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Hico Management, a subsidiary of Hico Capital, the US investment arm of Korean conglomerate SK Networks, has formed a joint venture fund with US VC firm Bow Capital.
Hico-Bow Joint Fund will invest in early-stage startups focusing on AI, healthcare, Web3 and machine learning. The Hico-Bow Joint Fund has backing from unnamed external LPs.
Both Bow Capital and Hico Management closed the fund’s first round in December 2023 with participation from unnamed external investors. The amounts raised were left undisclosed and a final round is expected to be completed soon.
Founded in 1953, SK Networks has invested in more than 20 companies including Upstage, Pethroom and Encore.
“We were able to attract external LPs and achieve a first closing by raising a significant amount of funds,” said a spokesperson at Hico Management in a press statement. “We plan to continue to grow the fund size by appealing to various global investors and accumulate achievements through managing joint fund, in an aspiration to become a competitive independent VC.”