GFFG raises 30 billion won in Series A round

Cafe Knotted's donuts [GFFG]

GFFG, which operates franchises such as Cafe Knotted and Downtowner, has raised 30 billion won ($23.16 million) in Series A funding.

The investment was led by Altos Ventures, with QUAD Investment Management participating.

“We decided to make the investment because GFFG is a company that can show the potential of Korean food in the global market,” said Park Hee-eun, investment partner at Altos Ventures in a statement.

GFFG was established in 2015 and owns brands such as Cafe Knotted, which has 15 branches in Korea. It also runs Downtowner, a burger brand, and Hojokban, a Korean restaurant. It reported revenue of 70 billion won in 2021, up 133 percent on year.

Using the investment, the company plans to establish more branches of its brands and introduce a new bakery franchise.

The company also aims to expand globally with the investment. It will establish a subsidiary in the United States by end of this year to bring Cafe Knotted and Hojokban abroad.

“With our first investment and recognition of growth potential, we will put in our best efforts to expand abroad and expand our business portfolio,” said Lee Jun-beom, CEO of GFFG.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]