Aditya Hadi Pratama · · 1 min readKakao Entertainment bags $964m from sovereign wealth funds
Kakao Entertainment, a subsidiary of South Korean tech giant Kakao Corp., has raised 1.2 trillion won (around US$964 million) from sovereign wealth funds.
While no specific names were mentioned in the company’s statement, TechCrunch and Bloomberg reported that the investors were Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s Pwarp Investment.
Photo credit: Kakao Corp.
In a statement, the entertainment company said it will use the fresh funds to boost global expansion efforts and to make more investments and acquisitions.
Bae Jae-hyun, Kakao Corp.’s chief investment officer, led the deal. “It’s significant that we were able to secure funds of this scale at a time when both the Korean and global markets face a lot of uncertainty and investment sentiment is weaker,” he noted.
See also: These are the most active investors in Korea’s startups
Kakao Entertainment publishes web cartoons and web novels, produces K-dramas and movies, operates a music-streaming platform, and manages K-Pop artists. It was founded in 2021 through a merger between Kakao Corp. subsidiaries, KakaoPage and Kakao M.
Currency converted from South Korean won to US dollar: US$1 = 1,245 won.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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