Kakao Entertainment announced today it has raised $966 million (1.2 trillion won) in financing from sovereign wealth funds, such as Saudi Arabia’s Public Investment Fund (PIF) and Singapore-based PWARP Investment. The entertainment subsidiary of South Korean internet giant Kakao operates storytelling platforms (web novels and webtoons), music, K-pop artists management, and other media (movie and TV series) businesses at home and abroad.
With the latest funding, says the company, it plans to further push ahead with its international expansion and make more investments and acquisitions.
The outfit, which has built a webtoon platform in the U.S. and South Korea, aims to extend its storytelling content and intellectual property sources for its readers around the globe, but in its statement about the funding round, it stressed its growth strategy in North America in particular. In 2021, for example, Kakao Entertainment acquired U.S-based storytelling platform …
