Kakao Entertainment Secures $966M In Funding

Kakao Entertainment announced today that it has raised US$966 million (1.2 trillion won) in funding from sovereign wealth funds such as Saudi Arabia’s Public Investment Fund (PIF) and Singapore-based PWARP Investment. The entertainment subsidiary of South Korean internet giant Kakao operates storytelling platforms (web novels and webtoons), music, K-pop artist management and other media (films and TV series) at home and abroad.

With the recent financing, the company will continue its international expansion and make further investments and acquisitions.

Kakao Entertainment

Kakao Entertainment, which has built a webtoon platform in the US and South Korea, aims to expand its storytelling content and intellectual property sources for its readers around the world and emphasizes its important growth strategy in North America. In 2021 Kakao Entertainment acquired US-based storytelling platforms like Tapas, a webtoon platform; Radish, an app for serial literature; another wuxia world, a fantasy fiction platform.

The company claims it has 100,000 storytellers and plans to explore ways to turn popular webtoons or webnovels into movies or TV series.

Kakao’s chief investment officer Jae-hyun Bae said in a statement that it was a significant deal that the company was able to raise this funding amid global economic uncertainties. “This is a testament to the global competitiveness and future growth potential of Kakao Entertainment’s unique intellectual property (IP) value chain, which spans multiple categories in the entertainment industry,” said Bae.

This article is originally published on nachrichten-pforzheim.de