Daesung Private Equity Launches $84.7 Million Metaverse Fund

Daesung Private Equity, a Korean venture capital firm, has decided to enter the metaverse investment field. According to local media outlets, the company announced on November 30 the launch of a metaverse-focused fund with 110 billion won (equivalent to $84.7 million) to invest.

According to local media, Daesung Private Equity has launched the Metaverse Scale-up Fund, which the company claims is the largest metaverse fund in South Korea.

The fund will invest in firms that specialize in artificial intelligence (AI), extended reality (XR), blockchain, and digital twin technologies.

Korea Venture Investment Corp., the country’s government-backed fund of funds, invested 60 billion won alongside other limited partners such as the Industrial Bank of Korea (IBK), Shinhan Capital Co. Ltd., and other Daesung Group subsidiaries.

The corporation, which has a history of investing in private IT enterprises, is optimistic about the future of the metaverse and hopes to be the first to strike with this move. Daesung Group chairman David Kim Younghoon commented on this:

“Rather than just a new industry field, the metaverse will become a game-changer that will lead the future of our industry and the global economy.”

The Korean government has also been investing in the metaverse, announcing $177 million in investments in May as part of the Digital New Deal, a nationwide, tech-focused agenda. Korea was one of the first countries to invest directly in metaverse enterprises at the time.

In South Korea, there is a continuous dispute about whether the metaverse should be classified as a video game. To discourage excessive speculation, South Korea presently prohibits the use of cashable incentive systems in online or mobile games, including those based on blockchain technology.

As Coincu reported, the Ministry of Science and ICT (MSIT) revealed during a government briefing on Wednesday that South Korea will create a guideline for regulating the metaverse rather than applying current law to video games.

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Harold

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