On November 5th, Food contents startup Greed Eat Inc. announced $430K of new funding from Big Basin Capital, a VC firm in Silicon Valley.
Under the mission of incorporating every food contents ranging from food ingredients to recipes, Greed Eat Inc. operates “What Shall We Eat Today?” – Korea’s largest food community. “What Shall We Eat Today?” has more than 3 million fans just on its Facebook page, and proved its rapid growth by breaking 500 million SNS contents this September.
Despite growing public interest in food contents with the recent trend in chef-based TV shows and eating broadcasts (otherwise known as muk-bang), there is a lack food contents system that delivers quality contents in a regular, structured fashion. Taking this shortage into account, Greed Eat Inc. unveiled “What Shall We Eat Today?” through content curation. The Facebook page is also playing a role in publicizing Korean food to the rest of the world, seeing that around 50% of the user base comes from Malaysia, Thailand, Taiwan, Brazil, and other foreign countries.
“We are impressed with users’ reactions on contents which would reach up to 10,000 likes and 1,000 comments on Facebook. As it expands into diverse channels, we believe that Greed Eat will achieve higher growth,” said Phil Yoon, CEO of Big Basin Capital.
This new funds inflow led by Big Basin Capital, a Silicon Valley-based VC firm, specifically focuses on investing in early-stage startups. The firm has been steadily investing in Korean startups such as Yea Studio, 500videos, NFLapps.
Thanks to this investment, Greed Eat will be able to expedite the process to break into the global market, and develop as a full-scale food media that surpasses the existing platform providing information on gourmet restaurants.
“As more and more foreigners show interest in Korean food culture, we will grow as a high-quality food media through content variation and website development based on the new funds,” said Moon-Joo Lee, CEO of Greed Eat Inc.
– Inspired by Platum