Social Network, a specialist platform servicing Korean trends (wave) has secured an investment of US$4.3m (KRW 5b) from Korea Investment Partners, Mirae Asset Investment, POSCO technical investment and Intellectual Ventures. In 2012, Social Network secured their early stage investment of the same amount from Travel Doctor, Shinhan Bank and Hong Kong’s Evo Revo. The total amount for investment is now close to US$9m (KRW 10b).
Productions from Social Network includes; Sketchup, the top Korean children’s coloring application that utilizes popular Korean children’s characters including Pororo, Larva, Pucca, Robo Car Poli and Tobot; and Campus 10 which is the top Korean mobile magazine for people in their twenties. Social Network also has within its sights an active marketing strategy that will include expansion into China.
The investors in this deal have a great track record of successful investments which includes Kakao and YG Entertainment. For such investors to invest into Social Network is a significant milestone for the company.
Kim Dong Yeop, the Director of Korea Investment Partners commented, “We saw great potential in Social Network to expand into China after evaluating the operations of the company to date”. The investment fund will be focuses on developments of the company’s original content and for expansion into China.
Just this year, Social Network has secured two major licensing agreements in China; firstly with Alpha Animation which is China’s top animation company; and second with Beba, the second largest character company in China. Sketchup which is serviced to Alpha Animation, recorded a staggering 5 million new subscribers just last month. This could be the start of the Chinese dream business for Social Network.
Park Soo Wang from Social Network commented, “Opportunities in China are widely thought to be accessible to only large corporations. Our thoughts are contrary to this, and we feel the current timing is more suitable for venture companies to capitalize on the popularity of Korean trends in China”.
* Please check out more about new tech products from Korea at "beginning" system.