Kakao Entertainment introduced at present it has raised $966 million (1.2 trillion gained) in financing from sovereign wealth funds, resembling Saudi Arabia’s Public Investment Fund (PIF) and Singapore-based PWARP Investment. The leisure subsidiary of South Korean web big Kakao operates storytelling platforms (internet novels and webtoons), music, Ok-pop artists administration, and different media (film and TV sequence) companies at residence and overseas. 

With the most recent funding, the corporate will additional push forward with its worldwide enlargement and make extra investments and acquisitions.  

Kakao Entertainment, which has constructed a webtoon platform within the U.S. and South Korea, goals to increase its storytelling content material and mental property sources for its readers across the globe, stressing its key development technique in North America. In 2021, Kakao Entertainment acquired U.S-based storytelling platforms resembling Tapas, a webtoon platform; Radish, a serial fiction app; and Wuxiaworld, a fantasy fiction platform. 

The firm claims it has 100,000 storytelling creators and plans to hunt alternatives to show in style webtoons or internet novels into motion pictures or TV sequence.   

Kakao’s chief funding officer Jae-hyun Bae stated in a press release that it’s a big deal that the corporate was in a position to increase this scale of funding amid international financial uncertainties. “This is a testament to the global competitiveness and future growth of potential of Kakao Entertainment’s unique intellectual property (IP) value chain, which spans multiple categories in the entertainment industry.”