This article was published on the ChosunBiz MoneyMove (MM) site at 7:16 a.m. on Feb. 27, 2026.
Wefun, well known for its office snack subscription service "Snack24," has begun accelerating its outward expansion. After acquiring Foodtech company Pudding and the snack subscription service Snackfor last year, it recently completed the acquisition of a contract catering company. It plans to carry out integration work this year and aims to list on the KOSDAQ next year.
According to the investment banking (IB) industry on the 27th, Wefun finalized the acquisition of contract catering specialist Human Food this month. Earlier this year, it completed payment two months after signing a share purchase agreement (SPA) to acquire about 90% of the management equity of Human Food and Human Food Service, held by CEO Kim Jong-cheol of Human Food and others.
The transaction was valued at about 27 billion won. Wefun formed a consortium with financial investors such as Epic Platform Partners, a private equity fund (PEF) manager, and raised funds with Wefun as a strategic investor (SI). Wefun also secured a call option (right to request share purchase) allowing it to buy back the equity held by the financial investors in the future.
Wefun launched in 2018 as a BaaS (Business as a Service) specialist supporting repetitive tasks for corporations. Its flagship service, "Snack24," manages the entire process from snack procurement to delivery, display and settlement according to a corporation's budget, earning strong responses from startups as well as large corporations.
Since then, it expanded its business areas across corporate operations, including breakfast delivery (Breakfast24), coffee subscriptions (Coffee24), talent recruitment, corporate phone activation and corporate registration agency services. It secured more than 7,000 client companies including Musinsa, Viva Republica (Toss) and Karrot. It posted consolidated sales of 170 billion won and operating profit of 2 billion won in 2024.
The Human Food acquisition is seen as a move to increase influence in the contract catering market. Industry watchers paid particular attention to the fact that Human Food counts hospitals among its main clients rather than ordinary corporations. Wefun already acquired Foodtech company Pudding last year and launched a corporate lunch subscription service, "Lunch24."
The industry says Wefun has begun to "bulk up" ahead of pursuing a listing. Since selecting Hana Securities as its listing manager in Feb. 2024, Wefun has grown by consecutively absorbing comprehensive logistics company Woorin, food ingredient distributor Ilhwa Logis and in-house café operator Next C&C.
Wefun is expected to complete linkage work between Human Food and its existing services this year and launch full-scale listing procedures next year. An IB industry official said Wefun had earlier targeted filing for preliminary listing review in the first half of this year, but adjusted the listing schedule to next year after acquiring Human Food.