South Korea-based fresh food logistics startup Team Fresh has concluded its 30 billion won ($26.7 million) Series C round, attracting high-profile investors such as KT Investment, Kakao Investment alongside existing investors, NH Capital – DTN Investment, STIC Ventures and Shinhan Capital.
So far, Team Fresh has netted 53 billion won in fundraising. The company is expected to have received an enterprise value of around 140 billion won in the latest funding, a sharp rise compared to the 85 billion won valuation from the Series B round, according to venture capital industry sources.
The company plans to use the proceeds for its operations and to expand its logistics centers.
Hyundai s Asan plant.
Hyundai Motor Co. will likely suspend a second plant due to a component supply disruption as a global shortage of automotive chips is putting the top South Korean automaker under increasing pressure.
According to industry sources on Apr. 5, Hyundai Motor notified its labor union of its decision to halt its Asan plant for three days from Apr. 7 and run only half of the facilities for Apr. 12-15. The Asan factory mainly produces the Sonata and Grandeur sedans.
The brief suspension was due to a shortage of the power control unit (PCU) that supports the vehicle electrical system, according to industry officials. The shortage is affecting an estimated 7,000 sedans, they added.
Ye-Jin Jun 3 HOURS AGO
ENG
DoubleDown Interactive LLC, a South Korean social casino game publisher, has resumed the process to go public on the Nasdaq, tapping the red-hot US IPO market with improved earnings amid the social distancing trend.
The mobile and web-based game developer has recently submitted a revised Form F-1, or a statement required for a US listing, to the US Securities and Exchange Commission.
The revised statement updated its financial details filed in June 2020, reflecting a 44% year-on-year surge in net profit on a 32.6% increase in revenue last year, according to investment banking sources on Apr. 2.
DoubleDown Interactive plans to sell new 400,000 shares worth 117.4 billion won ($104 million) in June this year, based on which it will issue American depository receipts for overseas investors. Details about the issuance size and pricing will be determined after bookbuilding.