South Korea's largest search engine and portal, and the parent company of the well-known communications software LINE, Naver, will cooperate with SoftBank to launch a 50 billion won (about $43 million) investment fund, "Softbank Next Generation Media Innovation Fund". (SB Next Media InnovaTIon Fund), which aims to invest in technologies and start-ups that have synergistic effects with Snow and Webtoon.
Similar to the US Snapchat, Snow also provides users with an ar filter function, which allows them to add dog ears, gleaming eyes and spherical forehead to their photos. Currently there are 80 million installations and 10 million users per month. Last month, the social app was rejected as a rejection of Facebook’s acquisition. The New York Times has reported that Snow is filling the gap in Snapchat's market in Asia. Webtoon is an online comics service platform that provides users with original comics for web, iOS and Android systems.
As a member of the new media industry, the products launched by these two companies have a good application space in ar/vr. It is understood that Snow CEO Chang-Wook Kim and Webtoon CEO Jun-Koo Kim will serve as investment advisors to the fund, mainly to fund content production companies and technology companies, especially in the vr and ar fields.
By the end of this year, the fund plans to complete 50 billion won, of which Naver provides 40 billion won, Softbank Ventures contributes 4.5 billion won, and Korea Venture Investment contributes 500 million won, and the remaining 5 billion won will come from Third party investors.
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