A unit of South Korean digital behemoth Kakao Corp., Kakao Entertainment, has raised 1.2 trillion won (about $964 million) from sovereign wealth funds.
Although the investors were not identified by name in the company’s announcement, the Public Investment Fund (PIF) of Saudi Arabia and Pwarp Investment of Singapore were, according to TechCrunch and Bloomberg.
The entertainment firm said in a statement that it plans to utilise the additional capital to accelerate attempts at international development as well as to make further investments and acquisitions.
The deal was coordinated by Bae Jae-Hyun, a chief investment officer of Kakao Corp. “It’s significant that we were able to secure funds of this scale at a time when both the Korean and global markets face a lot of uncertainty and investment sentiment is weaker,” he noted.
Kakao Entertainment handles K-Pop artists, creates K-dramas and movies, publishes online comics and web novels, and runs a music streaming service. KakaoPage and Kakao M, two Kakao Corp. companies, merged to become it in 2021.
