Daum Kakao plans to invest 100 billion won to establish a venture capital firm which will contribute to strengthening its global competitiveness in the mobile market and expanding the venture ecosystem.
This decision was made by Daum Kakao chairman Kim Beom-Soo who has had strong interest in invigorating domestic start ups. About two years ago in 2012, Kim set up an investment firm“K-Cube Ventures” aimed at supporting the establishment of small- and medium-sized enterprises.
Daum Kakao held a board of directors’ meeting on December 22 and decided to invest 100 billion won to establish an investment firm K Ventures Group.With a paid-in capital of 10 billion won, the venture capital firm will be established on January 23, 2015.
Through K Ventures Group, Daum Kakao will invest in promising startups in and outside Korea, as part of an effort to find new growth engines as well as to strengthen global competitiveness in mobile platform business.
Source: The Korea Economic Daily
