Fun

Korean VC Firm Daesung Private Equity Announces $83 Million Metaverse Fund

News Feed - 2022-12-03 06:12:20

Korean VC Firm Daesung Private Equity Announces $83 Million Metaverse Fund


Daesung Private Equity, a Korean venture capital firm, has announced the launch of a metaverse fund of 110 billion won ($83.5 million). The fund, which will have the participation of the Korean state represented by Korea Venture Investment Corporation’s Korea Fund of Funds, aims to put investments into virtual reality (VR) and digital twins-related businesses. Daesung Private Equity to Launch Metaverse Fund


Korean venture capital firm Daesung Private Equity has decided to get into the metaverse investment field. The company announced on Nov. 30 the launch of a metaverse-focused fund, that would have 110 billion won (equivalent to $83.5 million) to invest.


The “Metaverse Scale-Up Fund,” which the company claims is Korea’s biggest private fund in the sector, will see the participation of the Korean state with the support of the Korea Venture Investment Corporation’s Korea Fund of Funds.


60 billion won (close to $46 million) was also injected by different companies of the Daesung consortium, including Daesung Holdings, Daesung Energy, and Daesung Clean Energy. Other institutions participating in the fund are the Industrial Bank of Korea and Shinhan Capital.


The company, which has a background of investments in private IT firms, has a very favorable opinion about the future of the metaverse and strives to strike first with this move. On this, Daesung Group chairman Younghoon David Kim stated: Metaverse is already considered to be an industry-wide game changer rather than being simply a newly emerging field. Through this fund, Daesung Group will hold a strategic leadership position in the growth of the metaverse. South Korea and the Metaverse


The metaverse market seems to be on fertile ground in Asia, with a recent report issued by Deloitte estimating that the industry could add $1.4 trillion to Asia’s GDP annually by 2035. Daesung Private Equity wants to have the first-mover advantage, and that is why this is the biggest fund of the 16 funds administered by the company, which holds 407.6 billion won ($312 million).


The Korean state has also been putting funds into the metaverse, announcing investments of $177 million in May as part of the Digital New Deal, a national, tech-focused plan. At that time, Korea was one of the first nations to invest directly in metaverse companies.


Furthermore, in June, the Ministry of South Korean Science, Information and Communications Technology was recruiting companies to be part of a metaverse content creation project, directed to lay the groundwork for the strategy of the country in this area. Tags in this story Daesung, Daesung Private Equity, Deloitte, Digital New Deal, Metaverse Scale-Up Fund, Sorea, South Korea, Younghoon David Kim


What do you think about the metaverse fund launched by Daesung Private Equity? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Stellantis Owned Fiat Launches Metaverse Store Using Touchcast and Microsoft Tech METAVERSE | 12 hours ago Animoca Brands Plans $2 Billion Metaverse Fund to Support Established Projects METAVERSE | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEU Parliament to ‘Vote on Adopting the Regulation on MiCA’ — Expert Says Industry Needs Legal Clarity Next articleStellantis Owned Fiat Launches Metaverse Store Using Touchcast and Microsoft Tech Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItGoldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%


The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

XRP Historic Moment Coming In 2025? This Crypto Exchange Believes So
Este artículo también está disponible en español. In the cryptocurrency space, XRP is gaining much attention, and many people are making predictions regarding its prospec
William Suberg7 hours agoBitcoin due new local low? Watch these BTC price levels as $28K rejectsBitcoin bulls struggle to top their highs from the start of the week, while BTC price forecasts diverge over what could be n
‘Bond King’ Jeffrey Gundlach: Stock Market Will Crack Pretty Hard, Bitcoin Good Inflation Hedge
"Bond King" Jeffrey Gundlach: Stock Market Will Crack Pretty Hard, Bitcoin Good Inflation Hedge Doubleline Capital’s CEO, the billionaire “bond king&
Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges
Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges The Congress of Colombia has approved a bill that regulates the behavior of cryptocurrency exchanges in the co
Alice Ivey7 hours agoHow to use ChatGPT for project managementDiscover how to leverage the power of ChatGPT for effective project management.3763 Total views4 Total sharesListen to article 0:00OverviewJoin us on social n
Super PAC tried to ‘bury a conversation’ on crypto with attack ads — Rep. Katie Porter
Turner Wright5 hours agoSuper PAC tried to ‘bury a conversation’ on crypto with attack ads — Rep. Katie Porter“They don’t know what my crypto views are because they never asked,” said Katie Porter following h
xSigma DeFi Offers Lucrative Rewards for Liquidity Providers, Whitepaper Released
xSigma DeFi Offers Lucrative Rewards for Liquidity Providers, Whitepaper Released xSigma is an upcoming stablecoin DEX protocol developed by the first DeFi proje
MCS, First Exchange to list TRON’s SUN and Klaytn’s KLAY Futures Contracts
MCS, First Exchange to list TRON’s SUN and Klaytn’s KLAY Futures ContractsSingapore, September 20, 2020— For the first time in the industry, MCS (MyCoinStory), a global cr
Mercadolibre Inks Partnership With Mastercard to Secure Its Crypto Ecosystem in Brazil
Mercadolibre Inks Partnership With Mastercard to Secure Its Crypto Ecosystem in Brazil Mercadolibre, one of the biggest “e-tailers” in Latam, has partnered with credi
KuCoin Exchange Named the Best Cryptocurrency App of 2022: Everything You Need to Know
KuCoin Exchange Named the Best Cryptocurrency App of 2022: Everything You Need to Know press release PRESS RELEASE. Leading personal financial services’ evaluator, the Ascent
90% of Bitcoin’s Supply Cap Has Been Issued, Miners Have 119 Years Left to Mine BTC
90% of Bitcoin"s Supply Cap Has Been Issued, Miners Have 119 Years Left to Mine BTC On December 12, crypto advocates celebrated the fact that 90% of the 21 million bitcoins that wi
The Billion-Dollar Bitcoin Case: Long-Awaited Kleiman v. Wright Trial Begins Next Week in Miami
The Billion-Dollar Bitcoin Case: Long-Awaited Kleiman v. Wright Trial Begins Next Week in Miami On Monday, November 1, the long-awaited Kleiman v. Wright trial will begin as a fede