Venture capital
Daol Financial Group to let go of VC affiliate, hit by liquidity crunch
Kosdaq-listed Daol Investment’s market capitalization stands at $233 million; the parent company has a 52% stake in the VC
By Dec 06, 2022 (Gmt+09:00)
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The Daol Financial Group is widely expected to let go of its venture capital arm in the midst of a worsening liquidity crunch.
The VC firm Daol Investment is one of the group's essential affiliates and industry insiders told The Korea Economic Daily that it's up for grabs.
“The Daol Financial Group decided on the sale of the VC affiliate while seeking to raise emergency funds from domestic financial institutions,” a person familiar with the development said. The company is reportedly looking for underwriters for the transaction.
The market capitalization of Kosdaq-listed Daol Investment stands at 307.5 billion won ($232.7 million) as of Tuesday’s market close.
The Daol Financial Group has a 52% stake in the VC arm and expects to raise around 200 billion won from the sale.
The Woori Financial Group and Eugene Group are potential buyers.
Formerly known as KTB Network Co., Daol Investment was one of the first-generation VC firms in South Korea.
Write to Chae-Yeon Kim at why29@hankyung.com
Jee Abbey Lee edited this article.
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