SEOUL, Jan. 12 (Yonhap) — Kakao Entertainment Corp., an entertainment, media and publishing unit under the South Korean tech giant Kakao Corp., said Thursday that it has secured a 1.2 trillion-won ($963.8 million) investment from global sovereign wealth funds.
The company said it is the largest overseas investment raised by a South Korean content production firm.
Kakao Entertainment did not elaborate on the names of the investors, but sources said Saudi Arabia’s Public Investment Fund (PIF) decided to invest 600 billion won and Singapore’s Pwarp Investment PTE is responsible for the other half.
“The investment proves Kakao Entertainment’s global competitiveness and growth potential in the global market,” the company said in a statement.
Kakao Entertainment said it will use the money to strengthen its global business, including possible merger and acquisition deals.