Anchor-led group invests $107m in Korean mobile content platform
A consortium led by Anchor Equity Partners has committed KRW125 billion ($107 million) to Podotree, the mobile content platform of Korean internet giant Kakao.
The investor group, which also includes Singapore-based sovereign wealth fund GIC Private, purchased 3.62 million new shares in Podotree for KRW34,552 apiece, according to a filing. The deal is said to value the company at approximately KRW500 billion. Podotree will use the capital to bring more original content onto its platform and to expand into adjacent areas such as mobile video and online advertising.
Podotree was established in 2010 and operates Kakao Page and Daum Webtoon. The two properties came together two years ago following the merger of Kakao and Daum Communications, Korea's top mobile messaging provider and one of its leading web portals, respectively.
Kakao positions itself as a diversified communication platform, with services ranging from messaging and email to gaming and mobile payment. More recently, it has branched into areas such as taxi-hailing apps and video publishing. In March, Kakao acquired a majority stake in Loen Entertainment, a vertically integrated music company for KRW1.87 trillion, facilitating an exit for Affinity Equity Partners.
Anchor was set up in 2012 by three senior members from Goldman Sachs' principal investment team in Korea. The firm closed its debut fund in 2013 at $500 million and followed up last year with a second vehicle worth $850 million. Past deals include partnering KKR on the acquisition of a controlling stake in local mobile e-commerce company Ticket Monster for $360 million.
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