South Korea Digest: Chinese game company invests in local venture partnership, and more
September 29, 2011 by Egi SEPTIADI
Here are some interesting startup news from South Korea, not only in its capital, Seoul, but also other startup hubs such as Busan, Incheon, Ulsan and many more. These stories are taken from our partner, onsuccess, a website on start-ups and entrepreneurship in South Korea.
(1) Shanda Games , the number two gaming company in the Chinese market, is investing 8bn won (US$6.85m) in a local venture partnership. Industry sources said on 26th September that Identity Games, a wholly owned subsidiary of Shanda, will participate in the Wonik KIF (Korea IT Fund) Partnership to be created by Wonik Investment Partners. “Shanda chose indirect investment via its subsidiary instead of direct participation,” said one source. “This is because of sentiment against Chinese capital and a high risk associated with direct participation.”
(2) Ticket Monster announced on 27th September that it had sold out 10,000 ‘S-Oil Gas Vouchers’ in 40 hours at a recent promotion, reaching a sales figure of 3.98 billion won (US$ 3.4m). This is a record high for a single unit of transaction in local social commerce history. At the promotion, a 300,000 won gas voucher was sold at 267,000 won, or 11 percent lower, and a 600,000 won voucher at 528,000 won, or 12 percent lower.
(3) In Korea, around 3,000 types of credit cards have been issued so far, offering a staggering 10 million reward opportunities combined. What’s confusing is that the same card often changes its rewards over time. Now, there is a smartphone app for both iPhone and Android called Town Square which allows a credit card holder to track down reward opportunities real time.
(4) Start-up Forum 2011 will be held at the Seoul Trade Exhibition & Convention (SETEC) on Wednesday, 5th October. Sponsored by Strong Ventures and organized by the Electronic Times, this event will feature a panel consisting of Han Kim, CEO of Altos Ventures, an investment and consulting firm operating in Silicon Valley and Korea, John Nam, Kihing Bae, CEO of Strong Ventures, Jang Byeong-gyu, CEO of Bon Angels and many other renowned investors who can provide insights to local start-ups. Ten local start-ups, including Wishnwish, VCNC, and ONOFFMIX, will demonstrate their services.
This has been brought to you by SGE and Onsuccess. Onsuccess is a media enterprise for start-ups and ventures in Korea. Onsuccess introduces innovative Korean start-ups and ventures to people overseas through media partners and inspires readers by sharing interesting business ideas and trends from all over the world. Furthermore, Onsuccess holds various events, offering actual chances for Korean start-ups and ventures to meet other start-ups, venture business partners and investors abroad. They publish in both Korean and English.
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About The Author
Egi SEPTIADI - SGE Alumnus - Intern
Egi is currently pursuing Chemistry at the Nanyang Technological University in Singapore. While not mixing compounds in the lab, the Indonesian is always on the hunt for recommended "makan" (Malay for "eat") places for local food. But the true blue foodie admits that "as long as the food tastes good, he'll go for it".Read other posts by Egi SEPTIADI