Kakao-Backer Korea Investment Partners Close US$60M SE Asia-Focused Fundby Fintech News Hong Kong October 30, 2023
Korea Investment Partners Southeast Asia (KIPSEA), a Singapore-based venture capital firm, has raised US$60 million for its first fund focused on Southeast Asia, according to TechCrunch.
Investors Samsung Life Insurance, Korea Development Bank, Korea Growth Investment Corporation, Woomi Global, Mirana Ventures and Korea Investment & Securities.
KIPSEA’s sector-agnostic fund, which focuses on seed to Series B startups, will invest US$2 million to US$3 million in startups, especially with plans to expand into South Korea.
Additionally, KIPSEA will set aside a small percentage of the fund for South Korean companies expanding into Southeast Asia.
About 60% of the fund will be allocated to first investments, with the rest reserved for follow-up investments.
South Korean internet giant Kakao, with its own digital bank arm, is one of over 900 companies in KIPSEA’s portfolio.