Daum Kakao, South Korea’s largest Internet company and the firm behind South Korea’s most popular messaging app Kakao Talk with more than 37 million users, has announced that it plans to launch a 100 billion won (about $90.8 million) investment fund - 'K Venture Group'. Daum Kakao was formed last year by the merger of Daum, one of South Korea’s largest Internet portals and search engines, with Kakao, the original maker of KakaoTalk.
According to a statement by Daum Kakao, one of K Venture Group’s key focuses will be on developing future growth engines for Daum Kakao by actively seeking out domestic and global investment opportunities. The firm said that it will identify and invest in companies with the potential to provide new user experiences and values, backed by innovative ideas with a consideration for the next generation of mobile platforms.
John Park, the current Chief Global and Strategy Officer for Daum Kakao, has been nominated as K Venture Group’s inaugural CEO. Park said in a statement, “Rather than focusing on short-term returns, we plan on making long-term commitments to ventures with the potential to excel both domestically and globally. The goal is to foster a flourishing ecosystem akin to Silicon Valley by actively investing in ventures exhibiting strong growth potential”.
JK Shin, CEO and President of IT & Mobile Communications Division at Samsung Electronics
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