May 02, 2024

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[THE INVESTOR] Naver and Mirae Asset said on March 27 they are creating a 200 billion won (US$187 million) fund to invest in promising Asian startups with plans to raise the amount up to 1 trillion won in the future.

The fund, backed 50:50 by the two firms, will focus on e-commerce, internet platform, health care, consumer, retail and logistics -- the burgeoning sectors in emerging countries like Vietnam, India and Indonesia. They are also considering bigger Chinese and Japanese startups that have high potential to grow into unicorns with a valuation of US$1 billion. 

Along with financial support, the two firms also plan to share their own technologies, services and business know-how overall, while connecting Korean firms to the regional market as well.

The new fund will be managed by Mirae Asset Capital and Mirae Asset Global Investment.

Nave and Mirae Asset have joined hands to support innovative firms since their first fund in December 2016. The two firms are also gearing up for a new financial service based on artificial intelligence in a strategic partnership.

By Lee Ji-yoon (jylee@heraldcorp.com)