Daum Kakao, one of South Korea’s largest Internet companies and the owner of messaging app Kakao Talk, announced today that it plans to launch an 100 billion won (about $90.8 million) investment fund. Called K Venture Group, the fund will focus on startups in and out of Korea.
The company told Yonhap News Agency that the fund’s goal is to help lessen Daum Kakao’s dependence on Kakao Talk for growth. Kakao Talk is the top messaging app in South Korea, with 37 million users, but overseas it faces tough competition from Tencent’s WeChat, Line, WhatsApp, and Facebook Messenger.[external-link]