S Korea’s Mirae Asset raises $47m for new VC fund

South Korea’s Mirae Asset Financial Group has raised $47 million for its Mirae Asset Project Planet Fund I from nine investors, according to a disclosure.

The fund is categorised as a venture capital vehicle.

Mirae Asset Ventures II LLC acts as the general partner of the fund.

The Korean financial group’s venture capital arm Mirae Asset Venture Investment had 632 billion won of assets under management across 23 funds investing in 14 markets as of 30 June 2019, according to its website.

Mirae Asset Venture Investment provides funding to companies across a gamut of sectors including biotechnology, ICT, game and semiconductor. The firm is also increasingly laying its focus on areas such as eco-friendly foods, renewable energy, education, entertainment and leisure, it said on the website.

While Mirae Asset Venture Investment provides financing globally, Mirae Asset Financial Group focuses on key Asian markets through its 1 trillion won joint fund with Korean tech major Naver Corporation, Mirae Asset-Naver Asia Growth Fund.

Launched in 2018, the fund is an investor in the region’s major tech players including Southeast Asia’s super app Grab, Singapore-based budget hotel chain RedDoorz, Indonesian marketplace Bukalapak, China’s largest ride-hailing firm DiDi and Indian online grocer BigBasket, among others.

It has recently backed more startups from India and Southeast Asia, including e-commerce aggregator iPrice (Malaysia), fintech FinAccel (formerly known as Kredivo in Indonesia), media firm theAsianparent (Singapore), Bangalore-based logistics network Shadowfax and Vietnam-based digital media startup POPS Worldwide.

Founded in 1997, Mirae Asset Financial Group is amongst South Korea’s largest investors, with a total of $398 billion AUM by the end of 2019.

It has also established several partnerships in the region to make a broader range of investments, including a $100 million alternate investment fund and a healthcare fund in India, as well as a joint venture with Vietnam’s state investor SCIC.

 

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.