Daum Kakao acquired 100% of K Cube Ventures shares that chairman Kim, Bum-soo held, and entered into an affiliate. They plan to find new growth power through Startup, in which K Cube Ventures invested.
Daum Kakao(Representative Choi, Se-hun·Lee, Seok-woo) announced on the 20th that they had decided on the affiliation at the board meeting on the 19th. Daum Kakao plans to pass on business know-how to Startup in its early stage. Daum Kakao attempts a new business opportunity through Startup.
Daum Kakao announced that they will establish a quick and practical Startup supporting system by combining Daum Kakao’s business ability with K Cube Ventures’ investment expertise.
K Cube Ventures is a Venture Capital(VC) that started in April, 2012 with a capital of 4.5 million dollars for the promotion and supporting of a domestic Startup. Later, it invested a 10.3 million dollar scale K Cube-1 venture fund and a 27 million dollar scale Kakao youth foundation fund. Three years after its founding, it invested in over 40 Startups including ‘Red Sahara,’ ‘Vingle,’ ‘Frograms,’ ‘Fincon,’ and more.
K Cube Ventures will maintain existing management rights and make independent investments even after becoming Daum Kakao’s affiliate. Through a strategic partnership with Daum Kakao, it plays the role of promoting and supporting domestic Startups.
Daum Kakao recapitalized an additional 13.5 million dollars to K Cube Ventures. Applied funds are utilized in Startup promotions and raising new funds.
Daum Kakao said, “Daum Kakao will make practical supports using its resources for the stable growth of the Startups that K Cube Ventures invested in. By making an exemplary case of successful investment through the overall support to competitive Startups, we will contribute to the development of the domestic Startup ecosystem”.
Staff Reporter Lee, Kyung-min
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