Kakao, maker of popular Korean mobile messaging application Kakao Talk has successfully raised 92 billion won from Chinese internet gaming company Tencent and Korean gaming company Wemade Entertainment. According to this Hankyung.com report, the two companies will invest a total of 92 billion won, with Tencent contributing 72 billion won and Wemade adding the remaining 20 billion.
Tencent and WeMade each purchased 3.6 million and 2 million shares respectively, at a price of 20,000 won per share. Kakao CEO Lee Seokwoo stated that Tencent and Wemade decided to investment in anticipation of Kakao Talk’s future growth and also said that the three companies plan to cooperate in the future in the mobile game and mobile platform spaces. This funding round comes on the heels of SK Planet’s takeover of Kakao Talk rival, Madsmart.