[THE INVESTOR] Naver said on Oct. 20 it has invested an additional 100 million euros (US$118.30 million) in French technology fund K-Fund I as it is seeking a bigger presence in Europe, an untapped market for the Korean internet giant.

Naver and its Japanese affiliate Line had invested a combined 100 million euros when the K-Fund was launched by Korelya Capital, an investment firm established by former Korean-born French minister Fleur Pellerin, in September last year. 

Naver opened its own startup accelerator office Space Green within Station F, the French startup hub in Paris, in June last year.

The fund aims to offer financial support and mentorship to French and other European startups as well as those from Korea who want a presence in the burgeoning French startup scene.

The fund’s investment portfolio over the past year includes: Devialet, a French audio developer; Snips, an AI-based voice recognition platform; Jobteaser, a recruiting platform; and AB Tasty, a UX data analysis solution.

Investors are reportedly showing interest in the fund that is backed by Naver, one of the most influential tech firms in Asia, whose Line mobile messenger is immensely popular across the region.

By Lee Ji-yoon (jylee@heraldcorp.com)