Closed in 2013, its first Korea-centric fund is said to be $60 million. It has also closed four US-facing funds in the last 10 years.
According to AVCJ, the second KOF hit its first close in October 2015. Since then, through the second KOF, the firm has put money in three startups, two of which are mobile-centric companies.
In an interview with TechCrunch, Anthony Lee, managing director, Altos Ventures, said that the investors of the fund are mostly institutional investors from North America and Asia.
These investors include Morgan Stanley Alternative Investment Partners, Axiom Asia, Greenspring Associates, with 10 per cent of the capital from South Korean firms, added Lee’s colleague Han Kim, Managing Director, Altos Ventures, in a separate chat with AVCJ.
“Maybe a quarter comes from Korean entrepreneurs, foundations, and internet companies,” said Lee, adding that Altos Ventures had first started investing in South Korea about 10 years ago.
“We will continue to invest as lead in Series A deals, mostly mobile/internet companies that take advantage of the uniqueness that Korea offers,” said Kim.
When asked about how the deal sheets would be different between US and Korean companies, Lee explained, “Our term sheets are exactly the same here as there. We don’t want to be taking advantage of the fact that there’s less capital there. We compete on the basis of offering a plain, standard, Silicon Valley term sheet; we even published it publicly to educate the ecosystem there.”
Notable portfolio companies include Coupang, an e-commerce company with a valuation of $5 billion; Memebox, a subscription box service that raised $29 million last year; Baedal Minjok, a restaurant delivery marketplace which raised a Series D round of $36 million in 2014.