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Smartphone app maker Kakao completes Series A financing |
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2011-09-02 |
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Bae, Kim & Lee LLC has advised Seoul-headquartered Kakao Corp., provider of the popular smartphone messaging application KakaoTalk, in completing its Series A round of financing. Investors included Dallas-based Maverick Capital, venture capital firm DCM, Korea Investment Partners, Japanese internet firm CyberAgent, and Korean games maker WeMade Entertainment. Proceeds of the capital injection, closed on August 26, 2011, are to fund Kakao’s expansion into overseas markets including the U.S. According to published figures, KakaoTalk has gained 22 million active users worldwide, in the period of about a year since its introduction. The latest investment in Kakao follows on a first round of funding in December 2010, which saw participation by executives of leading Korean software and internet firms such as NCsoft and NHN (Naver). The BKL team advising Kakao was led by Sang Goo Lee and Sungjo Yun of the Corporate Practice Group, and included Hee Kyung Byun and Albert Suh. |
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BKL advises POSCO in sale of JPY 24.5 billion (US$312 million) exchangeable bonds |
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Affinity Equity Partners completes KRW 100 billion investment in Pulmuone Foods |
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82.2.3404.7569 heekyung.byun@bkl.co.kr |
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82.2.3404.0196 sungjo.yun@bkl.co.kr |
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82.2.3404.0260 sg.lee@bkl.co.kr |
