Kakao Entertainment attracts $963.8 million investment from global funds

By Park Yoon-bae Posted : January 12, 2023, 17:49 Updated : January 12, 2023, 18:04

[Courtesy of Kakao Entertainment]

SEOUL -- Kakao Entertainment Corp., South Korean tech giant Kakao Corp.’s entertainment and media unit, has attracted investment worth 1.2 trillion won ($963.8 million) from two global sovereign wealth funds, the company said on January 12.
According to the company, Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s Pwarp Investment PTE have decided to invest 600 billion won equally in Kakao Entertainment.
Kakao said that the sum is the largest investment to be raised overseas by a domestic entertainment business. The two funds will participate in Kakao’s capital increase process through the purchase of the firms’ new shares around February 20.
Company President Kim Sung-soo said that the secured investment will be used to expand the firm’s global operations. He added that part of the raised funds will also be spent on acquiring other entertainment businesses to improve Kakao’s international competitiveness.
He said his company’s successful attraction of overseas investment is evidence that the investors have highly appreciated the potential of the K-content industry.
Kim has promised to do his best to turn Kakao into a leading global entertainment company by combing its digital network technology with K-content in line with the government’s strategy to promote K-culture.
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