Smartphone app maker Kakao completes new round of financing
Bae, Kim & Lee LLC has advised Kakao Corp., the Seoul-based developer of the popular smartphone messaging application KakaoTalk, in its KRW 92 billion (approx. US$80 million) Series B financing round, successfully concluded on April 25, 2012. Investors included China-based internet service portal Tencent and Korean games maker WeMade Entertainment. Kakao plans to use proceeds to strengthen its mobile platform business.