Korea's BonAngels secures $50m for third VC fund

The firm stressed that backers included entrepreneurs and corporates but no government funds. Korean VCs have historically struggled to diversify their fundraising efforts away from government-connected LPs. 

Pacemaker II raised $30 million in 2015, while Pacemaker I closed at $22 million in 2013 with support from Korean internet conglomerate Naver. Both funds focus strongly on IT and technology-enabled consumer segments. 

The new vehicle, known as Pacemaker III, continues this mandate but expands geographic coverage to include Japan and Southeast Asia. According to a statement, more than 10 investments have already been realized across Vietnam, Thailand, Indonesia, and Malaysia. 

Founded in 2006, BonAngels positions itself as one of the first early-stage VCs in Korea and a founder of the local start-up ecosystem. It provided early funding to Woowa Brothers, a food delivery platform that has been valued at more than $1 billion. 

The firm has invested more than 140 start-ups to date. Recent activity includes a commitment to VeXeRe, a bus ticketing service said to be the largest of its kind in Vietnam that has previously received investment from Spiral Ventures and CyberAgent.

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• Topics
• North Asia
• Fundraising
• Venture
• South Korea
• seed
• Technology