Saudi Wealth Fund Joins $930 Million Pre-IPO Bet on Kakao Entertainment - Bloomberg
Kakao Entertainment Corp. has won $930 million from the sovereign wealth funds of Saudi Arabia and Singapore, securing one of the country’s largest financing rounds at a time global investors shy away from big startup bets.
The company, a unit of Korean social media giant Kakao Corp., said it’s raising 1.2 trillion won by issuing about 2.26 million shares at 255,116 won apiece to Saudi Arabia’s Public Investment Fund and Singapore’s Pwarp Investment, an investment vehicle of GIC Pte.
Kakao Entertainment, which runs a stable of apps that publish popular online animated shows and novels, will use the capital to expand its content. The company produces a slate of shows for Netflix Inc., capitalizing on booming interest for Korean content from K-pop to movies since the advent of “Squid Game.”
Kakao shares, which are down 37% from a year ago, fell 0.7% on Thursday.
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