Pearl Abyss sets up new VC arm
[THE INVESTOR] Pearl Abyss, a local game maker which reaped success with online role-playing game “Black Desert,” has decided to establish a new venture capital firm called Pearl Abyss Capital, the company said on June 14.
The decision was made at the game maker’s recent board meeting. Pearl Abyss will inject 20 billion won (US$18.42 million) into the new VC arm.
Kim Kyung-yub, who formerly served as director of local VC Atinum Investment, will head Pearl Abyss Capital. He comes with experience in both game and venture industry. Following his tenure at Nexon Korea, he worked at Stonebridge Capital and Atinum Investment, where he invested in game and software firms, including Pearl Abyss, Kakao Games -- formerly Nzin Corp. -- Bagelcode and Wisebirds.
“We won’t limit (our investments) to the gaming sector but discover firms with long-term growth in various industries. With strong performance, we strive to grow together with the parent firm,” said Kim.
Stocks of Pearl Abyss closed at 216,600 won, up 6.96 percent from the previous day.
By Ahn Sung-mi (firstname.lastname@example.org)