Seoul, South Korea- Kakao Enterprise, a subsidiary of South Korean technology giant Kakao, has secured KRW 100 billion ($92 million) in Series A funding from the Korea Development Bank (KDB).
This investment is the most significant single investment made by KDB since its inception.
The funding included allotting 1,366,774 common shares to KDB at KRW 73,165 per share.
Kakao Enterprise stated that this investment aligns with the Fund of Funds 2021 initiative, which explicitly targets scale-up investments.
Kakao Enterprise's post-money valuation is KRW 1.1 trillion ($1 billion) following this investment.
Kakao Enterprise specializes in AI-based IT platforms and solutions, focusing on digital transformation through its Kakao Work and Kakao I Cloud services.
As of December 2019, the company has partnered with major companies and government organizations, including Samsung C&T, NH Investment & Securities, Korea Broadcasting System, and the Korean Intellectual Property Office.
The company reports that Kakao Work has reached 100,000 customers within three months of its launch. Kakao I Cloud, the company's cloud solution platform, is being tested within the Kakao organization.
Kakao Enterprise plans to use the new funding for product upgrades and technical investments to support the launch of new products.
