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COVID-19 Impacts on Sharing Economy Startups: Opportunities and Challenges.

The impact of COVID-19 on the sharing economy has been mixed for startups.

While companies like Airbnb and WeWork have struggled, others, like the community kitchen business model, have seen growth opportunities.

South Korean startup WeCook has expanded its business with the help of deregulation by the Korean government and the increase in demand for food delivery services due to the pandemic.

The company has focused on delivery services and has formed a “Food Safety Inspection team” to gain customer trust and offer safe certified food.

WeCook has received investment from various venture capital firms and accelerators since its founding in 2015.

WeCook shared kitchen, Source:
Series BAug. 2019KRW16B(USD 13M)Korea Development Bank
UTC Investment
Posco Capital
NAU IB Capital
DTN Investment
Lotte Accelerator
Intervalue Partners
Series AApr. 2018KRW 5.2B(USD 4.3M)N/A
SeedDec. 2017KRW 400M(USD 330K)Lotte Accelerator
SeedJul. 2017KRW 100M(USD 83K)Seoul Business Agency
SeedMay. 2017KRW 500M(USD 420k)TIPS
(Tech Incubator Program for startup Korea)