Grocery Delivery Startup Market Kurly Reportedly Takes $160M In Series E

South Korean grocery delivery startup Market Kurly has raised roughly $160 million in a new round of funding, Deal Street Asia reported.

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The Seoul-based company confirmed reports of the fundraise to the publication after earlier reports in April that Kurly had pulled in a big round to reach unicorn status. We’ve reached out to Kurly and will update this story if we hear back.

Shoppers using Kurly can browse and compare prices online for grocery items. Kurly delivers orders to customers’ homes the next morning.

Kurly, which is backed by investors including Sequoia Capital China and Global Venture Partners, last raised money in May 2019 with its Series D, which was led by Hillhouse Capital, according to Crunchbase. The latest round was led by DST Global.

While plenty of startups and other businesses are feeling the effects of the COVID-19 pandemic, grocery delivery has become more in demand. With people staying home, many are turning to delivery startups like Kurly and, in the United States, Instacart for their groceries to be delivered. NBC News on Thursday also reported that Target is in talks to buy the technology assets of same-day delivery startup Deliv.

According to Deal Street Asia, Kurly said it’s seen revenue growth of 3.5 times since it was founded about five years ago. The new funding will be used for hiring and customer acquisition costs, and opening up a new fulfillment center in the Seoul area, according to the report.

Kurly competes with companies like Coupang, SSG.com and GMarket, according to Owler. The company was founded in 2015 by Sophie Kim, who previously worked at firms including Goldman Sachs, McKinsey and Temasek.

Illustration Credit: Li-Anne Dias