Investment firm KB Investment has led a $40m series B round for South Korea-based online radio station Spoon that included internet group Naver.
The round also featured SBI Investment, a venture capital subsidiary of financial services provider SBI, as well as alternative asset management firm IMM Investment. Wonjin Lim, managing director of KB Investment, has taken a seat on Spoon’s board of directors.
Spoon operates an audio streaming platform in which the on-air hosts can be rewarded by listeners through digital gifts in real time. It will put the cash towards a global expansion drive that will involve it opening an office in the US in 2020.
Neil Choi, founder and chief executive of Spoon, said: “Spoon has been so successful because it introduced an innovative business model that social media desperately needs while still establishing real, human connections.
“We have proven that our model works at a global scale, across many disparate markets, and look forward to significantly growing our community in the US and other English-speaking markets as well as continuing to dominate in Japan and Korea.”
KB Investment had joined SoftBank Ventures Korea, the subsidiary of telecommunications and internet group now known as SoftBank Ventures Asia, as well as VC firm Goodwater Capital to invest $17m in Spoon in August 2018.
The company’s earlier backers include the now dormant IDG Ventures Korea in addition to 500 Startups and BonAngels Venture Partners.
