Japan-based messaging app provider Line invested in two funds yesterday operated by US-based VC firm DAG Ventures and France-based venture capital firm Korelya Capital, respectively.
Line has not disclosed details about its commitment to DAG’s vehicle, though it revealed its investment in Korelya’s K-Fund I is €50m ($56m). South Korea-based internet company Naver, which spun out Line through a $1.14bn IPO in July, is also providing €50m to the K-Fund I.
Launched in 2011, Line operates a messaging app best known for stickers that users can send to each other that are based on branded cartoon characters. The app claims 218 million active users and is popular primarily in Japan, Taiwan, Thailand and Indonesia.
The company expects its investments in the two funds to help it tap into the ecosystems of the US and Europe, though it is also considering China and India for future opportunities, and use that knowledge to expand its own business into those markets.
Line yesterday also disclosed a $45m investment in ephemeral photo sharing app Snow.