SEUM Advises HITE JINRO Regarding Investment in Home Meal Replacement Startup AppaCompany
SEUM advised HITE JINRO CO., LTD., (“Hite”) in its investment as an angel investor in AppaCompany Co., Ltd. (“AppaCompany”), an operator of a home meal replacement (HMR) service ‘YoriVery’.
Hite has been supporting the startup ecosystem through various means such as annually operating a startup accelerator program ‘Youth Startup League’ from 2016 which provides various support through expert mentoring, funding, and partnership opportunities with relevant institutions. Hite has also established a shared office “NewBlock” in 2018, for the first time in the alcoholic beverage industry, through investment with company builder TheVentures and has continued developing new businesses and diversifying its investment portfolio. As Korea’s first for-profit company to be appointed as a corporate angel investor in October 2019, Hite intends to focus its efforts in actively discovering and promoting promising startup companies, beginning with its investment this time in AppaCompany.
Recently, large conglomerates have increased its, investment into, and mergers with, startup companies in order to expand into new businesses. SEUM through its substantial experience in representing conglomerates such as Hyundai Motor Company, Naver, LINE, Kakao, Daewoong Pharmaceutical, and Shinsegae I & C in similar investments for many years was in the best position to provide legal advice to Hite in its investment in AppaCompany.
The SEUM team was comprised of partner Hoseok Jung and associates Jaewoo Sim, Seungki Jung, Jiyeon Bae, and Yoonji Lee.