Korean unicorn startup Viva Republica acquired stake in a US investment platform and in a first time, the Korean Startup Hanryu Bank is preparing for the U.S NASDAQ listing. Also, AI startup Lunit raises $61 million in a fundraiser ahead of its IPO plan early next year. AppMarket One Store submits application for preliminary examination for listing on the Korea Stock Exchange (KOSPI). An exclusive AI Complex for startups and AI companies coming up in Korean city of Gwangju.
Viva Republica acquires 1% stake in U.S. investment platform Republic
Viva Republica, operator of South Korea’s pioneering fintech platform Toss, acquired a 1 percent stake in Republic, a multi-asset retail investment platform based in New York, for $5 million, the company announced Tuesday. The investment is aimed at securing opportunities for future business partnership for investments in overseas non-listed equities. Republic connects investors to startups and non-listed companies and has deployed more than $500 million in investments in 500 or more companies with more than 1 million users that have invested in startups through the platform.
SK Square’s first IPO hitter is One Store; Listing plan in the first half of 2022
AppMarket One Store submitted an application for preliminary examination for listing on the Korea Stock Exchange (KOSPI) on Nov. 26th and will go public with the goal of the first half of next year. SK Square officially announced its IPO in the first half of next year, targeting OneStore as the first IPO subsidiary since its launch. One Store was incorporated as a subsidiary of SK Square as SK Telecom was spun off on November 1st.
Since its launch in 2016, OneStore has grown into a representative app market in Korea. In 2020, it turned to an annual net profit, and recorded an operating profit surplus in the first half of 2021. While accelerating the growth of existing businesses in the domestic market, OneStore plans to grow into a ‘global multi-OS content platform’ beyond the boundaries of regions, devices and OS (operating systems) and business areas.
“NASDAQ, Embracing The Korean Wave.” Hanryu Bank, Officially Signed The IPO Contract for the U.S NASDAQ Listing
Hanryu Bank, which is the global Korean Wave platform corporation, is beginning preliminary examination for listing on the U.S NASDAQ through the U.S subsidiary Hanryu Holdings.
This is the first time a Korean Startup is preparing the U.S NASDAQ listing. Hanryu Bank announced on Nov. 22nd that it has recently signed a contract with AEGIS CAPITAL CORP as the underwriter of the IPO after completing an audit for listing on the NASDAQ.
‘AEGIS CAPITAL CORP’, established in 1984, is an American wealth management and financial services company that provides corporate finance, strategic advisory, and related services to individuals, the public, and corporations. It has supported the listing of Cyngn Inc, Volcon Inc, Farmmi Inc, Meten Holding Group Ltd. on the NASDAQ.
With the selection of the underwriter, Hanryu Bank is planning to officially submit listing-related documents to the US Securities and Exchange Commission (SEC) in November.
In addition, the corporation is planning for its first face-to-face roadshow in the U.S after the virus calms down. Prior to this, on September 28, Hanryu Bank received an enterprise value of $460 million through the KPMG’s Equity Value as a result of conducting the NASDAQ listing and auditing process through the global expansion strategy consulting of KPMG, a global accounting and consulting company.
Lunit scores $61M in pre-IPO in South Korea
AI startup Lunit has raised $61 million in a fundraiser ahead of its initial public offering at the Korean Securities Dealers Automated Quotations early next year.
The round was participated by US investors HealthQuest Capital, Casdin Capital, and American Cancer Society BrightEdge, as well as Asian investors Tybourne Capital Management and NSG Ventures.
The investing event followed its Series C Tranche B funding round in July where it raised $26 million from American precision oncology firm Guardant Health. Together with the latest funding bout, Lunit has collected over $135 million in capital.
S. Korea breaks ground for AI complex in Gwangju
South Korea broke ground Monday for an artificial intelligence complex in the southwestern city of Gwangju to foster the related industry, the science ministry said. The groundbreaking ceremony was held in Gwangju, 330 kilometers south of Seoul, for a major construction project to create an AI complex center, including data centers and facilities in automobiles and energy sectors.
A total of 393.9 billion won ($332 million) will be spent from 2020 to 2024 for the project, according to the ministry.The complex will also include offices for 77 companies as part of the country’s efforts to foster startup companies in AI.
Reba Fleurantin
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