KaKao

Daum Kakao to Launch “K Venture Group” 

and Invest KRW 100 billion to Fuel Global Growth Engines

- K Venture Group expected to launch January 2015 with a starting capital of KRW 100 billion

- Investment firm a key part of Daum Kakao’s strategy for strengthening global competitiveness

- Establishing a healthy venture ecosystem to be a key focus of investment strategy

[Seoul, South Korea - December 22, 2014] Daum Kakao (co-CEOs Saehoon Choi and Sirgoo Lee) today announced the formation of “K Venture Group”, a firm focused on venture investment. Resolution regarding the provisionally named “K Venture Group” passed during today’s board of directors meeting, and the firm is scheduled to launch next January with a starting capital of KRW 100 billion (approximately USD 90.9 million).

One of K Venture Group’s key focuses will be on developing future growth engines for Daum Kakao by actively seeking out domestic and global investment opportunities. The firm will look to strengthen the company’s competitiveness in the rapidly evolving mobile platform industry while establishing a strong venture ecosystem comparable to Silicon Valley.

Rather than simply focusing on the ventures’ service/product portfolio, K Venture Group will identify and invest in companies with the potential to provide new user experiences and values, backed by innovative ideas with a consideration for the next generation of mobile platforms.

John Park, the current Chief Global and Strategy Officer for Daum Kakao, has been nominated as K Venture Group’s inaugural CEO. Park said in a statement, “Rather than focusing on short-term returns, we plan on making long-term commitments to ventures with the potential to excel both domestically and globally. The goal is to foster a flourishing ecosystem akin to Silicon Valley by actively investing in ventures exhibiting strong growth potential”. [END]

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[Appendix 1] K Venture Group CEO John Park Profile

October, 2014 - Chief Global and Strategy Officer, Daum Kakao 

May, 2014 - Chief Strategy Officer, Kakao 

2000 ~ 2014 - Chief Executive Officer, Asia evolution 

1994 ~ 1999 - Executive Director, Investment Banking, Goldman Sachs 

1990 ~ 1992 - Int’l Market Manager, AT&T Network Systems (Lucent Technologies) 

1994 - MBA, Harvard University 

1990 - BA Economics/International Relations (Honors, magna cum laude),

Brown University