- The Industrial Bank of Korea and Shinhan Capital are also involved in the fund.
- This fund is the largest of the sixteen funds managed by Daesung Private Equity.
The South Korean VC company Daesung Private Equity has made the decision to invest in the metaverse. On November 30th, the firm announced the creation of a fund dedicated to investing in the metaverse. With a total of 110 billion won (about $83.5 million).
With the backing of the Korea Venture Investment Corporation’s Korea Fund of Funds. It will be investing in the “Metaverse Scale-Up Fund.” Which the business says is the largest private fund in the industry in Korea.
Daesung Holdings, Daesung Energy, and Daesung Clean Energy, all members of the Daesung conglomerate, contributed an additional 60 billion won (about $46 million). The Industrial Bank of Korea and Shinhan Capital are also involved in the fund.
Strategic Leadership Position
The corporation, which has previously invested in private IT companies, is optimistic about the future of the metaverse. And hopes to be the first to capitalize on it.
Younghoon David Kim, chairman of Daesung Group, commented on this:
“Metaverse is already considered to be an industry-wide game changer rather than being simply a newly emerging field. Through this fund, Daesung Group will hold a strategic leadership position in the growth of the metaverse.”
According to a recent analysis by Deloitte, the metaverse business in Asia has the potential to boost GDP by $1.4 trillion per year by 2035. This fund is the largest of the sixteen funds managed by Daesung Private Equity, and it has a total of 407.6 billion won ($312 million).
The government of South Korea has also been investing in the metaverse, allocating $177 million to the sector in May as part of its Digital New Deal initiative.
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