Previous scale-up… Run by domestic institution alone
Korea Development Bank announced on the 6th that it has invested 100 billion won in Kakao Enterprise, the next-generation core affiliate of Kakao.
Kakao Enterprise is a subsidiary established in December of last year by Kakao to fully enter the business of artificial intelligence (AI)-based business-to-business (B2B) platform business. It is entering the B2B IT market through messenger-based work collaboration tool’Kakao Work’ and enterprise cloud’Kakao i Cloud’.
Until now, large-scale venture investments by domestic institutions amounted to less than 3 billion won per case, despite the continuous expansion of venture investment and the increase in corporate value resulting from the growth of promising startups.
However, this investment is an unusual case of a large scale-up investment that has been relied on foreign capital so far, and it is expected to set a new milestone in the domestic venture investment market.
Chairman Lee Dong-geul said, “In accordance with the times when bold financial support for high-quality startups with high growth potential is required, we will spare no effort for large scale-up investment and differentiated support for innovative companies. “We plan to continue to actively support key companies in key areas of innovative growth by establishing a trillion won-sized’Korean version of the New Deal Venture and Scale-up Loan Program.”
On the other hand, KDB established the Scale-up Finance Office at the beginning of last year to directly support large-scale investments and loans for excellent startups, and made large investments of more than 10 billion won in 14 companies including this number of investments.
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