{"id":15100,"date":"2022-12-03T09:48:44","date_gmt":"2022-12-03T09:48:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/korean-vc-firm-daesung-private-equity-announces-83-million-metaverse-fund-metaverse-bitcoin-news\/"},"modified":"2022-12-03T09:48:44","modified_gmt":"2022-12-03T09:48:44","slug":"korean-vc-firm-daesung-private-equity-announces-83-million-metaverse-fund-metaverse-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/korean-vc-firm-daesung-private-equity-announces-83-million-metaverse-fund-metaverse-bitcoin-news\/","title":{"rendered":"Korean VC Firm Daesung Private Equity Announces $83 Million Metaverse Fund \u2013 Metaverse Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Daesung Private Equity, a Korean venture capital firm, has announced the launch of a metaverse fund of 110 billion won ($83.5 million). The fund, which will have the participation of the Korean state represented by Korea Venture Investment Corporation\u2019s Korea Fund of Funds, aims to put investments into virtual reality (VR) and digital twins-related businesses.<\/strong><\/p>\n

Daesung Private Equity to Launch Metaverse Fund<\/h2>\n

Korean venture capital firm Daesung Private Equity has decided to get into the metaverse investment field. The company announced on Nov. 30 the launch of a metaverse-focused fund, that would have 110 billion won (equivalent to $83.5 million) to invest.<\/p>\n

The \u201cMetaverse Scale-Up Fund,\u201d which the company claims is Korea\u2019s biggest private fund in the sector, will see the participation of the Korean state with the support of the Korea Venture Investment Corporation\u2019s Korea Fund of Funds.<\/p>\n

60 billion won (close to $46 million) was also injected by different companies of the Daesung consortium, including Daesung Holdings, Daesung Energy, and Daesung Clean Energy. Other institutions participating in the fund are the Industrial Bank of Korea and Shinhan Capital.<\/p>\n

The company, which has a background of investments in private IT firms, has a very favorable opinion about the future of the metaverse and strives to strike first with this move. On this, Daesung Group chairman Younghoon David Kim stated<\/a>:<\/p>\n

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Metaverse is already considered to be an industry-wide game changer rather than being simply a newly emerging field. Through this fund, Daesung Group will hold a strategic leadership position in the growth of the metaverse.<\/p>\n<\/blockquote>\n

South Korea and the Metaverse<\/h2>\n

The metaverse market seems to be on fertile ground in Asia, with a recent report issued<\/a> by Deloitte estimating that the industry could add $1.4 trillion to Asia\u2019s GDP annually by 2035. Daesung Private Equity wants to have the first-mover advantage, and that is why this is the biggest fund of the 16 funds administered by the company, which holds 407.6 billion won ($312 million).<\/p>\n

The Korean state has also been putting funds into the metaverse, announcing<\/a> investments of $177 million in May as part of the Digital New Deal, a national, tech-focused plan. At that time, Korea was one of the first nations to invest directly in metaverse companies.<\/p>\n

Furthermore, in June, the Ministry of South Korean Science, Information and Communications Technology was recruiting<\/a> companies to be part of a metaverse content creation project, directed to lay the groundwork for the strategy of the country in this area.<\/p>\n

What do you think about the metaverse fund launched by Daesung Private Equity? Tell us in the comments section below.<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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