K-Cube Ventures now manages three funds worth a total of US$64 million
K-Cube Ventures announced on December 18th that the major investor in the South Korean IT space has completed structuring its third joint investment vehicle, named Kakao Digital Contents Fund.
Through the newborn fund, K-Cube plans to aggressively seek out early-stage startups with innovative core technologies and management ideas in digital content, Internet and mobile technologies and online games.
The Kakao Digital Contents Fund takes a public-private partnership form, totalling US$29 million in size. The fund is comprised of US$8 million from funds run by Korea Venture Investment Corp and Korea Development Bank, with US$21 million in private capital from multiple sources.
Among the private investors are prominent listed companies and foundations, as well as key entrepreneurs in the IT sector–Kakao is one of the major LPs in its namesake fund.
With the addition of this fund, K-Cube Ventures now manages three funds totalling US$64 million, which includes the K-Cube #1 Venture Investment Union (around US$10 million) and their second fund, Kakao Young Entrepreneurs Fund (around US$25 million).
Trust and expectations on the new fund run high, as the public-private partnership has managed to convince a varied group of investors. The fund has also brought back repeat investors from the K-Cube #1 fund that distributed considerable interim returns this past September.
The business areas targetted with the fund will include K-Cube’s existing expertises of SW/ICT industries, next-generation broadcasting, entertainment, information content and E-learning. K-Cube Ventures is determined to extend its track record with timely investments in promising entrepreneurs through capital injections for equity.
Seungwoon Yu, CEO of K-Cube Ventures, summed up his commitment that “this third union will further expand our reach in discovering and nurturing early-stage startups, and K-Cube will do its best to make bold investment decisions and bring fruition to the meaningful ventures of our investees.”
The article “K-Cube Ventures Puts Together a $29MM ‘Kakao Digital Contents Fund’” was first published in Tech for Korea.
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