Megazone Cloud raises 450 billion won in latest funding round

Megazone's office building in Gangnam District, southern Seoul [MEGAZONE CLOUD]

Megazone Cloud, a local cloud service company, said on Monday that it raised 450 billion won ($328 million) in its latest funding round for business expansion.

Private equity firms MBK Partners and IMM Private Equity invested 250 billion won and 200 billion won each in Megazone Cloud. The funding round came six months after KT announced a 130-billion-won equity investment in the cloud company in February.

Investments now total 800 billion won, from the series A funding in 2019 to the latest series C round, according to Megazone Cloud.

Founded in 1998, Megazone began its cloud business in 2012 and spun off Megazone Cloud in 2018. Megazone Cloud hopes to go public by 2024.

“The 600-billion-won funding, which has been secured in the latest funding round and from KT early this year, will be used in investments and acquisitions for additional business expansion,” said Ahn Sung-guk, the chief financial officer of Megazone Cloud.

“We will concentrate our capabilities on creating a bridge for the global expansion of competitive local software companies,” said Lee Joo-wan, Megazone Cloud CEO. “Moreover, to help achieve meaningful achievements in the global market, we will expand our market in collaboration with overseas offices in the United States, Canada, China’s Shanghai and Beijing, Japan, Vietnam, Hong Kong, Singapore and others.”

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]