The firm will also focus on seeking innovative start-ups that can cooperate with Daum Kakao and add momentum to Daum Kakao’s future growth. (image: Kobiz Media / Korea Bizwire)
SEOUL, Dec. 23 (Korea Bizwire) — Daum Kakao, Korea’s top messaging app operator, said on December 22 that it plans to invest 100 billion won (US$ 91 million) to establish an investment firm by January 23, 2015.
Park Ji Hwan, the former strategy chief of Daum Kakao, is slated to be the first CEO of the investment firm, which has tentatively been named K Venture Group. The company will aggressively pursue investment opportunities with the goal of creating a Korean version of Silicon Valley’s ecosystem for start-ups.
The firm will also focus on seeking innovative start-ups that can cooperate with Daum Kakao and add momentum to Daum Kakao’s future growth.
Park Ji Hwan, the CEO-designate of K Venture Group, said that the firm would invest in the long term on ventures that have potential to grow not only in the domestic market but also to extend their businesses abroad.
K Venture Group is not the first investment firm from Daum Kakao. Brian Kim, Chairman of Daum Kakao, already established K Cube Ventures, an angel investment firm in 2012.
K Cube Ventures has been well regarded for adopting investing strategies similar to those in Silicon Valley, and now has 29 companies in its portfolio. These entities consist of consumer web companies, game developers and R&D companies.
Daum Communications merged with Kakao Inc. to form Daum Kakao in October 2014.
By Kevin Lee (kevinlee@koreabizwire.com)
