- Daum Kakao acquires 100 per cent shares of K Cube Ventures
- Firm has decided to increase K Cube Ventures’ paid-in capital by US$15 million to use for launching a new early-stage fund
According to a statement released by the company, this acquisition will mean that K Cube Ventures will become the “startup investment arm of Daum Kakao Corp”.
The acquisition will allow Daum Kakao to “provide faster and better support to startups by combining their core competencies in online and mobile businesses, together with K Cube Ventures’ expertise in early-stage investment”.
K Cube Ventures will continue to run independently.
Daum Kakao also reportedly increased K Cube Ventures’ paid-in capital by US$15 million. It will be used for launching a new early-stage fund this year.
Jimmy Rim, CEO, K Cube Ventures said, “Co-operation with Daum Kakao will open up new opportunities for startups that are keen to innovate mobile life across South Korea and Asia region.”
K Cube Ventures is a venture capital founded in 2012 to invest in and support early-stage startups. Starting with a paid-in captial of US$5 million, it raised US$11.5 million for the first fund (K Cube Venture fund I) and US$30 million for the second (Kakao Venture fund).
Over the past three years, the company has invested in more than 40 startups including Red Sahara, Frograms, Wishlink, Vingle and Fincon.