April 23, 2024

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[THE INVESTOR] Friends Games, a game-developing subsidiary of Kakao Games, said on Dec. 6 it has raised a combined 22 billion won (US$19.69 million) in investments this year since its launch in February. 

Most recently, it secured 4 billion won by issuing 269,515 new shares and offer to Korea Investment Partners. The latest funds have given it a valuation of over 50 billion won, thanks to the popularity of mobile game “Friends Racing” that debuted in October.

 

Earlier in April, Friends Games raised 7 billion won from Atinum Investment and LB Investment. In August, it received 11 billion won from Mirae Asset Daewoo, KB Securities and Korea Investment & Securities. 

The mobile messenger giant’s subsidiary was launched in February in a bid to develop original games by using popular Kakao Friends characters and strengthen its market share in Korea as well as expand overseas. Kakao Games is preparing to make a stock debut on the local bourse next year. 

Kakao Games also announced that another subsidiary KakaoVX, which operates screen golf services, has received 8 billion won in investment this year, that will give it a leg-up to expand services.

By Ahn Sung-mi (sahn@heraldcorp.com)