuation

Barogo is currently valued at $294M, based on its Series C in January 2022.

The $42M round was led by Keistone Partners.

Barogo's valuation has moved from $315M at its Series C in June 2021 to $294M in January 2022, across 2 priced rounds.

Barogo valuation by funding round

Barogo valuation by funding round
DateStageValuation
Jan 2022Series C$294M
Jun 2021Series C$315M

Barogo Funding History

Barogo has raised a total of $150M across 5 funding rounds.

Barogo's first fundraising round was a $19M Series A in May 2018. The most recent completed round was a $42M Series C in January 2022.

Barogo funding rounds

Barogo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2022Series CKeistone Partners (lead)$42M$294MBarogo is a South Korean company that received a $42M investment from Keistone Partners in January 2022. This followed cumulative funding of $100M by the end of 2021. The investment aligns with the specified round details including Keistone Partners as lead investor. Post-money valuation stood at $294M as of June (likely 2021 based on report timing). Earlier, Barogo had secured 90 billion KRW (~$75M USD equivalent at typical rates) in prior funding last year, with this 50 billion KRW (~$42M) round adding to its capital. Lead investors in prior rounds included CJ, Delivery Hero, and 11st.
Dec 2021Series CPacificBridge Asset Management (lead)$8M-Barogo raised $8.43 million in a bridge round on December 15, 2021, led by PacificBridge Asset Management with undisclosed co-investors.
Jun 2021Series C11Street; STIC Ventures; Korea Investment Partners; YG Investment; Premier Partners; LB Investment; CJ CheilJedang; Shinhan Venture Investment$71M$315MBarogo is a South Korean company operating in the mobility sector, likely focused on ride-hailing or delivery services given its funding history and investments. It has raised a total of $159.83M across 8 funding rounds from 16 investors. Subsequent rounds include a Bridge on December 15, 2021, and a Private Equity round of $42.15M on January 13, 2022. Barogo has made investments such as a $1.88M Seed VC in Fooding on August 18, 2022, indicating expansion into related sectors.
Jun 2019Series BTechnology Guarantee Fund; Timepolio Asset Management; Kudos Ventures; Shinhan Capital; Korea Technology Finance Corporation; Timewise Investment$10M--
May 2018Series AYogiyo (lead)$19M-Barogo is a logistics IT platform service provider based in South Korea. On May 23, 2018, Barogo closed a Series A funding round led by Yogiyo, a food delivery company, raising $18.53M with five co-investors participating. This investment marked Yogiyo's entry into venture capital activities, representing the company's efforts to expand beyond its core food delivery business into related logistics infrastructure. By February 2021, Barogo's valuation had grown to $314.86M. The company subsequently raised additional capital, including an 80 billion won ($72 million) Series C round by mid-2021, and a $42.15M private equity round in January 2022, bringing total funding to $159.83M across eight rounds from 16 investors. Barogo has itself made strategic investments, notably participating in the Series A funding of Fooding in August 2022 with an $1.88M investment.

Who has invested in Barogo?

17 investors have backed Barogo across its funding rounds, including Korea Investment Partners, Shinhan Capital, LB Investment, Shinhan Venture Investment, Premier Partners and STIC Ventures.

Lead investors include Keistone Partners, PacificBridge Asset Management and Yogiyo.


Barogo Investors

Investors in Barogo by funding rounds participated
InvestorHQRoundsRoleFirst check
11StreetSouth KoreaSouth Korea1ParticipantJun 2021
STIC VenturesSouth KoreaSeoul1ParticipantJun 2021
Technology Guarantee FundMalaysiaKuala Lumpur1ParticipantJun 2019
Timepolio Asset ManagementSouth KoreaSeoul1ParticipantJun 2019
Korea Investment PartnersSouth KoreaSeoul1ParticipantJun 2021
Keistone PartnersSouth KoreaSeoul1LeadJan 2022
PacificBridge Asset ManagementSouth KoreaSeoul1LeadDec 2021
YG InvestmentSouth KoreaSeoul1ParticipantJun 2021
Premier PartnersSouth KoreaSeoul1ParticipantJun 2021
Kudos VenturesSouth KoreaSeoul1ParticipantJun 2019
YogiyoSouth KoreaSeoul1LeadMay 2018
LB InvestmentSouth KoreaSouth Korea1ParticipantJun 2021
CJ CheilJedangSouth KoreaSeoul1ParticipantJun 2021

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Acquisitions by Barogo

Barogo has acquired 2 companies to date.

