Kakao Leisure introduced in the present day it has raised $966 million (1.2 trillion gained) in financing from sovereign wealth funds, resembling Saudi Arabia’s Public Funding Fund (PIF) and Singapore-based PWARP Funding. The leisure subsidiary of South Korean web big Kakao operates storytelling platforms (net novels and webtoons), music streaming, Ok-pop artists administration, and different media (film and TV collection) companies at dwelling and overseas.
With the newest funding, says the corporate, it plans to additional push forward with its worldwide enlargement and make extra investments and acquisitions.
The outfit, which has constructed a webtoon platform within the U.S. and South Korea, goals to increase its storytelling content material and mental property sources for its readers across the globe, however in its assertion concerning the funding spherical, it burdened its progress technique in North America particularly. In 2021, for instance, Kakao Leisure acquired U.S-based storytelling platforms resembling Tapas, a webtoon platform; Radish, a serial fiction app; and Wuxiaworld, a fantasy fiction platform.
The corporate claims it has 100,000 storytelling creators and plans to hunt alternatives to show fashionable webtoons or net novels into motion pictures or TV collection.
Kakao Leisure was based in March 2021 by merging Kakao Web page and Kakao M and has now raised a complete of $1.2 billion (1.53 trillion gained) with the newest cash.
Kakao’s chief funding officer Jae-hyun Bae mentioned in an announcement that it’s important that the corporate was capable of increase this scale of funding amid world financial uncertainties. “It is a testomony to the worldwide competitiveness and future progress of potential of Kakao Leisure’s distinctive mental property (IP) worth chain, which spans a number of classes within the leisure business,” Bae mentioned.