[THE INVESTOR] South Korean internet giant Naver and its Japanese affiliate LINE said on Sept. 29 they have decided to invest a combined 100 million euros (US$112 million) into a startup accelerator fund running in Europe.
The K-Fund 1 will be operated by Korelya Capital, an investment firm established by Fleur Pellerin, the former Korean-born French minister overlooking small and medium enterprises and the digital economy, who resigned from the post in August.
The K-Fund 1 will be operated by Korelya Capital, an investment firm established by Fleur Pellerin, the former Korean-born French minister overlooking small and medium enterprises and the digital economy, who resigned from the post in August.
Related article: Naver, LINE stride into Europe with French VC firm
The two firms pinned high hopes on the fresh investment that they wish would pave the way to expand their presence in the European market.
The minister plans to hold a news conference in Seoul about the fund and its future plans on Sept. 30.
By Lee Ji-yoon (jylee@heraldcorp.com)
