News Roundup
2007/11/23 15:06IDG Ventures is creating a $100 million dollar fund for investments in South Korean technology companies.
While U.S.-based VC firms have been setting up shop in China and India over the last few years, and Intel's venture capital arm has funded Korean startups, the IDG Ventures fund is the first started by a U.S. firm with a focus on, and office in, South Korea. The fund, to be formally introduced on Nov. 16, will invest in new media, mobile applications, online entertainment, health care, and software for businesses.
Chang from Web 2.0 Asia recently profiled three Korean companies selected by Softbank Ventures' incubator and investment program called Litmus.
Over at ETNews, they have a quote from the new president of the IDG fund with more details on their intial focus:
IDG Venture Korea plans to select 25 to 30 enterprises as targets and invest $3 to 4 million on average. “We will focus on the new media technologies such as Web 2.0, next-generation platforms and digital life. And we will pursue high profits in the long run,” said president Oh.
Moreover, IDG Venture Korea will another funds in four years. “For the next decade, we will create W1 trillion funds in Korea,” added Oh.
Chan also has news on the Cyworld's announcement to create a 3D service based on their Cyworld social network:
Digital Times reports on the press conference that Cyworld is looking to change the current "mini room" and "mini me" features into a 3-D virtual space, something that will probably resemble Second Life.
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