Korean VC Firm Daesung Private Equity Announces $83 Million Metaverse Fund – Daesung Private Equity, a Korean venture capital firm, has opted to enter the metaverse investment industry. On 30 November, the corporation announced the launch of a metaverse-focused fund with 110 billion won (equivalent to $83.5 million) to invest.
The Korean government will participate in the “Metaverse Scale-Up Fund,” which the business claims is Korea’s largest private fund in the sector, through the Korea Venture Investment Corporation’s Korea Fund of Funds. 60 billion won (about $46 million) was also contributed by various Daesung consortium companies, such as Daesung Holdings, Daesung Energy, and Daesung Clean Energy. Industrial Bank of Korea and Shinhan Capital are two additional institutions that participate in the fund.
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The corporation, which has a history of investing in private IT companies, has a positive outlook on the future of the metaverse and aims to seize the initiative with this move. Daesung Group chairman Younghoon David Kim made the following statement: “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.”
A recent analysis by Deloitte estimates that by 2035, the metaverse business will contribute $1.4 trillion annually to Asia’s gross domestic product (GDP). This is the largest fund among the sixteen funds run by Daesung Private Equity, holding a total of 407.6 billion won ($312 million).
The Korean government has also invested in the metaverse, announcing $177 million in investments in May as part of the Digital New Deal, a national, technology-focused agenda. Korea was one of the first countries to invest directly in metaverse enterprises at that time.
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In addition, in June, the Ministry of South Korean Science, Information and Communications Technology was recruiting enterprises to participate in a metaverse content creation project aimed at laying the foundation for the country’s strategy in this field.