Last acquisition by Barogo was on February 1st 2023. Barogo acquired Dealver for undisclosed valuation.


Latest Acquisitions by Barogo

Dealver
Dronix
Description
Dealver is a Seoul-based delivery service provider in South Korea offering a nationwide network and online platform for fast logistics. It specializes in last-mile delivery for e-commerce shipments, partnering with retailers in fashion and groceries to handle high-volume orders with real-time tracking and same-day options in urban areas.
Dronix is a Seoul-based cybersecurity firm that develops software reliability solutions for complex environments in South Korea. The company provides testing and prevention tools for mission-critical systems in defense, finance, and manufacturing, focusing on fault detection in real-time operating systems and embedded devices.
HQ CountrySouth KoreaSouth Korea
HQ City
Seoul
Seoul
Deal Date1 Feb 20235 Jul 2022
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Barogo

Barogo has invested in 1 company to date.

Latest investment by Barogo was on August 18th 2022. Barogo invested in Fooding in their $2M Seed round.


Latest Investments by Barogo

Fooding
Description
Fooding is a corporate meal delivery platform at https://www.fooding.io/ serving large enterprises, clinics, and SMEs with breakfast, lunch, dinner, snacks, salads, fruits, beverages, event catering, and lunchboxes. Customers subscribe to monthly plans tailored to business needs across Europe.
HQ CountrySouth Korea
HQ City
Seoul
Deal Date18 Aug 2022
RoundSeed
Raised$2M
InvestorsNau IB Capital
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Barogo Competitors

Barogo competitors include listed companies like Logory and K&S Corp, and private ones like Airlift Technologies, Cheetah, Fetchr and Sabi Am.

Public and private companies comparable to Barogo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Airlift TechnologiesPakistanLahorePrivate$90M-$275M3.1x
CheetahUnited StatesSan Francisco, CAPrivate$111M-$180M1.6x
FetchrUAEDubaiPrivate--$300M-
Sabi AmNigeriaLagosPrivate--$300M-
LogoryChinaChinaPublicly listed$676M$11M$53M-
K&S CorpAustraliaAustraliaPublicly listed$530M$65M$292M-

Barogo Public Comps

Barogo is still privately-owned, but its public comps include K&S Corp, Kingston Wharves, Maritima de Inversiones, bpost, Transport Trade Services, Accel, JSL SA, Waberer's Group, Eimskipafelag Islands and Hargreaves Services.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
K&S Corp$530M$65M0.7x-5.6x-
Kingston Wharves$80M$34M3.4x-8.2x-
Maritima de Inversiones$4M-0.0x---
bpost$5.1B$570M0.4x0.5x4.0x3.7x
Transport Trade Services$142M$20M2.2x2.0x16.2x10.9x
Accel$887M$125M0.8x-5.4x-
JSL SA$1.9B$383M0.8x0.8x4.1x4.3x
Waberer's Group$940M$120M0.4x-3.3x-

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Common questions about Barogo

When was Barogo founded?Barogo was founded in 2014.
Where is Barogo headquartered?Barogo is headquartered in Seoul, South Korea.
Is Barogo publicly listed?No, Barogo is a private, VC-backed company.
What is Barogo's valuation?Barogo was last valued at $294M in its Series C in January 2022.
How much funding has Barogo raised?Barogo has raised $150M across 5 funding rounds.
What was Barogo's last funding round?Barogo's last funding round was a $42M Series C in January 2022, led by Keistone Partners.
Who are Barogo's investors?Barogo's investors include 11Street, STIC Ventures, Technology Guarantee Fund, Timepolio Asset Management, Korea Investment Partners, Keistone Partners, PacificBridge Asset Management, YG Investment, Premier Partners, Kudos Ventures and 7 others.
Which companies are comparable to Barogo?Companies comparable to Barogo include Airlift Technologies, Cheetah, Fetchr, Sabi Am, Logory and K&S Corp.
How many companies has Barogo acquired?Barogo has acquired 2 companies, including Dealver and Dronix.
How many companies has Barogo invested in?Barogo has invested in 1 company, including Fooding.
What was Barogo's last investment?In August 2022, Barogo invested in Fooding's $2M seed round alongside Nau IB Capital.

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