December 11, 2023


Unlimited Technology

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S. Korea’s energy conglomerate builds US$84M metaverse fund

South Korea’s metropolis gasoline and energy group Daesung’s undertaking capital subsidiary just lately set up a fund really worth 110 billion Korean won (about US$84.5 million) for expanding investments into startups in the metaverse field, community media shops described Thursday.

See associated write-up: South Korea’s Shinhan Financial institution starts ‘metaverse’ solutions, in accordance to community media

Quick points

  • Daesung Private Fairness announced Wednesday the launch of the Daesung Metaverse Scale-up Fund, which the company promises to be the biggest metaverse fund in South Korea, in accordance to area reviews
  • The fund will aim its investments in startups specializing in artificial intelligence (AI), extended actuality (XR), blockchain and digital twin technologies.
  • Korea Venture Expenditure Corp., the country’s government-backed fund of cash, invested 60 billion received (US$46 million), with other minimal associates such as the Industrial Lender of Korea (IBK), Shinhan Funds Co. Ltd. and other subsidiaries of the Daesung Group.
  • Daesung Private Equity has previously invested in PUBG: Battlegrounds match maker KRAFTON and Korea-based mostly crypto exchange Upbit operator Dunamu Inc.
  • Founded in 1947, Daesung Team operates oil, fuel and renewable electricity firm Daesung Industrial Co., Ltd., which in 2021 recorded a income of 793 billion won (about US$610 million), and seven other sizable subsidiaries, according to its web page.
  • Previously this year in February, South Korea’s science ministry declared a 223.7 billion received (about US$172 million nowadays) expenditure in growing the nation’s metaverse ecosystem.

See connected article: S. Korea releases moral recommendations for the metaverse