KTB Network, Timewise Investment (formerly CJ Venture Investment), and Fast Track Asia have collectively invested a sum of 14 billion won ($1.4 million) in FoodFly.
Launched in August 2011, FoodFly has established itself as a pioneer in the food delivery industry, competing against names such as The Race of Delivery (translated “Baedal Ui Minjok”), and Yogiyo.
To help understand how FoodFly operates, think of a union among Yelp, Grubhub, and a courier agency. With FoodFly’s mobile app or website, users can locate nearby restaurants, order food, and have it delivered to their door. The novelty here lies in making delivery possible from any restaurant – even ones that don’t have delivery service. It’s like having steak or pasta dish from your favorite sit-in restaurant brought straight to your office.
“FoodFly has been differentiating itself in the delivery market through quite innovative means,” said KTB Executive Director Byung Chul Ko. “Not only has it been demonstrating robust, consistent growth, but it has also been forming a distinct identity in the industry. KTB wholly supports FoodFly, and we believe in its potential.”
The webpage and app are designed to be very comprehensive. Food vendors and restaurants are categorized by cuisine, and can be filtered further by order of distance, price, and popularity. The UI, of course, is heavy with mouth-watering pictures to make the browsing experience more appetizing.
FoodFly’s services are currently available to a limited number of districts in Seoul. However, the company expects to expand its geographical reach, invest in new delivery equipment, and incorporate a live delivery tracking system to its platform.
FoodFly also intends to go beyond food delivery to a more diverse ordering catalog. A few American companies that have ventured into this territory include Postmates and Instacart. Postmates advertises low-cost deliveries of food and shopping goods (“Apple Store, Starbucks, Staples, you name it”), while Instacart connects users with “Personal Shoppers” who pick up and deliver groceries.
– Inspired by Platum