ASWEMAKE, the operator of the digital transformation (DX) solution "Q-Market" for grocery stores, announced on September 24 that it successfully raised US$9 million in Series B funding, including new and existing shares.
This funding round, more than double the 5 billion KRW raised in Series A in 2022, brings the company’s total investment to 17 billion KRW. This achievement is significant in the context of the ongoing venture capital winter, highlighting ASWEMAKE’s resilience as a domestic platform and SaaS (Software as a Service) company.
Participants in the Series B funding round include existing shareholders such as NANOORI Equity Partners, Startup Research, JB Investment, and HGI, alongside new investors including A Ventures, We Ventures, Quantum Ventures Korea, Kiwoom Asset Management, Be High Investment, The Next Lab, and Jurim Partners.
ASWEMAKE connects local grocery stores with nearby residents through its same-day delivery online grocery service "Q-Market," aiming to become Korea's leading O2O digital transformation grocery platform. Q-Market serves medium to large offline grocery stores, delivering products within three hours to consumers within a 3 km radius, utilizing urban grocery stores as delivery hubs.
Kim Tae-kyu, Vice President of A Ventures, noted, “ASWEMAKE focuses on high-growth areas that others typically overlook. They have established logistics, personnel, and infrastructure early on to create barriers to entry while smartly designing their revenue model, demonstrating scalability and differentiation.”
Park Hyuk-jin, Director of We Ventures, expressed confidence in the investment, stating, “While attempts to digitally transform offline grocery stores have been ongoing, most target small stores or require specific conditions that hinder collaboration. Q-Market aims to online-enable large grocery stores, providing a one-stop service for online orders, packing, and delivery while addressing local job creation.”
CEO Son Su-young, expressed gratitude to both existing and new investors for their belief in the company’s growth, stating, “The key to digital transformation for grocery stores is integrating online and offline product management, securing sales channels, increasing revenue, and providing convenient services to encourage repeat visits. Together with our team, we aim to become a recognized leader in these areas, not just in Korea, but throughout Asia.”
