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Daum Kakao to set up 100-bln-won new investment firm to seek out ventures

2014/12/22 18:28

By Kang Yoon-seung

SEOUL, Dec. 22 (Yonhap) -- South Korea's top mobile messenger operator Daum Kakao said Monday it plans to invest 100 billion won (US$90.8 million) to start a new company that will seek out promising venture companies in and out of the country.

The company said its board of directors approved the tentatively-named K Venture Group by Jan. 23, 2015, to find new business opportunities in line with its push to lessen its dependency on the conventional free messenger service for growth.