Woowa Brothers: Start-up's Growth Dilemma

Sae Young Lee, Haeyoung Koo, Ling Zhao

Research output: Other contributionCase Studies


In this case, Woowa Brothers (hereafter Woowa), a food delivery business that raised multiple financing rounds of venture capital, faces an opportunity to be acquired by Delivery Hero (hereafter DH) in a part-cash, part-stock deal, or to turn down the offer and plan for an IPO, or to continue operating as a private company. Kim, the founder CEO, needs to make the decision as he turns to a set of accompanying issues, including the interests of the investors and other stakeholders, the business expansion plans, the valuation and deal structure, the IPO market landscape, and his own motivations as an entrepreneur.
Original languageEnglish
Number of pages13
Publication statusPublished - 1 Jun 2023

Case number


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Case type

Field Case

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Published by

China Europe International Business School


  • food delivery platforms
  • Venture Capital
  • exit strategies
  • Stakeholder
  • Merger and Acquisition (M&A)

Case studies discipline

  • Entrepreneurship
  • Strategy

Case studies industry

  • Other Services


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