This article was posted on July 11, 2025, at 5:57 p.m. on the ChosunBiz MoneyMove website.
One year after venture capitalists (VC) Bokwang Investment and Smart Study Ventures invested in the delivery food court operator “Loekal,” it is now at risk of loss. They had invested highly due to the founder of the delivery platform “VROONG” being assessed positively for his chain of startups, but the fact that the founder received a prison sentence was revealed belatedly.
Although only the first trial’s ruling has been issued, there is an analysis suggesting that Loekal’s corporate value will inevitably decline due to the emerging judicial risk surrounding the founder representative. This is because the founder representative’s credibility and leadership are key indicators not only for investment decisions but also for corporate value assessment.
According to VCs and the legal community on the 11th, Loekal’s founder and representative Yoon Jeong-beom has been indicted on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes and was sentenced to four years in prison last November. Yoon has appealed and is currently undergoing a second trial at the Seoul High Court.
Yoon was indicted in August 2023. At the end of 2022, when VROONG’s operating company Mesh Korea entered corporate rehabilitation proceedings due to deteriorating liquidity, he is alleged to have improperly withdrawn a total of 3 billion won without board resolutions or court approval, consuming the funds (breach of trust).
Yoon is accused of transferring the improperly withdrawn funds to a third party under the guise of consulting service fees. As he failed to repay the funds borrowed from OK Capital using his equity in VROONG as collateral, efforts to sell management rights were ongoing under the initiative of creditors, which he is alleged to have sabotaged by misusing company funds.
The first trial court sentenced Yoon to four years in prison, stating, “He caused damage to Mesh Korea by committing breach of trust with the intention of preserving management rights.” It also noted, “His method of committing the crime was poor, such as applying for a false repayment approval while a preservation order was in effect due to the initiation of rehabilitation proceedings.”
The anxiety among Loekal’s investors, including Bokwang Investment and Smart Study Ventures, has grown. They participated in the new investment attraction of Loekal, a delivery food court operator newly founded by Yoon, betting over 3.5 billion won. This occurred four months before Yoon’s guilty verdict in the first trial.
In the venture investment industry, there’s a view that Yoon’s sentencing in the first trial could lead to Loekal’s corporate value plummeting to less than half. VCs consider the founder’s credibility and leadership as important criteria when investing in unlisted early-stage corporations.
In particular, Loekal had planned to adopt the recipes of “popular restaurants” for cooking through robotic chefs and deliver the meals, with the intention of launching a franchise soon. Industry insiders express concerns that the founder’s judicial risk will inevitably impact franchise acquisition.
A source in the VC industry noted, “Considering the scale of the investment attraction, Loekal’s corporate value was likely around 20 billion won last July.” They added, “Even if the direct correlation between the representative’s absence and business continuity may not be significant, if the representative’s morality is tarnished, it could be difficult to attract additional investment.”
Some investors are even detecting movements toward filing criminal charges for fraud. Most Loekal investors have stated that they were unaware of Yoon facing criminal trial for breach of trust during the investment process. One investor remarked, “If I had known that he was a criminal defendant, I would not have invested.”
Loekal was founded in November 2023, with Yoon as the largest shareholder owning over 50% equity. Major shareholders include Bokwang Investment and Smart Study Ventures, alongside YN Archer and Warner Asset, an investment firm founded by former Kakao Pay CEO Ryu Young-jun.
Meanwhile, Loekal has stated only that they will “check” regarding the disclosure of Yoon’s criminal trial progress and the sentencing of his breach of trust charges during the investment attraction process. Additionally, Yoon said, “I will prevent the situation where the representative’s absence occurs by negotiating a settlement with the affected company (Mesh Korea).”