April 25, 2024

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South Korea’s mobile group video chat and gaming startup Wave said on July 30 it has received an undisclosed amount of series A funding from multiple investors.

Those who joined the round include venture capital firms Kakao Ventures, TBT, SV Investment and SparkLabs Ventures.

“Video and its live streaming function constitute a newly emerging pop culture for the next generation,” Chung Shin-a, CEO and Managing Partner of Kakao Ventures, said in a statement.

Wave has incorporated its group video chat platform with entertainment features. It allows up to eight users in a chat room to play live party games such as mafia, room escape or ideal type tournaments. Also, users can watch YouTube clips, read webtoons and exchange photos in the chat room.

Since its launch in September 2018, Wave has drawn 650,000 subscribres, mainly targeting teenagers and youth in their 20s.

The funding is meant to improve technology for its live video chat experience, the startup said.

By Son Ji-hyoung (consnow@heraldcorp.com)