SEOUL, Dec. 31 (Korea Bizwire) – Daum Kakao, which plans to use 100 billion won to set up a venture capital firm in January, began its investment in ventures with high growth potential even before establishing its new entity. The first beneficiary was Userstorylab, a well-known SNS developer in Korea.
On December 29, Userstorylab announced that it was the recipient of an investment from Daum Kakao. Established in 2008, the company has grown into one of the main SNS developers in Korea by launching various experimental services including “otgit,” “userstorybook,” and “petlovesme.”
Userstorylab is highly praised as a model for start-ups with the ability to develop fresh ideas into services.
An official at Daum Kakao said, “We decided to invest in the company considering its insights on the mobile market, various experience with service development and growth potential.” However, the two companies decided not to disclose the amount of the capital infusion.
Jung Yuno, CEO of Userstorylab, said, “It is more meaningful to get an investment from Daum Kakao, the hero of start-up success legend. With the capital from Daum Kakao, we will jump to the next level as an SNS service provider.”
Userstorylab’s most common services include “otgit,” a location based SNS service the helps find friends nearby, “userstorybook,” an online personal library service, and “petlovesme,” a vertical SNS app focusing on pets.
By John Choi (firstname.lastname@example.org)