Naver-owned LINE Corporation’s games business snags $110m

A woman walks past the logo of Line Corp at the company's headquarters in Tokyo, Japan June 2, 2016. REUTERS/Toru Hanai/File Photo

LINE Games, a subsidiary of Tokyo-listed LINE Corporation, has raised KRW125 billion ($110 million) from Hong Kong-based investment firm Anchor Equity Partners’ Lungo Entertainment unit via a third-party allotment.

In an official statement, the company said the fresh capital infusion will be used to identify and invest in new global partnerships, pursue game businesses catering to the global market, and acquire new IP for games and titles.

Established in June 2017, LINE Games is primarily focused on Japan, Korea, Thailand and Taiwan. Last year, it acquired a controlling stake in Korean game development company NextFloor that is behind popular titles such as Dragon Flight and Destiny Child.

LINE went public in 2016 via a dual US-Japan listing, raising over $1 billion. It recently co-led a $13.4-million Series B round for Singapore-based technology solutions provider AnyMind Group.

On the other hand, Anchor Equity and Singapore’s sovereign wealth fund GIC jointly invested $184 million in Korean retail major E-Land Group this February. The Hong Kong-based firm had previously invested in Korean mobile commerce firm Ticket Monster.

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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.