Daesung Private Equity, a venture capital firm based in South Korea, has announced a metaverse fund of 110 billion Won, about $83 million, to invest in Metaverse projects.
About Metaverse Funding
Daesung Private Equity’s investment will focus on metaverse projects with artificial intelligence, extended reality and digital twin technologies. The company has launched this fund with the support of Korea Venture Investment Corporation’s Korea Fund of Funds, and the Korean State will also assist. Apart from the companies under Daesung Private Equity, the other names participating in the fund are the Industrial Bank of Korea and Shinhan Capital. It is known that Daesung company has invested in IT projects before. They are quite optimistic about the future of Metaverse projects and Metaverse projects. Daesung Group chairman David Kim Younghoon said:
“The 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.”
South Korea and the Metaverse
The topic of the Metaverse is of great interest to the South Korean government. It is known that South Korea invested $ 177 million in Metaverse in May, becoming one of the first countries to venture into Metaverse projects. According to the analysis, the Metaverse market has the potential to add $1.4 billion to Asia’s GDP by 2035. South Korea’s investments in Metaverse projects and Daesung’s opening of such a large fund indicate how important Metaverse is in the Asian market.
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