Altos Ventures’ second Korea-focused fund closed at $110m

With offices in San Francisco and Seoul, Altos Ventures has closed $110 million for its second Korean Opportunity Fund (KOF), according to a report.

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.

Also Read:

Singapore: Hallyu Ventures picks 38% stake in S Korea’s Caffe Bene for $13.8m

Korean pension fund POBA to double exposure in global PE vehicles, to invest $200m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.