Naver to partly finance fund for Korean game start-upsNaver, the nation’s largest search engine, announced yesterday it will form a joint fund worth 10 billion won with Korea Investment Partners and the Gamers Foundation to help finance local mobile game development start-ups.
Korea Investment Partners is a sister start-up investor of Korea Investment and Securities, while the Gamers Foundation is a nonprofit group that supports the game industry and gamers.
Naver accounts for 5 billion won - half of the fund - while the investment company and the gamer foundation will each be responsible for 2.5 billion won.
The main recipients of the fund are the winners of the foundation’s Gamer of the Year award.
Each winning start-up will receive up to 500 million won and their games will retail on Naver.