Softbank joins $190 mn fundraising by Naver metaverse platform

Naver Corp.’s metaverse platform secured $190 million from Softbank and other investors to expand its business in a market marked by fierce competition among global major players such as Roblox Corp and Google.

Naver Z Corp., the operator of South Korea's metaverse platform Zepeto, said on Nov. 30 that it was set to issue 28,624 new shares to raise 223.6 billion won ($189.5 million), of which Softbank Vision Fund 2 would take 22,434 shares.

HYBE Co. the label behind BTS, YG Entertainment Inc. of Blackpink, JYP Entertainment Inc., Naver Webtoon, Mirae Asset Capital and Mirae Asset Consulting were other investors, according to Naver Z’s filing to a financial regulator.

In October, Softbank decided to invest 200 billion won along with South Korean venture capital firms in Naver Z, The Korea Economic Daily reported.

Naver Z plans to use the proceeds to expand Zepeto’s presence in the global market and hire talent.

The metaverse platform has attracted 250 million users, the largest overseas customer base for a South Korean internet service excluding online games. The app allows users to play games, communicate with others through 3D avatars, as well as make money through the production of fashion items and other content.

Separately, Naver Z announced its plan to set up ZEP, a joint venture with Supercat, the game developer of the Kingdom of the Winds: Yeon, to enhance the metaverse ecosystem.

Write to Min-Ki Koo at kook@hankyung.com
Jongwoo Cheon edited this article.