VNG enters the metaverse with bet on Korean gaming unicorn

Haegin, a South Korea-based mobile gaming startup, has raised about US$81 million in series B money in a round joined by Korea’s Kakao Games, China’s NetEase, and Vietnam’s VNG.

Photo credit: VNG

The round pushes Haegin’s valuation past US$1 billion, making it the newest unicorn in Asia, according to a statement.

A representative for VNG also said that the investment would mark the Vietnamese gaming giant’s foray into the metaverse. This comes after the success of other blockchain-based gaming firms in the country, including that of Sky Mavis and its hit game Axie Infinity.

Haegin is the gaming company behind titles such as Play Together, Homerun Clash, and Extreme Golf. The first listed game – which was built on the metaverse – has seen 80 million global cumulative downloads and boasts of over 4 million daily active users in less than a year since its launch, Haegin said.

Play Together is a casual metaverse game that involves mini-games, daily life experiences, and character and house customization. Since rolling out in April last year, Haegin has signed memorandums of understanding with companies like Genie Music, Daehong Planning, and IPX (formerly Line Friends).

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Haegin said it’s now developing two new games – a sports-related title and a role-playing game – that it aims to launch this year. With the new funds, Haegin plans to invest in game development tech, make new hires, and expand its business.

Other investors in the round include:

• Nepture
• Netmarble
• KDB Industrial Bank
• Lotte Ventures
• Angels Venture Partners
• Storm Ventures