档案库 · 电商与平台 · 战略决策 · 2016–2026
正玉角的900亿韩元食品杂货豪赌：鲜肉明星以清算告终
韩国超鲜肉品平台曾押注以900亿韩元收购绿苗，计划中的1500亿韩元融资未到位；亏损导致法院重整，随后于2026年清算。
正玉角（정육각）
做的是什么生意
Jeongyukkak (정육각) was a South Korean fresh-food e-commerce platform selling meat, eggs and meal kits online: orders triggered production, and its own logistics delivered meat slaughtered within days, same-day or pre-dawn.
启动资金：About ₩70B raised from venture investors including Mirae Asset Venture Investment, Stonebridge Ventures, Atinum Investment and Capstone Partners (KAIST Alumni/viva100). To fund the ₩90B Chorok Maeul acquisition it planned a ₩150B Series D; the deteriorating market left the round far short, and in October 2022 it bridged with a ₩32B three-month Shinhan Capital loan, later pledging its Gimpo smart-factory headquarters as collateral (MoneyToday, 2023-02-06).
起因
Kim Jaeyeon, a KAIST applied-mathematics graduate, founded Jeongyukkak in 2016 after seeing how many days and middlemen stood between slaughter and dinner. The startup compressed that chain, stamped dates on its meat and eggs, and sold direct with its own logistics and near-zero waste.
经过
By 2020 revenue reached ₩16.2B and about ₩70B had come from leading Korean VCs. In 2022 Jeongyukkak agreed to buy Chorok Maeul from Daesang Group for about ₩90B — a chain of nearly 400 organic-grocery stores with more than 20 years of history but losses since 2018 — beating Market Kurly and Barogo, with E-Mart Every Day also weighing a bid. To pay, investors had promised a ₩150B Series D, but when the cash was needed the round had shrunk; Jeongyukkak took a ₩32B short-term loan from Shinhan Capital in October 2022 and later pledged its Gimpo headquarters as collateral when repayment slipped.
结果
The acquisition never paid for itself: cumulative operating losses ran to ₩82.8B from 2021 through 2023 (Seoul Economic Daily). On July 4, 2025 Jeongyukkak and Chorok Maeul filed for court rehabilitation; the court granted commencement the same day while Jeongyukkak paused its own operations and Chorok Maeul kept trading. On August 21, 2026 Seoul Bankruptcy Court Division 18 terminated the procedure, ruling liquidation value exceeded going-concern value, and Jeongyukkak headed for liquidation (theBell).
背景
正玉角由金在延于2016年创立，他毕业于KAIST应用数学系，源于一个简单的观察：肉类从屠宰到消费者手中经过太多环节和太多天。这家初创压缩了这一链条——包装上标注屠宰日期、鸡蛋上标注产蛋日期，仅当订单到达时才启动生产，需求预测规划使浪费接近零——并提供直接配送，承诺当日达或凌晨达真正新鲜的肉类。
该模式获得了实际吸引力：到2020年营收达162亿韩元，并获得韩国顶级风投约700亿韩元。随后正玉角下注更大，于2022年同意以约900亿韩元收购绿苗——一家由大象集团拥有的近400家有机食品杂货连锁店——击败了竞争对手Kurly和Barogo。收购价格假定投资者已承诺的1500亿韩元D轮融资，但市场恶化，融资从未完成，正玉角通过以其总部为抵押获得新韩资本320亿韩元短期贷款弥补缺口。
财务从未好转：《首尔经济日报》称2021年至2023年累计营业亏损达828亿韩元。2025年7月4日，正玉角和绿苗申请法院重整，法院同日批准启动；正玉角暂停自身业务，而绿苗保持门店和物流运行。约一年后，2026年8月21日，首尔破产法院第18部裁定清算价值高于持续经营价值，终止重整程序，将韩国最知名的食品科技初创公司之一推入清算。
这件事要成立，得有什么
- 900亿韩元的收购价格假定1500亿韩元的后续融资；当融资市场冻结时，融资远未完成，以公司总部为抵押的过渡贷款填补了缺口（MoneyToday）。
- 绿苗自2018年以来一直亏损——受中间分销成本和缺乏线上渠道拖累——因此它需要本应由失败融资提供的资金（KAIST校友/viva100）。
- 超新鲜自营物流配送的结构性成本高昂——交易前2020年亏损80亿韩元，2021年亏损249亿韩元，2021至2023年累计亏损828亿韩元（MoneyToday，首尔经济日报）。
- 进入法院程序后，集团的清算价值超过其持续经营价值，因此法官选择清盘而非重整计划（theBell）。
可借鉴之处
基于股权融资的成长期收购，在融资冻结之日便成为债务赌注：承诺的1500亿韩元从未到位，过桥贷款和亏损决定了结局。
后续进展
2025年7月重整申请后，绿苗的近400家门店、线上商城和物流持续运营，而正玉角自身的鲜肉配送服务暂停。2026年8月21日，首尔破产法院第18部终止重整程序后，theBell报道称债权人正在寻求收购绿苗，而正玉角本身面临清算——距离申请约一年，距离原本应扩大公司规模的900亿韩元收购约两年。
资料来源
- 정육각·초록마을, 기업회생절차 개시 신청
- 초록마을 인수 2년만 정육각 회생 절차…법원은 개시 결정
- 매출 162억 스타트업 정육각이 900억원에 초록마을 인수한 배경은 - 김재연 동문 (수리)
- [단독]'320억 채무상환 초읽기' 정육각, 담보 잡힌 본사 어쩌나
- 정육각, 결국 회생절차 폐지…청산 수순
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