We probably do not need to recap the financial problems that homegrown grocery delivery startup honestbee is facing.
A combination of poor capital management, as well as poor cap table management has sunk the company into around S$313 million in debt.
(Note: A capitalisation table or cap table is a table providing an analysis of a company’s percentages of ownership, equity dilution, and value of equity in each round of investment by founders, investors, and other owners)
Majority of the debt is owed towards ex-chairman Brian Koo and his associates — it amounts to around S$258 million, which makes up almost 90 per cent of the company’s debt.
Koo is also a key investor and shareholder of honestbee; and his family controls South Korean tech giant LG.
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