Woowa Brothers

Seoul, South Korea Consumer Internet Acquired

Woowa Brothers is a South Korean technology company that operates Baedal Minjok (Baemin), the leading food delivery platform in South Korea. Founded in 2011 by Kim Bong-jin, the company built its flagship app, launched in 2010, into the country's dominant on-demand food ordering and delivery service. Woowa Brothers also operates adjacent services including grocery and quick commerce delivery (B-Mart), and has expanded into restaurant supply and delivery logistics. The company became a Korean unicorn and was acquired by Germany's Delivery Hero in a deal announced in December 2019 and closed in March 2021, after which it operates as Delivery Hero's Korean subsidiary.

Website LinkedIn

Acquired

Woowa Brothers has been acquired

Acquired by Delivery Hero SE Mar 2021 $4.0B

This company is no longer available on our private secondary market.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2011

Employees

1,001–5,000

Total Funding

$449.06M

7 rounds

Latest Valuation

$2.66B

Dec 2018

Secondary Signals (Note: SetterVC does not verify the accuracy of these)

1 signal

M&A Recent EUR 41.50 per share; ~$14.8B equity value for Delivery Hero 2026-07-16

Uber agreed to acquire Baemin parent Delivery Hero at EUR 41.50/share (~$14.8B), which would make Woowa Brothers an indirect Uber subsidiary; close expected H2 2027

Supersedes Delivery Hero's May 2026 standalone process to sell Woowa Brothers at about 8tn won

via Uber Technologies

Funding

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Total raised $449.06M across 7 rounds

Last updated 09-23-2026

Date	Round	Amount Raised	Valuation	Lead Investors
Dec 2018	Series G	$320M	$2.66B	Hillhouse Capital
Oct 30, 2017	Series F (Naver strategic)	$31M	—	Naver
2016	Series E	$49M	—	Hillhouse Capital

Prominent Investors

Hillhouse Capital Sequoia Capital GIC

Leadership

Bum Seok Austin Kim
Chief Executive Officer
Kim Bong-jin
Founder

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

Coupang Eats
Food delivery arm of Korean e-commerce group Coupang, and the rival most often named as eroding Baemin's lead in the South Korean delivery market.
Yogiyo
South Korean food delivery platform formerly owned by Delivery Hero, which was required to divest it as a condition of the Woowa Brothers acquisition.

Access live market data

Data collected with AI, which can make mistakes. Please double-check this information.