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IPOs

Startup accelerator FuturePlay pushes ahead with IPO 

Investment companies have been rushing to IPOs in recent months

By Jan 18, 2022 (Gmt+09:00)

2 Min read

Ryu Jung-hee, CEO and founder of FuturePlay 
Ryu Jung-hee, CEO and founder of FuturePlay 

Startup accelerator FuturePlay is pushing ahead with an initial public offering. The decision follows similar moves by Korean venture capital and accelerator firms in recent months. 

Daishin Securities lead manages the IPO and will be on Kosdaq within this year, according to industry insiders Tuesday. 

Founded in 2013, FuturePlay is an accelerator that invests in early stage startups. Unlike venture capital firms, accelerators are fixed-term, cohort-based programs that provide overall management assistance in addition to financial backing. 

Along with FuturePlay, SparkLabs, Bluepoint Partners, and Bon Angels are well-known startup accelerators in South Korea. 

The world’s biggest accelerator is California-based Y Combinator that set a new model for funding early stage startups. Launched in March 2005, the US company helped more than 3,000 startups to scale up – including Airbnb, DoorDash, and Coinbase. 

FuturePlay currently manages 100 billion won ($83.9 million.) Until late last year, the Seoul-based accelerator invested in some 170 startups and the invested companies' accumulated corporate value now surpasses 3.3 trillion won. 

Last year, one of its portfolio companies dubbed VUNO got listed on Kosdaq, a first for FuturePlay. Not only that, the company managed to form a fund worth 30 billion won, the biggest amount yet for an accelerator. 

It also spearheaded collaborations with conglomerates to train startups and began providing in-house venture department development programs at food and beverages giant Nongshim Co. and automotive parts manufacturer Mando Corp.

In the latter half of 2021, it acquired a human resources company that strengthened its talent training capabilities.

FuturePlay received Series B funding worth 10 billion won from LX INTERNATIONAL CORP., DB Financial Investment Co., and Hashed Labs early last year. At that time, its corporate value was calculated at around 100 billion won. 

In light of the peninsula's growing startup scene, industry insiders expect its corporate value to have increased since then. 

Within this year, FuturePlay plans to create a “new entertainment fund” that primarily focuses on the metaverse, blockchain and filmmaking businesses. At the same time, it plans to continue both direct and indirect investments into the United States, Japan, Indonesia and Vietnam.

Since KTB Network Co.’s IPO late last year, a number of venture capital firms have followed suit. 

In February, Stonebridge Ventures Inc. is slated to get listed on the Kosdaq. LB Investment is also likely to execute an IPO sometime this year. 

Among accelerators, Bluepoint Partners is the most likely candidate to follow FuturePlay’s footsteps.

Write to Jong-woo Kim at joongwoo@hankyung.com
Jee Abbey Lee edited this article.
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