South Korean venture capital investor Company K Partners, which counts Oscar-winning ‘Parasite’ in its portfolio, has launched a 124-billion won ($102 million) fund that seeks to invest in later stages.
According to a report by Korea Herald, Company K Partners seeks to raise up to 150 billion won ($123 million) for the final close of the growth fund, dubbed Company K High Growth Fund.
Founded in 2006, the firm specialises in investments in culture content, electronic components, computer, machinery, broadcasting, arts, sports, and leisure industries.
Its portfolio of some 340 firms includes Zigbang, Ridibooks, Rainist, and Carver Korea, as well as commercial films including the Oscar-winning’ Parasite’. The South Korean film is the first movie in history to win both Best Picture and Best International Film at the Oscars.
Company K Partners recently participated in the $17-million Series C funding round in Buzzvil, a South Korean firm that provides a lock screen ad platform connecting partners and advertisers.
The report said the growth fund is backed by major institutional investors, such as Korea Teachers’ Credit Union and Korea Scientists & Engineers Mutual-aid Association. State-owned risk capital firm K-Growth also chipped in while Company K Partners contributed 10 billion won.
Company K High Growth Fund is the company’s 20th vehicle and, once closed, will bring the firm’s total assets under management to over 560 billion won ($460 million).
The launch of the growth fund comes at a time when South Korean VCs are increasingly getting aggressive not just in the local market but in Southeast Asia in general, buoyed by President Moon Jae-in’s policy to deepen the country’s ties with the region.
Since 2017, Southeast Asia’s tech scene has seen a significant number of deal activity involving South Korean investors, according to our earlier report.
For startups in Southeast Asia, the influx of South Korean investors has been more than welcomed, not only because of the abundance of capital they come with but also of the fresh point of view that they offer to companies.