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South Korean funds invest in Appota

Released at: 15:40, 10/04/2017

South Korean funds invest in Appota

Photo: appota.com

Games startup receives Series 3 funding from Korea Investment Partners and Mirae Asset Venture Investment.

by Van Hai

Two South Korean investment funds have invested into the Vietnamese games startup Appota.

It was successful in calling for Series 3 fundraising from the two funds: Korea Investment Partners (KIP) and Mirae Asset Venture Investment.

“This deal was finalized in the past but we are only now officially announcing it,” a representative from Appota confirmed with VET.

This is the third round of fundraising for Appota, which has been in operation for more than five years. It previously received investment from VNP-Group (Series A) in 2012 and GMO Global Payment Fund and Golden Gate Ventures (Series B) in 2014.

The third round also marked the first time a technology startup in Vietnam has received capital from investment funds in South Korea. Investment into Appota now stands at nearly $10 million.

The new investment from the two funds will take Appota to a new stage, consolidating its leading position in the digital content distribution sector and creating the grounds for developing two other potential areas - advertising and financial technology (FinTech).

Before investing in Appota, KIP also poured capital into a number of leading technology companies around the world, such as Kakao, Naver, and Super Evil Megacorp. Mirae Asset Venture Investment, meanwhile, is well known for its extensive portfolio of investments covering 270 companies, in sectors such as technology, mobile, finance, and consumer goods.

“With this round of fundraising, Appota is on its way to reaching the $50 million startup milestone,” said Mr. Do Tuan Anh, founder and CEO of Appota. “KIP and Mirae Mutual Funds not only provide the necessary funds to consolidate the platform and expand the scale of our services, they also bring a network of potential partners, insights into the gaming market, social networking, and financial technology, creating a solid premise for Appota to expand its business in Asia.”

Appota is a pioneer in the field of building mobile platforms in Vietnam with more than 30 million users worldwide, and the company is working with more than 15,000 developers, advertisers and service providers. It is also one of the three largest domestic games publishers in Vietnam.

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