Softbank Ventures Asia has announced a substantial investment of KRW 203 billion (US$180 million) in 23 South Korean start-ups to strengthen its presence in the region's fast-growing technology and business sectors.
In addition, the company has recouped KRW 128 billion (US$ 120 million) from 11 portfolio companies.
Among the startups receiving initial funding from SoftBank are Mustit, Chai Pay Holding Company, and Lunasoft.
The luxury brand platform secured its first investment in July after demonstrating resilience during the COVID-19 pandemic.
Chai Pay, known for its simplified payment service, has amassed 2.5 million users since its launch in June 2019.
Lunasoft, founded in 2016, focuses on the e-commerce market, providing business messaging capabilities to 80% of the top 200 fashion e-commerce companies.
Follow-up funding was provided to startups such as Tosslab, Radish Media, and BePro11.
Tosslab, an enterprise communications SaaS provider, has developed Jandi, a communications application similar to Slack, which has attracted 2 million users by May 2020.
Radish Media is a web novel and fiction platform, while BePro11 is a soccer video analysis platform.
Softbank Ventures Asia currently manages KRW 1.3 trillion (US$1.2 billion) and plans to launch two new funds, including the Softbank Ventures Asia Smart Korea Fund.
The firm's investments in leading South Korean e-commerce platform Danggeun Market and meal kit provider FreshEasy are examples of its strategic focus.
Softbank Ventures Asia aims to aggressively invest in AI, e-commerce, and media content startups throughout 2021, signaling its commitment to fostering innovation in these sectors and contributing to South Korea's thriving tech and business ecosystem.
