Electronics manufacturer LG Corporation and financial services firm Hana Financial co-led commitments for US-based venture capital firm Primer Sazze Partners’ $127m second fund, TechCrunch has reported.
The vehicle’s other limited partners include tech entrepreneurs Tim Hwang, Saeju Jeong, John Kim, Bong-Jin Kim and Chang Kim. It will invest in startups formed by Korean entrepreneurs in North America and Asia at seed and series A stage, with initial ticket sizes between $500,000 and $3m.
Companies focused on artificial intelligence, food technology, healthcare and consumer and cultural offerings will be targets for investment. Primer Sazze also has a keen eye on companies that invest in Korean cultural products related to K-pop bands, films or drama.
The firm’s portfolio includes Bobidi, the creator of an artificial intelligence model validation platform, as well as voiceover creation technology developer Lovo, gamer-focused dating app Kippo, telemedicine platform developer DoctorNow and YesPlz, the creator of a visual e-commerce search tool.
Primer Sazze launched its first fund with $42.9m in 2018 and now has about $170m in assets under management, founding partner Kiha Lee told TechCrunch.
