DEALS & CASES

SEUM Advises Internet Portal Giant NAVER In Connection with KRW 99 Billion Contribution Into Startup Fund

SEUM advised NAVER Corporation, Korea’s leading internet portal and mobile company (“Naver”), in connection with Naver’s recent contribution of KRW 99 billion (~USD 88 million) into a KRW 100 billion venture capital fund devoted to fostering and investing in startups. This fund is meant to find and support companies with growth potential in the global market and is called the TBT Global Growth No. 1 Investment Cooperative (the “Fund”).

The Fund is being launched by TBT, a venture capital firm founded by Lee Ram, a former CEO of Camp Mobile, a mobile app development subsidiary that merged earlier this year with Naver. Ms. Lee is considered somewhat of a star in the mobile app industry and has launched popular apps such as BAND (a mobile community app) and Snow (an image messaging and multimedia mobile app). TBT will contribute the remaining KRW 1 billion into the Fund.

Naver is a publicly listed leading internet portal and mobile company that provides services and content in various areas such as video platforms, community apps, AR camera content platform, translation, web browsing and mapping. Naver’s subsidiaries include LINE Corporation, a Japan-based mobile messaging and communication services platform company, and NHN Entertainment Corp., a publicly listed developer, publisher and distributor of mobile and PC games.

The SEUM team was comprised of managing partner Hoseok Jung and corporate partner Hyemi Kang; as well as associate Jaewoo Sim.

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