Korean cloud services provider gets $42m

Korea Development Bank, Korea Investment Holdings, KB Financial Group, and Nau IB Capital also participated. The deal is being touted as the largest Series A to date in the local cloud segment and follows a local regulatory change that permits expanded use of the technology in business applications.

"[W]e will accelerate our entry into Asia and Japan, where the fastest growth in cloud market is expected over the next five years,” MegazoneCloud CEO Max Lee, said in a statement. “Our goal is to become the global top-three cloud managed service provider within the next three years.”

Founded in 1998, MegazoneCloud positions itself as a one-stop service provider for cloud adoption, implementation, deployment, operation, security, 24-hour support, managed services and optimization. It has about 1,200 customers, including LG Electronics and Amazon Web Services.

During the past seven years company claims to have realized an 80x increase in sales volume, reaching $200 million in 2018. The business is said to have grown 22% during 2018 and annual revenue is projected to be $1 billion in the next three years. A Series B round is planned for the second half of 2019.

NPS is the world’s third-largest pension fund with KRW639 trillion ($564 billion) in assets and as of December 2018, about 12% of which is invested in alternatives.

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• Topics
• North Asia
• Technology
• Early-stage
• South Korea
• National Pension Service (Korea)
• Korea Development Bank