South Korean venture capital firm Daesung Private Equity , announced the launch of a 110 billion won ($83.5 million) Metaverse fund. The South Korean government-participated fund, represented by the Korea Venture Investment Corporation, Korea Fund of Funds, aims to invest in businesses related to virtual reality (VR) and digital twins.
Daesung Private Equity Launches Metaverse Fund
South Korean venture capital firm Daesung Private Equity has decided to enter the Metaverse investment space. The company announced on November 30 the launch of a Metaverse-focused fund to invest 110 billion won (equivalent to $83.5 million).
The South Korean government will participate in the Metaverse Scale Up Fund, which the company claims to be South Korea’s largest private fund in this space, with the support of the Korea Venture Investment Corporation’s Korea Fund of Funds. is.
60 billion won (approximately $46 million) was also invested by various companies in the Daesung consortium, including Daesung Holdings, Daesung Energy, and Daesung Clean Energy. Other institutions participating in the fund are Korea Development Bank and Shinhan Capital.
The company, which has a background of investing in private IT companies, has a very positive view of the future of the Metaverse and is striving to be the first to strike with this move. , Daesung Group Chairman Younghoon David Kim said:
. Through this fund, the Taisei Group will maintain its strategic leadership position in the growth of the Metaverse.
South Korea and the Metaverse
The Metaverse market appears to be on fertile ground in Asia, with a recent report published by Deloitte stating that the industry could contribute $1.4 trillion to Asia’s GDP. I estimate that it can be added. Daesung Private Equity is the largest of the 16 funds it manages, holding 407.6 billion won ($312 million) as it wants to get a first-mover advantage.
The South Korean government has also invested in the Metaverse, and in May he announced a $177 million investment as part of the Digital New Deal, a national technology-focused plan. At that time, South Korea was one of the first countries to directly invest in Metaverse companies.
Additionally, in June, South Korea’s Ministry of Science, Information and Communication Technology called for companies to participate in a Metaverse content creation project aimed at laying the foundation for a national strategy in this area.
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