Daum Kakao to Launch USD 90M Startup Investment Fund in 2015

USD-48-Tln-Investment-Needed-by-2035-Says-Report

Daum Kakao is creating an investment firm – K Venture Group with an amount of USD 90.8 million to help startups with investments, both at home and overseas. The firm is expected to open on January 23 of next year.

According to TechinAsia report, the company said that, “The investment will not be just temporal. We will make long-term investments on competitive ventures that have potential in domestic and global markets.”

The company, is trying to find new sources to power its growth and reduce the dependency on its mobile messaging app KakaoTalk.  Moving on the same lines, last month the company added a banking feature to Kakao and in the first quarter of 2015, it plans to launch a taxi hailing service named Kakao Taxi to diversify its offerings.

In May this year, South Korean mobile messaging service, Kakao Corp., had merged with Daum, a listed internet portal for USD 2.9 billion and in an all stock deal. Recently, Daum Kakao announced its earning report which shows that its overall revenue dropped 6 percent year-over-year.

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