Today, Kakao Entertainment announced it has secured $966 million (1.2 trillion won) in financing from major investors such as Saudi Arabia’s Public Investment Fund and PWARP Investment of Singapore. The entertainment arm of South Korean tech giant Kakao will use the funds to expand its storytelling platforms (web novels and webtoons), music, K-pop artists management, movie and TV series businesses both domestically & internationally.
The company plans to utilize its latest funding to propel international expansion, make investments, and acquire additional resources.
Kakao Entertainment, which has created webtoon platforms in the U.S. and South Korea, seeks to expand its storytelling content and intellectual property sources for readers worldwide. In 2021 alone, it acquired Tapas (U.S.-based webtoon platform), Radish (serial fiction app) and Wuxiaworld (fantasy fiction platform). However, Kakao emphasized its North American growth strategy in particular during the funding round announcement.
Kakao Entertainment, established in March 2021 through the merger of Kakao Page and Kakao M, has raised a total of $1.2 billion (1.53 trillion won) with its most recent injection of funds.
Jae-hyun Bae, Kakao’s Chief Investment Officer, remarked that the company’s sizable fundraising during a period of global economic uncertainty is indicative of their competitive edge and potential for growth. He noted that this success was due to Kakao Entertainment’s IP value chain which spans many entertainment categories.