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LOS ANGELES, CA, November 01, 2021 /24-7PressRelease/ -- Smilegate Investment announced on Sep. 28 that it has completed the formation of "Smilegate XR Content Fund No. 2," which invests in virtual convergence technology and ad-tech related to the metaverse industry.
The total amount formed is 47 billion won, and it is the first time in four months since it was selected as the management company of the Ministry of Science and ICT's account in the second official investment project of Korea Venture Investment Corp last May.
For funding, fund of funds was used as the anchor financier, and KOBACO, LG U+, Realies Pictures, and Smilegate Holdings participated.
A staff from KOBACO said, "As a public company representing the advertising media industry, we are going to actively foster ad-tech and strengthen win-win cooperation in the field of high-quality advertising and marketing services for SMEs and small business owners."
Lee Jae-hyeok, Director of Smilegate Investment who is the main fund manager, said, "With the investment and management experience from the 1st fund, which has been almost used up in less than two years after its formation, we were able to quickly form the 2nd fund. To support the sustainable growth of the 1st fund investment companies, we will review follow-up investments, discover companies that the digital native generation wants, and foster a technology service ecosystem in the field of virtual convergence and ad-tech together with investors."
Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.
Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.
With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.
* PANGYO NEWS ROOM
* PANGYO TV
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