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K-Cube Ventures establishes USD 710M fund to support tech startups

K-Cube Ventures announced that they organized a sixth fund on Dec 18th called KIF-KaKao Woori Bank Technology Venture Fund, which is on a USD 710 million scale.

By forming this fund, the AUM (Assets Under Management) of K-Cube Ventures, has climbed to USD 185 million. It is the largest out of six funds that K-cube has organized since April 2012.

KIF-KaKao Woori Bank Technology Venture Fund will be used for startups in the development of technology financing and leading the fourth industrial revolution. Especially startups in AI, IoT, and big data will be supported from the beginning through this fund. Seungwoon Yu, Co-CEO of K-Cube Ventures, will be at the head of this fund.

K-Cube Ventures has been recruiting investors since last summer and was selected to be the GP of large Korean LPs such as Korea Telecommunications Operations Association, Growth Ladder Fund, Korea Fund of Funds, and Woori Bank. They received USD 16 million from Korea Telecommunications Operations Association, USD 14 million from Growth Ladder Fund, and USD 12 million from Korea Fund of Funds.

Seungwoon Yu, Co-CEO of K-Cube Ventures, stated “we feel the responsibility and sense of duty to work together with investors to organize a fund and focus on new technology and innovations for the fourth industrial revolution. We will contribute to the venture ecosystem to continue cultivating promising early stage startups and follow up investments.”

K-Cube Ventures is a subsidiary in investment of Kakao and has invested in more than 100 startups in mobile, technology, and gaming sectors. Frograms (Watcha), Dunamu, Neptune, Lunit, and Korea Credit Data (KCD) are their well known portfolio companies.

(Top photo from 699pic.com)


This article, entitled “K-Cube Ventures establishes USD 710M fund to support tech startups”, was written in Korean by Platum, edited by AllTechAsia.

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