Sunrise: ten lunch shops and a five-shop growth plan
- Sector
- Consumer and services
- Shops
- Ten across Seoul, starting in Mangwon (also Hapjeong and Yeouido)
- Founder
- Mina Song, who opened the first shop in 2014
- Fund
- Daebak Equity III, deal one
- Total funding
- US$5.6m, all equity
- Uses
- US$4.2m purchase price paid to Mina Song; US$1.4m of growth capital for five planned shops
- Status
- Current
Mina Song built ten lunch shops across Seoul, starting in Mangwon. Together they earned about US$0.70m of cash a year. She wanted to keep the food the same and grow.
Daebak bought the business with equity only, paying Mina US$4.2m and setting aside US$1.4m for five new shops. The plan assumes each new shop earns about US$80,000 of cash a year once it matures, less about US$0.21m of extra central costs: 0.70 + 5 × 0.08 − 0.21 = about US$0.89m of yearly cash.
Timeline
- Daebak and Mina agree terms; Daebak Equity III funds US$5.6m through Sunrise HoldCo.
- Plan: five new shops open with the US$1.4m.
- Plan: as the new shops mature, yearly cash rises toward about US$0.89m.
"I wanted the shops to keep the same food and grow. Daebak paid me fairly and funded a plan for five new shops."
Illustrative quote from a fictional founder. No one was paid for it. Past performance does not predict future results.