Kakao is promoting the acquisition of the global web novel platform’Radish’.
According to related industries on the 5th, Kakao Entertainment is promoting the acquisition of US web novel platform Radish to secure content intellectual property (IP).
An official at Kakao Entertainment said, “It is correct that we are pursuing the acquisition of Radish, but we have not yet been able to reveal the details.
Established in 2016, Radish is a platform specialized for mobile web fiction contents founded by CEO Seung-yoon Lee, 31, who graduated from Oxford University.
Kakao already invested in Radish last year. At that time, Kakao Page and SoftBank Ventures raised a total of 76 billion won in investment. In addition, Radish appointed Lee Jin-soo, CEO of Kakao Page, Lee Jun-pyo, CEO of Softbank Ventures, and former CEO Kim Sang-hun, Naver, who is an angel investor, as outside directors.
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Lee Jin-soo, CEO of Kakao Entertainment, said, “We are paying attention to the high potential of the global web fiction market.” It was a plan”.
Kakao Entertainment’s radish investment is expected to intensify competition for IP security with Naver. Naver recently unveiled its plan to acquire Canadian web novel platform’Watpad’ for about 650 billion won, and is pursuing the goal for the first half of this year.